Discover
We power a network that helps people achieve a brighter financial future.
Riverwoods, IL
Hybrid

Vice President, Rewards and Product Strategy

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Discover. A brighter future.

With Discover, you’ll have the chance to make a difference at one of the world’s leading digital banking and payments companies. From Day 1, you’ll do meaningful work you’re passionate about, with the support and resources you need for success. We value what makes each employee unique and provide a collaborative, team-based culture that gives everyone an opportunity to shine. Be the reason millions of people find a brighter financial future, while building the future you want, here at Discover.

Job Description  

Discover Financial Services, Inc.:

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Discover has grown to become one of the top five direct banks in the United States since its founding in 1986, and today is well positioned to pursue its vision to be the leading direct bank and payments partner. The company issues the Discover card and is a leader in other banking products that include private student loans, personal and home equity loans, checking and savings accounts, as well as certificates of deposit. It also operates the Discover Global Network, which is comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world.

Discover has established a strong track record of performance since becoming an independent, publicly traded company in 2007. For 10 years, it was the top-performing stock in the S&P 500 Financials Index and the company has grown total loans from $48 billion in 2007 to $96 billion in 2019, deposits from $25 billion to $73 billion, network volume from $186 billion to $403 billion, and net income from $0.6 billion to $2.9 billion. 

Discover’s performance is driven by 18,000+ employees who are united by shared values and who are committed to making a difference every day for our customers, owners, communities and one another. Thanks to these employees, Discover receives awards and recognition year-in and year-out for innovative products and features, workplace quality, corporate citizenship, and for providing an industry leading customer experience based on 100% U.S.-based customer service.

The Position:

Leads and manages Card Products strategy, P&L, growth, profitability, customer experience, and engagement for the products targeting students, secured, miles (travel) and small business customers. Leads a team of product strategists and functional experts and coordinating with all card values stream including Acquisition, Portfolio, Collection, Fraud, Programs, and Customer Engagement. Provides strategic direction and manages the suite of Card Products – Product features, positioning and communication strategy, card member experiences, and specific life cycle experiences, such as graduation strategies, fraud, travel, and rewards experience. Manages rewards categories and redemptions to drive customer engagement. Designs, implements, and operationalizes the 5% categories to maintain relevance and enhance customer engagement.

The key business goals that will be driven by this team include new account growth, sales and balances from these portfolios, customer retention at key decision points, and overall profitability measured against targets set in the 3 year strategic plan. To drive these results, the team will be responsible to manage profitability and develop new products & experiences, continuously improve & innovate the customer experience across all touch points, drive competitive leadership, and marketing and communications. In addition, this team will also be focused on optimizing existing product communications and experiences, to increase customer engagement and retention and managing to a high quality of operational excellence and compliance and prevent significant potential of customer and financial impact across these products. Plans, directs, or coordinates marketing policies and programs, such as determining the demand for products and services offered by a firm and its competitors, and identify potential customers. Develops pricing strategies with the goal of maximizing the firm's profits or share of the market while ensuring the firm's customers are satisfied.

Key Responsibilities:

  • Manage and develops marketing strategy across existing products and value propositions, continuing to innovate & enhance customer experiences across all touchpoints, driving leading solutions and execution for customer segments including product features, rewards, rewards experiences, gateway solutions, and partnerships by partnering cross-functionally with Portfolio, Collections, Fraud, Programs, and Customer Experience value streams.
  • Manage product P&Ls to achieve growth, sales, balance, and attrition targets, maintaining product profitability and rewards leadership, and ROI and profit-loss projections.
  • Develop go to market Rewards management strategy to drive new account growth, cardmember engagement, sales, and balances, develop positioning, communication, strategic partnerships and work with the Acquisition Value Stream to drive E2E solutions including pricing strategies, customized to product/ segment as appropriate.
  • Drive ongoing operational efficiencies through process redesign, addressing problems at the source and reducing complexity while maintaining operational quality and compliance levels, prevent significant consumer and financial impact.
  • Development of Talent: Critically assess, develop, and nurture talent to set up a meaningful bench of next generation leaders

Qualifications:

  • Bachelor’s degree in Business, Marketing or related. Master’s in Business administration degree highly preferred
  • 15+ years of general business, marketing, product strategy, product management, pricing, payments, customer experience, digital, or related experience
  • Strong analytical skills
  • Has superb written and verbal communication skills
  • Track record as a trusted advisor and business partner - driving business insights, actions, and accountability, with a customer service-oriented attitude

#LI-MW1

What are you waiting for? Apply today!

