Provident, past and future
Mladen Petrov: What are the key moments of Provident's 10-year history in Poland?
Eddie Lawrenson: Ten years ago we started greenfield operations in Poland, introducing a home-collected credit service and a brand new standard of service. In 2001, we achieved national coverage and welcomed our 500,000th client. In 2005, a brand-new product was added to our portfolio - Mandarynka, a monthly home-collected credit, and just a few weeks ago we launched Rapida, an internet brand, which offers credit for young professionals interested in e-shopping.
Over the course of these 10 years, 2.5 million people have used our services and the Polish branch is the biggest international division in the company. We are also the second-biggest British employer in Poland, with more than 2,400 emloyes and 13,000 agents. It's worth mentioning that some of them are now working abroad, starting operations in Romania and Mexico.
How has the Polish market changed throughout Provident's time here?
We came up with a brand-new model to serve our customers. Before, customers in need couldn't receive a loan delivered right their door and pay it back on a weekly basis from home. We were challenged to educate the media and the customers about what home-collected credit is all about. With 80-percent brand awareness in Poland today I think we did a good job.
Today the market is more competitive, and banks are serving the needs of their customers better, but we still see Provident growing and offering new products. Now the challenge is to maintain and even improve the quality of service. This is possible through constant training, which is very high on our agenda.
What are your future development plans for the new Mandarynka and Rapida brands?
We are still testing and learning, applying new technologies in the meantime along with new marketing techniques. Our ultimate goal is to achieve national coverage [with the brands]. Currently, Mandarynka is available in five regions of Poland. We believe that national coverage is an achievable goal considering the changes on the labor market. There are now lots of young professionals whom we are happy to employ. Provident has a very successful mixture of people who have been with the company since the beginning and young professionals who have recently joined us. It is also significant that there are only five foreigners working at Provident now.
How important is social responsibility for Provident?
The social responsibility program is one of the company's cornerstones. We feel obliged to share our success with the communities in which we operate. With some help from NGOs we are making sure that we are targeting the right people and projects on a national level, without having to worry about wasting our resources. Our employees and representatives help children's homes, childcare centers and take part in seasonal and vocational holiday campaigns. We are going to develop our national volunteer program "Tak! Pomagam" (Yes! I can help), which has so far given away 100 grants for different projects and created community charity work. Another key issue in our CSR activities is education, with a special emphasis on its financial aspects.
