Lenvi partners with Development Bank Of Wales to support digital transformation
Lenvi provided 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 saw a 72% increase in loan customers as a result of the COVID-19 Wales Business Loan Scheme. Lenvi provided 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.
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.
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Supporting digital transformation in Wales