Development Bank of Wales partners with EQ to support digital transformation
The commercial lender has seen a 72% increase in loan customers as a result of the Covid-19 Wales Business Loan Scheme.
EQ Credit Services, which is part of EQ (Equinity Group plc), will provide an automated, flexible, end-to-end loan administration system to meet this growth in demand.
Its loan servicing capabilities will also help the bank to optimise operations and improve the efficiency of its businesses processes.
The new loan administration system is part of a broader digital transformation programme designed to drive customer experience improvements at the Development Bank of Wales.
David Staziker, chief financial officer for the Development Bank of Wales, said: “Our customer base has grown significantly over the last year as a result of the funding made available by the Welsh government to support businesses during the pandemic.
“It is therefore vital that we have the right technology infrastructure in place to support our customers throughout their journey with us.
“The new loan administration system is a key part of our investment in digital transformation and we are delighted to be working with EQ.
“This is a long-term partnership that will help us to drive operational efficiencies and better manage our customer portfolio of over 2,500 Welsh businesses as we support them with their commercial funding needs.”
Richard Carter, managing director of EQ Credit Services, added: “We are delighted to have been appointed by the Development Bank of Wales to provide them with credit management and servicing provisions.
“Our market-leading technology will enhance the bank’s services and help to create a vibrant business landscape in the country for 2021 and beyond.”
The Covid-19 Wales Business Loan Scheme (CWBLS) was announced on 30 March 2020 and the £100m facility is now fully subscribed with more than 1,500 applications received in just a single week.
The scheme has helped to safeguard over 16,000 jobs in Wales and will be the cornerstone of the country’s economic recovery from the Covid-19 pandemic.