Diverse team drives rapid growth at Oakbrook Finance

Claire Lowry-Hubball, right, head of software delivery at Oakbrook Finance, with colleague Ed Ball, the firm’s business quality lead

It’s been hailed as one of the fastest-growing technology companies in Britain, with annual sales growth over the last three years of 155 per cent.

But the team behind Oakbrook Finance, ranked 16th in the Sunday Times Hiscox Tech Track 100, says its growth is about much more than popular personal finance products and strong service.

The Nottingham-based business, which is part of the leading venture builder Blenheim Chalcot, says that diversity in the broadest sense is a critical factor in its growth.

Oakbrook is unusual in financial services in having a senior leadership team split evenly between men and women.

They insist that it is a belief in letting individuals work to their strengths that has led to a diverse workforce rather than a simple pursuit of gender equality.

As chief people officer, Sarah Marriott takes the lead in recruiting the right people and making sure they’re in the right position to perform at their best – and that Oakbrook’s culture enables that to happen.

“I’ve spent most of my career in financial services and my experience is that it has been male-dominated,” she says.

“But we’re missing the point about the benefits of diversity if we talk only about the gender balance and gender pay gaps.

“It’s much more nuanced than that. What women tend to bring to a business is greater emotional intelligence, and the lack of that has probably contributed to some of the financial scandals and the macho culture that has played a part in them.

“We’re not just gender diverse but diverse generally. Sex, race or religion doesn’t matter – if you’re going to get the best out of people then you appreciate them for what they are and what they bring as individuals.”

Oakbrook has been growing significantly since it moved into Accelerate Places Nottingham, the hub for scale-up businesses on Wollaton Street, with more than 100 people in the team.

Technology and software development are particularly important in a business which provides personal loans through an online portal. Oakbrook’s Head of Software Delivery is Claire Lowry-Hubball, who began her career at banking giant Barclays.

“When I worked in male-dominated environments in the past it could sometimes be quite confrontational,” she said. “In female-led or mixed environments the focus is not so much on what you’re doing, but how – how to get the best out of each other, how to collaborate and how to get the best outcome for customers.

“We’re big believers in different people with different experiences and backgrounds bringing something different to the table. The more diverse we are as a team the closer we get to a better service for customers.”

As evidence, she points to the fact that Oakbrook has also been shortlisted for the Moneyfacts non-mainstream lender of the year award – where nominations come only from customers.

“We want people to be themselves at work, not fit into some corporate template,” Sarah adds. “That is where diversity really comes from.”

Oakbrook encourages diversity by providing an open, approachable environment and, more formally, through benefits and working arrangements which fit in with different lifestyles.

“We have a number of formal, flexible working arrangements which benefit men and women and people with families,” says Nicola Richardson, Oakbrook’s Chief Information Officer. “But we do it informally, too. If someone in my team wants a couple of hours off to go to a school event that’s fine because they’ll probably have earned it or will pay it back later – often many times over. If you trust them they will trust you.”

Kate Erb, Oakbrook’s chief customer officer, adds: “If you have a team with a strong work ethic who trust you then you can make most things work. Though we’re based in Nottingham I actually live in Hertfordshire, which is a tough commute. I make the job work through flexibility and a support infrastructure that also allows me to work from home.”

Jon Painter, who joined Oakbrook’s senior leadership team only a few weeks ago, has had a long career in financial services. He said: “Throughout that time it’s been clear that functions such as credit risk, analytics and technology have been heavily male-dominated. Oakbrook challenges this stereotype and reaps the real business benefits diversity brings.”

Sarah Marriott is unequivocal in her belief that diversity contributes directly to business success.

“We’ve got a fairly even split of men and women across Oakbrook, ages ranging from 22 to 65, different religions, sexual orientations and people with disabilities,” she said.

“We value having that range of people because it increases creativity and reduces group-think. People feel happier because they can be themselves rather than thinking they need to be corporate clones.

“Our growth demonstrates that diversity makes absolute business sense. It brings better connections with customers and colleagues and gives us as a business access to a much wider talent pool which better reflects the world our customers live in.”

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