Vice President, Consumer Banking Product Strategy

Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.

PenFed is hiring a (Hybrid) Vice President, Consumer Banking Product Strategy to work onsite at our Tysons, Virginia location. PenFed is looking for a Vice President Consumer Banking Product Strategy leader to join our team responsible for driving the overall through product design, marketing initiatives, operating expense management, and digital experience for product offering including autos, personal loans, and credit cards. The role would work closely with other stakeholders in the institution including Finance, Marketing, IT, Compliance, Legal, Consumer Banking Decision Science team, and operations in managing the P&L for each product.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned. 

• Lead and manage P&L for the Autos, Personal Loans, and Credit Cards portfolios, ensuring revenue growth, profitability, and cost efficiency.
• Deliver and execute product strategies that maximize profitability while delivering value to members.
• Monitor key financial metrics including revenues, expenses, and net interest margins, and make strategic adjustments to achieve business targets.
• Develop long-term product strategies focusing on market differentiation, competitiveness, and member value.
• Identify opportunities for product enhancement, new product offerings, and digital experience to meet evolving consumer needs.
• Manage ongoing market research and competitive analysis to stay ahead of the industry trends and ensure products are competitive and relevant.
• Drive pricing strategies in alignment with market competitiveness, and product profitability.
• Collaborate with marketing team in developing and implementing targeted marketing campaigns for acquisition, engagement, and retention.
• Champion the optimization of both acquisition and servicing omni-channel experience.
• Leverage analytics and member feedback to continuously improve the digital experience and implement enhancements based on data-driven insights.
• Provide strategic direction to the product management team, fostering a collaborative and innovative culture that drives results.
• Serve as the liaison for product strategy discussions with senior leadership and stakeholders, presenting product performance updates, strategic initiatives, and growth opportunities.
• Ensure all products and strategies comply with relevant regulatory requirements and risk management policies.
• Helps safeguard PenFed’s computer and IT systems by monitoring staff adherence of all security policies and related training for individuals managed by this role. Takes appropriate action working with IT security and HR when necessary to address any security breaches.

Equivalent combination of education and experience is considered.

• Bachelor’s degree in business, finance, marketing, or related fields. MBA or advanced degree preferred.
• 15 years of experience in product strategy, product management, and P&L management, particularly in consumer lending
• Proven experience in managing consumer products with strong financial acumen and focus on P&L accountability with experience in credit cards preferred.
• Demonstrated experience in driving product growth through strategic pricing, marketing, and product development.
• Strong leadership, analytical, and communication skills, with ability to influence, and lead cross-functional teams.
• Experience in managing digital transformation initiatives and improving customer experiences in digital channels.

Supervisory Responsibility

This position will supervise employees.

Licenses and Certifications

There are no additional certifications required.
 

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. *

Travel

Ability to travel to various worksites and be on-call may be required.

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2.8 million members and over $36 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
 
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.
 
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
 
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568. 

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