“Good people are hard to find so when you have them look after them well” CEO Q&A: PJ Byrne, Flexi-Fi

Q. What are your main priorities and goals in your role?

My aim is to grow the Flexi-Fi brand throughout Ireland while providing retailers with solutions to the challenges they currently face with upselling, increasing basket sizes and driving footfall into their stores.

Q. What are your biggest challenges as CEO?

While market penetration is always a key challenge for CEOs I am happy with our progress to date. Every week prominent retailers with an Irish and global footprint are joining our solution because they see the unique benefits of our finance products which helps their customers buy what they want.

The availability of talent is also problematic. With Ireland now at 4.8pc unemployment it gets more difficult for companies who are in an expansion phase.

Q. How do you keep your team/staff motivated?

There are a range of benefits for our team at Flexi-Fi that we are proud to offer. For example, we are very flexible around start and finish times, days worked etc. Work/life balance is crucial for us so we actively encourage our people to achieve this balance and we facilitate where we can. We also have a great after-work social club which the staff have really embraced.

Q. What are the challenges facing the industry going forward?

Brexit poses a significant challenge because anything that threatens consumer confidence is bad for the finance sector. Some of the reports released by think-tanks and the Central Bank make for tough reading. That said, I remain optimistic that a solution can be found before the October 31 deadline.

Q. What new trends are emerging in your industry?

More and more people are looking for faster, easier solutions when it comes to consumer finance. They want a seamless experience whereby the time delay between application and purchase of the goods is minimal. They also want to know their data is secure. As a result of this we have invested heavily in Mitek’s cutting edge technology, Mobile Verify®, so customers applications will be more secure, faster and more affordable.

Q. Are there any major changes you would like to see in your sector?

We need to embrace automation in all processes and intensify this. So for instance when it comes to verification of PPS numbers and proof of address we seem to be so far behind other countries. This in turn adds another layer of cost to doing business.

Q. As an employer are you finding any skill gaps in the market?

With Ireland moving closer to technical full employment the ability to attract talent gets more and more challenging. However, it is good to see the Government pushing the STEM agenda and trying to build resilience into the Irish economy by encouraging further innovation. This will not only benefit my sector but many others too.

Q. How did your strategy develop in the context of the banking crisis and economic crisis?

Our strategy was pretty simple; let’s remain in Ireland and help our partners and customers through the tough times. I really think that is the differentiating point between us and your traditional finance houses. We also developed products that was very competitive compared to that of a bank or credit union. We now want to consolidate that position and build on it so we can continue to be market leaders in this space. We will achieve this through further investment in new products and listening to what consumers want.