Introducing Brian Flesk

An interview with Brian

Hi Brian, thank you for taking part in our interview series! Can you tell readers a bit about your role?

Well, in a nutshell, a lot of my time these days is spent working on internal strategies or dealing with high-level regulatory matters. I also try to get involved in New Business, supporting the team in promoting the benefits of our retail finance proposition.

What first attracted you to work for Novuna?

After a spell in legal funding, I realised I wanted to build a career in consumer finance more specifically. I had experience working for another retail finance provider and knew it was the right sector for me.

Novuna, Hitachi at the time, had a good reputation in the industry so I took the opportunity to move when I could.

With a background in Business Development, do you still get involved in that side of the business?

Absolutely. We have over 3,500 retailers to look after - so making sure they're supported is one of my overarching responsibilities as well. Fortunately we have a great team of Relationship Managers who manage the day-to-day, but I still aim to go out and see a retailer every week or so.

Do you miss dealing with retailers on a daily basis?

Sometimes, yes. I was a Relationship Manager for many years prior to joining Novuna, and for my first years here. Getting to know our retailers was always the part of the job I enjoyed most.

Have you always previously worked in a Relationship Manager role? 

Yes and no. When I took on my first job as a Business Development Manager, the role was a bit of a mix between new business and relationship management.

The role of a Relationship Manager has changed massively over the last five or ten years. It used to be more of a sales-driven role, focused on building relationships and getting to know retailers and their requirements. That made it a much closer fit to a traditional New Business role, as there was less of a focus on operational or commercial tasks.

Now, Relationship Managers are required to think more about all the factors at play - from regulation to economic impacts - to help retailers maximise our finance solutions. They are responsible for working side-by-side with our retailers to increase profitability, so they have to be on the ball when it comes to analysing the figures and providing strategic insights.

Why do you think the role has changed so much?

The whole industry has evolved and the role has evolved with it.

For example, the regulatory landscape has changed, and retailers need additional support to help them compliantly offer finance and deliver good customer outcomes. It's not enough for our Relationship Managers to get to know our retailers and understand their business - they need to deliver strategic insights and support retailers in navigating a complex industry.

It's still important to build strong partnerships with retailers, though?

Of course. That's something I don't think will ever change. It's so important to build personal connections with people, and I'm proud to say we have plenty of long-standing relationships with our retailers.

I like to think that our Relationship Managers have two sides to their business card. They work both for Novuna and our retailers. Our RMs are extremely dedicated and loyal to our retailers for that reason. It's something that really sets us apart from our competitors.

How has technology impacted the dynamic between retailers and their retail finance providers?

RMs are able to build relationships digitally now, which I think has both pros and cons.

I remember dropping off printed credit agreements and POS in person many years ago, whereas now a lot of this stuff is all managed online. It's quicker and much more convenient.

But there can be a tendency to lean towards convenience when, actually, it's more effective to do things "the old fashioned way".

Important meetings, for example, in my experience are much more effective face-to-face. You just can't get the same experience from looking at a screen. We've all been on calls when someone is clearly checking their emails, replying to messages - it's all too easy to get distracted.

Don't get me wrong, Teams meetings or calls are great for catching up and connecting on a more regular basis. But you can really engage people in an in-person meeting or presentation in a way that I don't think is possible online. That's why we encourage both our own team and our retailers to arrange in-person reviews on a regular basis.

What are the biggest challenges for the industry at the moment?

Interest rate increases have been the biggest challenge over the last few years. We've gone from interest rates being at an all-time low to suddenly increase after increase. It's meant a lot of difficult conversations have had to happen, which has been tough on the team and of course challenging for our retailers.

Fortunately, we've been able to overcome a lot of the associated challenges by really putting the emphasis on the added value we provide to our retailers. For example, our Relationship Managers offer strategic pricing suggestions to help ensure finance drives the right number of sales at the right price point for our retailers. And, of course, we've got our tailored finance proposition which can help to improve accept rate, boost average order value and reduce costs for both the retailer and their customers.

We talk a lot about 'outstanding service' but the experience we provide adds a huge amount of value to our retailers.

Tell us your biggest career highlight

The delivery of our updated application platform, CreditMaster3 (CM3) is something the whole team can be proud of.

To develop a brand new, all-singing, all-dancing application platform was a huge business investment but it has been so well-received. We've had incredible feedback from our retailers. The new platform is quicker, simpler, more responsive - everything retailers want to see for their customers. It makes applying for finance genuinely seamless.

Tell us your predictions for the retail finance industry

We've all been talking about 'buy now pay later' regulations for a long time, but at some point something is going to happen - we just don't know when it will happen or what that will look like.

As finance providers, we have a duty of care to look after customers. I expect there will be some changes in the future regarding those offering unregulated finance without proper affordability checks in place.

In the meantime, the challenge is for 'traditional' funders to keep up with challenger brands and continue to demonstrate our value. There are plenty of reasons why retailers should partner with a reputable lender with a strong history in the market - it's on us to make sure retailers are fully aware of those reasons.

More specifically, where do you see Novuna Consumer Finance in 5 years' time?

We're already working hard to diversify which markets we operate in. We'll of course stay within traditional markets but the plan is to enter new ones over the next few years. We're already making some great progress with our membership and fees finance solution, allowing sports clubs and other organisations to offer finance without needing to go through the complex FCA regulation application process.

I expect it'll be a very exciting few years for us, as we continue to grow and develop our proposition.

Finally, what advice would you give to retailers looking for a new retail finance provider?

Look at the overall package they're providing and the added value you'll get when partnering with them.

For example, how long has the funder been in the market? Can you trust their customer service team to match the experience you provide to your customers? What are the features and functionality of their application platform?

This will help to ensure you're partnering with a reliable provider that will ultimately look after you and your customers.