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Our opening hours will change during the festive season.
Our opening hours will change during the festive season. We will close from 2.00pm on the 24th December and reopen at 9.00am on the 27th December. Our usual opening hours will then apply. We will be closed on the 1st January and reopen at 9.00am on the 2nd January.
With the appointment of Mark Winlow as Chairman, Redwood Bank demonstrated its ambition and strengthened its position as one of the frontrunners in the field of UK Challenger banks. Mark has a hugely impressive track record after nearly 40 years working in finance. Career highlights have included advisory roles at several UK-based financial institutions; Partner at two of the ‘Big Four’, EY and KPMG; and co-founding Starling Bank.
In this wide-ranging interview, we get to know the man at the helm of Redwood, as he discusses the potential of the Bank, the impact of Artificial Intelligence on the future of the sector, and why his wife is still his ideal dinner date after 40 years.
What experience do you bring to Redwood Bank?
I have 40 years of experience working in financial services in the UK and internationally, the last ten of which have been as a non-executive director. I have served on 18 boards and chaired 11 of them.
What’s your biggest achievement to date?
Workwise, I am proud of a number of things I have been involved with, but a personal highlight was co-founding Starling Bank. I only made the decision to leave because this opportunity arose at Redwood Bank.
Why did you choose to join a Challenger bank?
Redwood Bank is in a great position to support and benefit from the growth in the UK economy, as it will be driven by SMEs. I believe I can help fulfil its potential as chairman of the board.
In choosing my roles, my guiding principles are to look at the fundamental heart of a business – can I understand it, and does it capture my imagination? I can, and Redwood does. I also look at the people and culture – are the people capable, and does the business have integrity? They are, and it does.
In your opinion, what are Redwood’s main strengths?
Redwood’s strengths start with the strategic opportunity to help SMEs grow the UK economy. The business model is straightforward and supports local business in a transparent and simple way. The Bank has proved it works and was profitable in 2021, despite the challenges thrown up by COVID-19.
However, at the heart of the business are people who care about our customers and each other. This means the culture at Redwood Bank is a real strength.
What’s the potential of Redwood – where do you think the bank could be in 10 years’ time?
Redwood has the potential to become the best specialist bank in the UK, serving its commercial customers with a range of products and services needed for growing successful businesses. It has the potential to become the go-to bank for UK businesses.
How has banking changed during your career?
Banking has changed markedly during my career. Banking services have moved on from the days when a branch and the branch manager were at the heart of banking services. First Direct introduced telephone banking in the same way that Direct Line did in the insurance sector in the 1980s. Metro Bank paved the way for getting new banks approved and others such as Redwood and Starling followed, offering targeted banking services and products. Others, including Revolut, have gone after specific elements such as foreign exchange. All these developments have meant that the incumbent banks had to respond. For banking customers, both retail and commercial, the service has moved on leaps and bounds.
Culturally, there has been a change too. In 1982 when my wife and I first met, if we had been married at the time, she would not have been able to have a credit card without my agreement, and joint accounts always started with the man’s name. No bank would contemplate such an attitude nowadays.
What is going to have the biggest impact on banking and how people manage their money in the next five years?
The current trends for improving service and increased flexibility will no doubt continue, but it is likely to be the predictive element that will become more significant. Artificial Intelligence should mean that not only will the banks be able to predict future outcomes – cashflows, account balances – but customers will too. The longer-term consequences of our financial decisions will become clearer before we decide – something that may remove the joy of an impulse purchase!
What do you think are the three most important qualities to have as a Board member?
Honesty and integrity; the absence of a big ego and an adult approach to discussions; and a sense of priority, both urgent and important.
What are you reading at the moment?
I currently have three books on the go:
Describe your ideal weekend…
It would be Friday evening at the theatre, then Saturday spent watching rugby in the afternoon, followed by dinner at a favourite pub. On Sunday, I’d read my board papers then spend the evening watching Netflix with a whiskey in hand.
Who would you most like to go to dinner with?
I would definitely choose my wife Jo – we’ve been together for 40 years. I’d like to take her somewhere inspiring, like the South Pole!