Introducing Phil Alltoft

Finance is an interesting world to be part of, though, because it's always evolving. You never get bored. Here's an example. I worked for a large multi-lender retail platform that was really the first finance company to bring tech to the industry. We were introducing e-signature technology at a time when our competitors were still using fax machines. It's tough to try and sell that to people - we're often wary of new things, unsure of them. I love that challenge and seeing retailers reap the rewards of trying something different.

You've thrived in a start-up environment previously. Is that a very difference experience compared to working at Novuna?

Yes and no.

In previous roles I've worked within a very small sales team, which means the pressure's on. It's very demanding with high targets. But with this comes an opportunity to be part of a really exciting growth phase. You're bringing something completely different to the industry.

In a previous role, we were one of the first teams to bring indicative soft search to the market. It wasn't about flogging a new shiny thing, it was about educating the market and showing retailers the great things new technology can do for their business.

So, yes, in some ways working for an already extremely established brand like Novuna (known as Hitachi at the time) seems worlds apart from a small, hungry sales team. But ultimately the end goal is the same - help to bring a new proposition to the market.

What initially prompted you to make the move and join the Novuna team?

I joined at a really exciting moment in Novuna's history. We'd just launched our proprietary CreditMaster3 platform, which was a real game-changer in the industry, as well as undergoing a major rebrand, back in 2021.

Having been involved in a fair few rebrands in the past I saw this as a perfect opportunity. I know the challenges and opportunities that come with it. I saw it as a chance to bring fresh perspective to the role, and really reinvigorate how retailers saw Novuna.

How many people can say they're launching something brand-new for an old business? It's a once-in-a-career thing.

It's fair to say Novuna hasn't always been known for its technological prowess?

Well, no. Not at all. Before I joined them, I was trying to beat them in pitches. The lack of cutting-edge technology had always been a bit of an Achilles heel. It was often the thing that set Novuna apart from competitors, and not in a good way.

Now it couldn't be more different. Together, we've changed the perception of the brand - and how our competitors sell against us. We're the brand competitors need to keep up with. It's pretty remarkable to turn things around in such a relatively short space of time.

What does a day in the life of the New Business team look like?

Our team manages the relationship with our retailers until they're fully onboarded with us, all set up and ready to start offering finance to their customers. Our Business Development team will look after them from there.

That means we spend quite a bit of time building relationships with retailers - finding out what success looks like for them and discussing the different options available. It's not a one-size-fits-all product.

Have you developed long-standing relationships throughout your time working in retail finance?

Of course. I've connected with so many retailers over the years, many of whom now see me as a trusted party on a personal level. It's great to be seen that way.

I've also been fortunate to connect with really great people - some even joined me at Novuna when I was first tasked with setting up a revitalised New Business department.

What's been your biggest career challenge?

Helping retailers feel confident in trying new things, new technologies. There's that sense of the unknown - what if it doesn't work? People often want to sit back and let others 'go first' so they can work out whether or not something's a success but ultimately any innovation needs someone to be the first person to try it.

We need retailers to be the pioneers of change with us and convince established brands to take on the latest technologies.

And your career highlight? 

One of the biggest furniture retailers in the UK described us as the Tesla of the retail finance world, where other lenders are Ford Mondeos.

We knew in that moment that all our hard work had paid off, and the industry sees us differently now.

What makes the job interesting for you? 

I'm only comfortable when I'm uncomfortable. I like to get involved in new, interesting things.

So what's next for Novuna? 

We expect to be the finance provider to push the boundaries of new technology. Right now, we're working on a lot of exciting new projects. It's all about finding out from retailers what they need to make finance work better for them and their customers, and then delivering that technology.

If you could give one advice to retailers thinking about offering finance what would it be?

Come and work with Novuna Consumer Finance.