Job Description
Reporting to the President of Varo Money and Chief Operating Officer of Varo Bank, The Chief Banking Officer will be responsible for unlocking strong commercial outcomes for our banking business (checking and savings products) driving clear commercial outcomes in full alignment with Varo's strategy. This role will work closely with Varo Tech leaders and others across the company to deliver growth, profitability and a bank that is operating in a safe and sound manner. The Chief Banking Officer must be a strategic and highly data driven thinker with a passion for innovation, deeply curious and a proven track record of success in banking or fintech.
What you'll be doing - Partner closely with Product and Technology to develop and execute a comprehensive banking strategy and roadmap that aligns with the company's overall goals and objectives.
- Drive a step change improvement in engagement and retention by deepening our understanding of how customers engage with us from the moment they join Varo, how they interact with Varo's range of products and services to the point of churn or inactivity. This role will help Varo gain deeper commercial insights and work with colleagues to test a range of actions and incentives to enhance the experience to create sticky, long lasting primary banking relationships that fuel Varo's economic engine.
- As the primary revenue driver in the banking business, deeply understand interchange drivers and levers, such as increasing in-app usage, digital transactions, card network pricing and migration of spend to Believe, that optimize interchange revenue.
- Identify opportunities to improve Varo's contribution margin per customer through both revenue and efficiency initiatives.
- Identify and pursuing new business opportunities in the banking and financial services industry, including assessment of potential new channels of distribution and inorganic growth.
- Lead deposit gathering activities to include new products, such as CDs and savings only accounts, taking into consideration critical aspects of balance sheet management for a growing bank.
- Lead development of pricing strategy determining fee and charging structure and relative demand elasticity by segment. This will require working closely with the product and finance teams to assess subscription fees, premium offerings, and other opportunities for generating fee income in alignment with our brand and mission focus.
- Partner with the Finance team to track and manage relevant P&L line items. Also, provide input and help guide the budgeting process ensuring that all assumptions are grounded and the budget plan is reflective of the roadmap that has been aligned across commercial, product, technology and other functions.
- Lead 1st line of defense business risk management activities that improve the overall control environment of the Banking vertical. Do so by working with Product, Risk and other key partners while focused on reducing issues, events, and complaints.
- Partnering with the Product, Operations, and Technology teams to develop specific actions in the roadmap to address policy, process, and product gaps to achieve these objectives.
- Build and maintain relationships with key stakeholders, including customers, regulators, and industry partners
- Monitor and analyze market trends and competitive landscape to identify opportunities and threats
- Lead and mentor team, provide guidance and support to help them achieve their goals
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You'll bring the following required skills and experiences - Bachelor's degree in business, finance, or a related field; MBA preferred
- 10+ years of experience in banking or fintech, with a focus on data, commercial analytics, product development, customer acquisition, P/L and relationship management
- Strong understanding of banking economics, regulations and compliance requirements
- Proven track record of partnering with tech partners to develop, launch and scale successful banking products and services
- A background in leading Data teams, including Data Science and Data Analytics
- Excellent leadership and management skills, with the ability to motivate and inspire a team
- Strong commercial analytical and financial modeling skills
- Excellent communication. collaboration and interpersonal skills, with the ability to build relationships with internal and external stakeholders
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$250,000 - $300,000 a year
For cash compensation, we set standard ranges for all US-based roles based on function, level, and geographic location, benchmarked against similar-stage growth companies. Per applicable law, the salary range for this role is $250,000 - $300,000. Final offer amounts are determined by multiple factors as well as candidate experience and expertise and may vary from the identified range.
#Executive
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