Wyelands had a vision for growth and ambitious plans for the relaunch of the bank and the introduction of their lending services.
Wyelands: At a glance
Tungsten Bank was acquired by GFG Alliance in 2016, resulting in a change in name to Wyelands Bank and a move to provide commercial lending services to small and medium sized enterprises across the UK. The bank had a vision to enable growth of global trade, by providing access to working capital via finance for receivables, inventory, assets and the supply chain.
A new bank with ambitious plans
Wyelands wanted to be active in the savings market as soon as possible to allow funding to come on stream and support their lending activities. They had ambitious plans for the relaunch of the bank and the introduction of their lending services. Early entry to the savings market was important to the relaunch of their business and the development of their lending stream.
Activating savings accounts
Without existing capability to provide savings services, Wyelands needed to access our end-to-end savings management services for all operational and customer support.
By accessing our existing infrastructure, Wyelands were able to get to market more quickly and benefit from our cost effective solution. In some respects they were a start-up with many different tasks to perform to get the business re-launched. They relied on the expertise of our people, gained from years of experience in the savings space, implementing an award winning service.
Early entry to the market
By working together, the bank launched into the UK savings market in August 2017, with their customers able to apply for savings accounts and manage their money online, through our internet banking platform.
When the bank was celebrating its first birthday, it had amassed a loan book of £600m and over 15,000 savings customers.