Technology provider supports digital transformation at Development Bank
EQ Credit Services, part of Equiniti Group will provide its market-leading technology to the Development Bank of Wales to support Welsh businesses with their commercial funding needs post-pandemic.
The Development Bank of Wales has seen a 72% increase in loan customers as a result of the Covid-19 Wales Business Loan Scheme. It has appointed the Leeds-based firm to provide an automated, flexible, end-to-end loan administration system to meet this growth in demand.
EQ Credit Services loan servicing capabilities will also help the bank to optimise operations and improve the efficiency of its businesses processes and for 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, commented: “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.”