Can you tell us about the origin of Phoebus?
Parker: In 1989, it built the core banking platform for a bank in London called Heritable Bank – a multi-currency, multi-product bank.
Products include asset financing, commercial finance, bridges, commerce and first expenses. This is a complex banking model.
The people who developed it decided to sell it as a banking platform. They make hereditary the first customer so they can take it out and sell it around the world. That was when the Phoebus software was born.
We are ahead of what we consider most of our competitors, but we won’t take a break
It evolved to focus on experts such as Challenger Banks and Expert Clients. Since its inception in 2011, Phoebus services’ assets have grown from £5 billion to £120 billion.
Richard, what made Adam the right choice to take over as managing director last July?
We hired Adam in 2019 because we needed a head of account management so that we could become more companies.
Over five years, Adam has done a great job and we know it’s time for him to play a big role.
Adam, what were some of your observations about the business when you joined, what were your ambitions as an MD?
This is a very family-oriented, private, moderate business and has never seen itself as a technology provider. Its power has always been its people.
We support STEM learning activities in schools and universities in the central region
As the world grows, people still want to do business with people. The technology has to be great, but people still want human interaction. What I want to maintain is the first method of humanity.
Again, we want to change that to have more structure and adopt more structure, business and business approaches and surround more discipline. It won’t hurt a graceful approach.
When we start, we provide our customers with their software version. Developed the way they wanted so they all have their own version. As you mature, you realize that this is not sustainable. This is expensive for customers and for us.
We are a family-oriented, moderate technology provider
Starting in 2019, our products will talk to themselves when we sit down with people. Our first challenge was to invite parties and once we entered the door we supported ourselves.
We are ahead of where we think most of our competitors are, but we won’t rely on the Laurels. It’s about evolution, not revolution.
What is the biggest obstacle?
Parker: We don’t have tough times, just ups and downs. During Covid, we worked very hard on the management team to make sure we didn’t have to let go.
People still want human interaction. What I want to maintain is the first method of human beings
Oldfield: We could have addressed our employees, but our product capabilities and development doubled. Vision is the fruit. We are loyal to where we think the market is when it comes back.
We stick to what we know and are good at, which serves loans, savings and deposits.
Are you looking at a new market?
We have a foothold in most institutions targeted in the UK and Ireland.
However, the Building Association department is a focus. The industry is changing; there are many new CEOs pushing for change, including more women, which is very positive.
Phoebus is just like providing quality services, and needs to give back something
From a technical point of view, many architectural societies have fallen behind and have to develop. For them, it’s about having the right channels to attract new members, but keeping a more mature and aging population. We are looking at how to help this subset exist, thrive and grow.
What is your approach to ESG?
Parker: Phoebus has been carbon neutral for 14 years. We are moving to net zero carbon.
We have joined a offsetting program to completely offset our carbon footprint, partly by building an effective stove for Kenyan homes to replace fuel-intensive open fire extinguishing and reducing the required firewood by more than 50%.
During Covid, we worked very hard to make sure we didn’t have to let anyone go
Other initiatives include the use of recycled disposable cups, eliminating 80% of all waste, purchasing only the most energy-efficient equipment, limiting printing and using motion-sensitive lighting. Employees are encouraged to participate in a bicycle program and we have installed bike sheds and locks.
We have a nominated charity every year and support the soup kitchen in the UK.
We also support STEM learning activities in schools and universities in the Central Region.
Phoebus wants to give back and provide quality service.
Adam Oldfield is Phoebus Managing Director and Richard Pike is Phoebus Chief Sales and Marketing Officer
This article is in the April 2025 version Mortgage Strategy.
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