"We work with our brokers as partners and have sales support and internal sales teams on hand to ensure deals complete as smoothly and as quickly as possible."
CR: Tell us a bit about PCF Bank’s proposition and product range.
PCF Bank’s proposition to both borrowers and savers is simple. Originally an asset finance provider, PCF became a bank in 2017, launching our medium- and long-term saving products to complement the lending side of the business. We have four core areas of financing: business asset finance, property bridging finance, consumer motor finance and our acquisition Azule, which started as a specialist finance broker to the broadcast and media industry but is now diversifying.
Our proposition is simple, to offer customers and clients quality service, and quick decisions, so that they can give certainty in their finances. We believe that our offer rivals any in the SME and consumer banking markets, and we are always looking to improve what we do and how we do it and are currently re-invigorating our business processes.
CR: What support does PCF offer to commercial finance brokers?
We work with our brokers as partners and have sales support and internal sales teams on hand to ensure deals complete as smoothly and as quickly as possible.
We like to think our partnership approach ensures that we have alignment with our introducers; they want certainty, speed, and value for their clients, and we believe that if we provide that we will be able to grow our business. The improvements we are making in our business have these principles in mind.
CR: What challenges and opportunities are you currently seeing in the SME lending space?
As we emerge from the uncertain and unparalleled times of the pandemic, we are entering another because of the worldwide geo-political situation. This means that the established mechanisms for assessing, and pricing risk are no longer as robust as they once were, which requires all lenders to adopt a new approach.
At the same time we need to respond to the charge of automation being experienced across all financial services companies and really challenge our thinking in terms of underwriting and servicing. Can manual underwriting really survive alongside the client expectations in respect of the speed of decisioning, are we brave enough to develop a consumer orientated approach to lending to SME’s and can we enhance our offering through bespoke risk-based pricing mechanisms?
These are just some of the challenges we need to rise to but if we meet the challenge head on, I believe we can create an unrivalled offering.
CR: Since becoming interim CEO of PCF Bank, what have been the main changes you have put in place?
I am on a mission to create a bank where decisioning is automated and where all major decisions are driven by the data. This is what has underpinned the changes that we have started to implement and are delivering at a tornado pace.
I have also been driving huge cultural change in the business where we need to see ourselves as a modern business which can attract and retain great talent, empower people, offer great products and great service, and do our best to have fun.
Once we truly understand that everything we do has to be viewed from the customer perspective as the primary driver to change, and that great businesses are only great because they have a great culture and great people, then I will have done my job.
CR: What is PCF Bank looking to achieve in the coming 12 months?
This is an easy one; to be the most reliable partner for our brokers and customers in the market facilitated by a great team and a ‘faff free’ approach to business!