The same way we treat our employees is how we treat all applicants – with respect. Discover Financial Services is an equal opportunity employer (EEO is the law). We thrive on diversity & inclusion. You will be treated fairly throughout our recruiting process and without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status in consideration for a career at Discover.

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What are Discover Perks + Benefits

Discover Benefits Overview

Start enjoying great benefits Day 1 — We support you with the same dedication we bring to all of our customers. Our comprehensive benefits package features first-class insurance, financial planning support and excellent perks designed to help you reach your goals and live a rich, healthy life.

Check out more of our amazing employee benefits at mydiscoverbenefits.com

Culture
Volunteer in local community
Discover’s business is built on helping people, and we invest in the community (Blessing Backpacks, Boys & Girls Clubs, Big Brothers/Sisters) to demonstrate our commitment to a brighter future.
Partners with nonprofits
Open door policy
OKR operational model
Team based strategic planning
Open office floor plan
Flexible work schedule
Remote work program
Diversity
Dedicated diversity and inclusion staff
Mandated unconscious bias training
Diversity manifesto
Diversity employee resource groups
Hiring practices that promote diversity
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
You can open a separate Health Care FSA (HCFSA) and contribute up to $2,650 tax-free from your paycheck to reimburse yourself for eligible out-of-pocket expenses.
Disability insurance
Employees receive Short-Term Disability Insurance at no cost.
Dental insurance
Discover offers two dental plan options — Standard and Premier — both are administered by MetLife.
Vision insurance
Discover offers two vision plan options — Standard and Premier through VSP.
Health insurance
Discover offers a variety of medical plans for you and eligible family members, so that you can choose the benefit plan that suits your needs.
Life insurance
As a Discover employee, you receive Basic Life Insurance of one times your HWEE (up to $500,000) at no cost to you.
Pet insurance
Purchase medical coverage at a discounted rate for your beloved family pet. The more pets you insure, the greater the discount.
Wellness programs
Help balance your work and personal life with a wide variety of free and discounted resource and referral services including family and relationship counseling and financial guidance.
Mental health benefits
Financial & Retirement
401(K)
You may elect to contribute 1% to 30% of your eligible base salary, commissions and bonus on a pre-tax basis, up to IRS limits every year.
401(K) matching
Discover matches up to 6% of the pre-tax contributions you make to the 401(k) Plan.
Employee stock purchase plan
The ESPP provides eligible employees with an opportunity to purchase shares of Discover common stock through payroll deductions at a 5% discount.
Performance bonus
Charitable contribution matching
Child Care & Parental Leave Benefits
Childcare benefits
Generous parental leave
Family medical leave
Adoption Assistance
Discover helps eligible employees and their families with the costs of adoption by reimbursing certain expenses.
Company sponsored family events
Vacation & Time Off Benefits
Generous PTO
Discover has a Paid Time Off of 4 to 5 Weeks of paid time per year.
Paid volunteer time
Paid holidays
Discover provides 7 paid holidays.
Paid sick days
Office Perks
Commuter benefits
When you enroll in the Commuter Benefits Program at WageWorks, you’ll save on taxes on mass-transit passes, parking and other eligible expenses.
Company-sponsored outings
Onsite office parking
Recreational clubs
Relocation assistance
Fitness stipend
Onsite gym
Discover has fitness centers and Weight Watchers® programs at all five major locations.
Professional Development Benefits
Job training & conferences
Tuition reimbursement
Discover provides tuition reimbursement and a full-ride bachelor's degree program for select online degree programs.
Lunch and learns
Promote from within
Mentorship program
Continuing education stipend
Continuing education available during work hours
Online course subscriptions available
Customized development tracks

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