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Sue Hayes – modernising a 174-year-old financial institution
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Nottingham Business School’s Business Leaders’ Podcast
Episode 57
SUMMARY
Sue Hayes – modernising a 174-year-old financial institution
Banker Sue Hayes is the first woman CEO of the Nottingham Building Society in its 174-year history.
She arrived in Nottingham via senior leadership roles at GB Bank, Aldermore Bank, Barclays and Santander.
In Episode 57 of the Nottingham Business School’s Business Leaders’ podcast, Sue tells Honorary Visiting Professor Mike Sassi about the significance of data, her fascination with Nudge Theory and the problem with Robin Hood.
She also tells him that women leaders are too often underestimated.
INTRODUCTION
• Sue Hayes became the first woman chief executive of the Nottingham Building Society in its 174-year history, in 2022.
• The Nottingham is the ninth biggest mutual society in Britain, with 31 branches and 500 staff.
• Sue started her career as a trainee legal executive, but soon moved into finance.
• She went on to be MD of business banking at Barclays Corporate, group MD of retail bank Aldermore, then CEO of start-up GB Bank.
• Sue has spent the first three years of her leadership at Nottingham Building Society focussing on team building, digital innovation and strategy.
• The Nottingham has increased lending to 'non-traditional borrowers' who may have previously struggled to qualify for a mortgage
• This group includes entrepreneurs, freelancers, the self-employed, gig economy workers and foreign nationals
LEADERSHIP TAKEAWAYS from Sue Hayes:
Leaders shouldn’t have too many priorities…
“You need one good thing a year on your CV to build a story. Do one big thing and do it really well. Make it noteworthy. That’s much stronger.”
Changing culture in a 174-year-old organisation is not straightforward…
“What you want to do is keep the cute and cuddly but add some edge in terms of the execution of new approaches.”
The Nottingham had a problem, in that few people recognised its brand…
“It wasn’t about whether we did or didn’t have Robin Hood [on our logo]. It was more about how we could demonstrate we had a modern brand.”
Leaders should build strategy from data and research…
“What that shows me is that the world of work is changing considerably.”
Using Nudge Theory can be helpful for leaders…
“I find it utterly fascinating… When I worked at Barclays we looked at how people queued in a branch, so we understood what they were thinking and how they were likely to behave.”
Life’s a lot about luck…
“When I left school… my careers advisor had three options for me. One was a trainee legal executive, a second was a panel beater for cars, and the third was a pheasant farmer. I thought, I'd better go for the trainee legal executive then…
“By coincidence, I ended up getting into financial services [where] I met some interesting people and was offered some interesting jobs. Life's a lot about luck.”
Building a network of connections is important for future leaders…
“Millennials and the Gen Zs are so much better at this than I was earlier in my career. [Future leaders need to] Get to know people, be interested, go to events… understand and connect.”
RELATED LINKS
Sue Hayes, Q&A with Mortgage Solutions
Sue Hayes, interviewed on Beehive Money
If you enjoyed this episode NBS Business Leaders’ Podcast with Sue Hayes, listen to previous shows with…
• The CEO of Capital One UK Lucy Hagues MBE
• The CEO of the Chartered Management Institute Ann Francke OBE
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