Head of Vehicle Finance

Head of Vehicle Finance

Location:  London, Petersfield, Bradford

Salary:  

Closing Date: Thursday 29 August 2024

We’re Vanquis Banking Group plc, a FTSE All Share company, and a leading specialist bank, focused on the near prime and mid cost credit markets.

The Group has been providing financial inclusion, which supports social mobility, to those whose needs have not been well met by traditional lenders for over 140 years. We lend responsibly and provide tailored products and services to 1.7 million customers throughout the UK.

We're proud to support the 1 in 5 people in the UK who can’t get access to credit products through mainstream banks and building societies. We want to provide a helping hand when others don’t. That’s why our aim is to continue to develop better banking products for the 10-12 million people in the UK who deserve good quality products that they can’t get anywhere as well as to support the whole of the UK population to build up their financial resilience and better protect themselves against the rising cost of living.

Vanquis Banking Group is a unified group made up of two brands: Vanquis (cards and loans) and Moneybarn (vehicle finance). While they offer different products and services, they share the common purpose and customer-centric values at the heart of our group. We understand our customers are real people with varied life experiences, so everything we do from our products to our customer experience is designed with this in mind.

You and Your Team:

As a Head of Vehicle Finance you will be reporting into the Product, Commercial and Distribution Director. As an experienced and innovative Head of Vehicle Finance, you will be required to lead the transformation of the VBG Vehicle Finance proposition in line with our wider customer strategy and to drive profitable growth across our target market. This role will identify both near term opportunities to improve our conversion funnel to drive new business and shape the future vision for getting our customers on the road, providing the gateway team with prioritised and clear capability to build. 

Sizing the opportunity on the existing and new tech stack, this highly commercial individual will create and present business cases to ensure VF receives its timely development. An engaging leadership style is required to bring this vision to life, draw teams together across the organisation with a passion for customer to ensure clear articulation and delivery of good outcomes for our customers. A strong track record in delivering new products to capture market share and grow profitably is vital.

Strategic Leadership

A self starter with a clear vision for the future of vehicle finance and the ability to inspire and lead cross functional teams to deliver Lead the implementation of the strategic vision for vehicle finance ensuring alignment with overall VBG objectives A clear expert bringing continuous latest trends in the market and how this can lead to opportunities for VBG, articulating these clearly for CCO Create and embed a customer first approach across VF, ensuring all team members are clear on their role to deliver good outcomes for customers Lead and mentor a high performing team, fostering a culture of excellence and continuous improvement

Product Development

Lead the creation and enhancement of vehicle finance products and services ensuring they meet consumer needs and stay ahead of market demands. Drive innovation to maintain a competitive edge with both end consumers and intermediaries. Ensure VBG risk appetite is maintained with clear view to how current products and services meet regulatory and legislative requirements Liaise closely with the Marketing Director to ensure future planning of initiatives to drive growth and alignment of resource Ownership of the short and long range plans to deliver volume and risk adjusted returns for VF

Pricing Strategy

Develop and execute a clear pricing strategy for VF, anticipating changes in market trends, understanding impact of positioning to volume Clear understanding of all pricing components and how these impact profitability Establish and maintain strong relationships across finance, credit risk and data and analytics to ensure pricing models are fit for purpose and assumptions appropriately reflect current performance and achieve target returns

Distribution:

Own the distribution strategy for vehicle finance across direct and intermediary channels Oversight of 3rd party relationships, ensuring professional relationships are established and maintained to provide business growth Identify new opportunities for distribution, aligned to overall VBG strategy

What will make you stand out?

Extensive experience in the VF industry, including leadership roles. Strong knowledge of VF products, services, and market dynamics.  Proven track record in product development and pricing strategy in a financial services environment. Minimum of 10 years FS leadership experience, specialising in vehicle finance. Ability to build and maintain strong relationships with internal and external stakeholders up to Board level.  Strong analytical and problem-solving skills, with experience in designing digitally led products .

Location: London, Bradford, Petersfield or Chatham

Benefits: At Vanquis Banking Group we believe in looking after our colleagues, so we do our best to create a rewarding, engaging, and supportive work environment across our various divisions.

We let our colleagues know we appreciate their hard work by offering competitive salaries, discretionary annual bonus, 25 days holiday up to 30 days (depending on service), pension scheme with matched company contributions up to 10%, 1 paid day to ‘give back’ benefits, and a Group wide recognition scheme. All colleagues are eligible to join a pension scheme, and, after six months’ service, you can join our ‘Save as you Earn’ and 'Buy as you Earn' schemes.

We offer a range of training and development opportunities to help each of our colleagues maximise their potential, whatever their role. From your first day working with us, we’ll help you settle into your new role and are happy to talk to you about your career aspirations.

Working Pattern: Our working style is hybrid, but we recognise the importance of

collaborative working with our working with our colleagues often 2 days per week in one of our offices . More office-based working may be required during project rollouts or when we have a higher number of users in the office.

What to expect next: Our average process takes up to 4 weeks but we will always work around your availability. You will have the chance to speak to our recruitment team throughout the process.

As this role involves working within a regulated environment any offer will be subject to satisfactory background checks including criminal record check, credit check, fraud check and employment references.

Your working life: If you prefer to work part-time, we'll make this happen whenever we can - whether this is to help you meet other commitments or strike a great work-life balance. A fear of losing your current working flexibility shouldn't hinder you from applying for new opportunities, which is why we aim to match your existing flexible working arrangements where possible.

Equal Opportunity Statement

Here at Vanquis Banking Group, we embrace everyone’s unique strengths and identities to be themselves at work. Regardless of how you identify yourself, your sexual orientation, martial or civil partner status, race, colour, nationality, ethnic or national background, faith, disability, or age – your experiences and background help enrich our teams, and most importantly help support our customers in the best way possible. At the end of the day, its our people that help us to fulfil the reason why we’re here in the first place: to help put people on a path to a better everyday life. 

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