Product, Commercial and Distribution Director
Found in: Talent UK C2 - 2 weeks ago
Product, Commercial and Distribution Director
Location: London, Bradford, Chatham, Petersfield
Salary:
Closing Date: Wednesday 17 April 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.
Role purpose
The Product & Commercial Director will lead the performance and good outcomes across all VBG retail customer products and distribution channels. Products include Credit Cards, Vehicle Finance, Personal Loans, Savings, 2nd Charge Mortgages and Cheque Exchange Limited.
Ensuring customer centric design of new and existing products and pricing for all acquisition and in life products that delivers fair value for our customers.
Full P&L ownership across revenue, cost of funds, impairments and opex.
Key Responsibilities:
• Develop and direct and monitor effective business plans and strategies to ensure targeted revenue, profit, and customer outcomes.
• Ownership of P&L drivers to ensure financial targets are met – including pricing strategies, cost management, new business acquisition, customer retention and risk management.
• Support the development of the strategic development of all product lines and the overarching proposition for the to drive sustainable and profitable growth.
• Lead and execute on pricing strategies to ensure fair customer value for shareholder return.
• Develop and innovate new products and opportunities that drive the growth strategy across a variety of channels.
• Maintain and maximise existing products across their lifecycle against regulatory frameworks.
• Ensure that the governance and oversight are effective and key performance metrics and scorecard targets are met and communicated to Executive/Board committees and other relevant audiences.
• Maintain a robust control environment to ensure regulatory and legislative compliance.
• Ensure good customer outcomes because of fair and effective business operations and regulatory adherence.
• Leadership of key external partnerships to include payment schemes, brokers, suppliers
• Responsible for the compliance of terms and conditions and financial promotions
• Compliance with PRA Depositor Protection requirements, PSRs, CCA, Consumer Duty, CONC and other relevant legislation and regulations.
• Accelerate to a customer focus vs siloes to lead the collective success of VBG
• Deputise for Chief Customer Officer when required.
• Inspire, manage, develop team members to maximise their contribution, maintain strong engagement levels and maintain robust pipeline of talent/succession.
• Inclusive leader who makes a strong contribution to building the right culture in the business
Skills & Experience required:
• Demonstrable passion for customer
• Strategic thinker and thought leader with ability to forecast challenges and course correct to ensure consistent performance
• Experience in end-to-end ownership of a product and P&L
• Experience in successfully developing and leading consumer product/commercial teams with strong people management skills, gravitas/credibility to build external relationships and working collaboratively across functions.
• Excellent communication (written and oral), leadership, negotiation, influencing and presentation skills, particularly at the Executive level.
• Sound judgement and ability to operate independently and objectively.
• Understanding of corporate governance frameworks and the requirements of an FCA/PRA regulated business.
• Ability to act in an open and honest manner in all communications and lead by example by appreciating, valuing, and taking into consideration peoples’ diverse needs.
• Ability to provide the customers with the best possible outcome through demonstrating a customer-obsessed approach.
• Instinctively commercial with the drive, energy, and business acumen to realise the business potential of the Group.
Working Conditions - London/Chatham/Petersfield/Bradford – Hybrid working
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