The Intermediary – March 2025 - Flipbook - Page 28
In Profile.
Q&A
The Intermediary speaks with Michael Mann, broker
business development director at Allica Bank, about
the firm’s fresh direction for 2025
M
ichael Mann joined Allica
Bank just over four years
ago, bringing with him
expertise developed over a
career primarily in corporate
banking,. Now, as broker business development
director, he uses this expertise in the bank’s
mission to fuel growth among established small
to medium enterprises (SMEs). As Allica Bank sets
out into 2025 with a refreshed brand image and
a growing suite of products and propositions, The
Intermediary caught up with Mann to get a sense of
the firm’s direction.
Then and now
Over the past four years, Allica Bank has grown
from a primarily debt-led bank, to lending over
£3bn to established businesses, with a full suite of
products, a current account and savings accounts.
“I’ve been very lucky to have grown with the
business as it has grown,” Mann says.
Launched in 2020, Allica has been “on an
impressive journey.” While this was undoubtedly
a difficult time to launch a new bank, Mann notes
that there were also advantages.
He says: “What made it easier was that we saw
competitors retract, which provided us with an
opportunity to step up to support brokers and
businesses when they needed it the most, and
when other lenders and banks were closing their
doors. There’s always a silver lining, and it proved
to be a positive.”
One helpful factor was that Allica was not
constricted by the need to service and existing
loan book. This meant it was “well positioned
to respond” to the challenges and changes that
rocked the market in those early years, and focus
on “lending to businesses focused on growth,
when others didn’t have the capacity to do so.”
Mann explains: “A big bank that has been lending
for years with lots of customers – many of whom
will be facing difficulties – naturally goes into
‘protection mode’.”
The other element that put Allica in good
stead was being a fintech. At a time when other
banks were struggling to find ways to translate
cumbersome legacy systems to the new world of
remote work, this was something of a seamless
shift for Allica, with programmes like Teams
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The Intermediary | March 2025
already in play.
“That really allowed us to maintain relationships
and collaborate with brokers, valuers and
solicitors,” Mann says.
Mann says there is a potential that brokers will
remember this as a brand that stood out during
turbulence, but this is not something to rest on.
“People buy people in this market, they work
with individuals, and people do remember that we
were there lending,” Mann explains. “Then, a lot of
it is about product and deliverability.
“There will be some value to people
remembering that we didn’t disappear, but
that doesn’t mean we’ll be their choice over a
competitor, because it’s about getting the right
product for their client, and we might not always
be that best solution. Just because they remember,
doesn’t mean we get all their business. You’re only
as good as your last deal.”
Five years on, Allica Bank has started 2025 with
a brand refresh, centred around the image of a
bright orange bowler hat. The hat, used for a while
in marketing campaigns, represents how Allica is
transforming finance for established businesses by
combining the relationship banking they used to
enjoy, with powerful technology and rewards for
using their account.
Small but mighty
Allica Bank was built to serve established
businesses with five to 250 employees. These,
Mann points out, make up an integral third of
the UK economy, with critical roles as employers,
service providers, retailers, and more. These
businesses really needed support during Covid-19,
but their welfare is just as important now.
“With the country now focused on growth, they
are absolutely our priority,” Mann says. “They
won’t get the attention they deserve from the high
street, and a lot of SMEs are underserved by a callcentre, cost-saving type set up. SMEs need that
regular relationship and contact, so there has been
a lot more reliance on our broker community, who
have the experience and ability to give advice.
“These businesses are the backbone of our
economy, and it’s them that will get us through the
next 12 to 20 months of economic pressures.”
Having a focus on personal relationships is not
to be confused with lacking modernity, Mann says:
