Commercial Bank, Qatar selected pennApps Lending Factory Platform to automate its Loan Origination Process…
September 15, 2013 Hyderabad – Pennant Technologies, a leading provider of software services and products to the leading banks across Middle East, announced that Commercial Bank, Qatar selected its pennApps Lending Factory platform coupled with the customization services to streamline its Loan Origination Process.
pennApps Lending Factory is a comprehensive suite of solution to manage the entire lifecycle of loan management. The componentized nature of the solution enables banks to select the platform and modules required for the bank. It further enables the banks to develop the custom business services while leveraging the platform features. Commercial Bank, Qatar intends to streamline their Loan Origination System and selected the pennApps Lending Factory platform and opted for the development of the services on the platform as per their requirements.
Rama Krishna Raju, CEO of Pennant Technologies says, “Having worked with Commercial Bank for many years, we truly understand their business requirements. This helped us in quickly composing the solution, leveraging our product componentization and also our proven application services expertise that truly meets our client business objectives. We are also confident that this approach surely reduces the development timelines and accelerates time to market for our client “.
Being a comprehensive enterprise wide solution, the customized pennApps Lending Factory will help Commercial Bank, Qatar in effectively streamlining the Loan Origination at optimal cost in minimal time.
“It’s been an exciting for all of us at Pennant as we were able to offer the comprehensive and fit-for the purpose business features quickly and at optimal cost. Our efforts in building fully componentized and flexible product suite are rewarding us. We are sure our packaged Loan Origination System will offer a perfect combination of intelligent processing automation that will give Commercial Bank the technological edge in offering innovative products with better packaging and customer centric services, placing it several leaps ahead of competition,” says Pradeep Varma, Director of Pennant.
About Commercial Bank, Qatar:
The Commercial Bank of Qatar is today one of the leading full service banks in Qatar offering a full range of personal, corporate, government, international and investment banking services. Established in 1975 as the first private bank in Qatar, the Bank plays a vital role in driving innovation and raising service standards in banking across the region through its investment in new technology, a clear focus on customers and prudent management. Commercial Bank of Qatar enjoys strong credit ratings, is listed on the Qatar Exchange, was the first Qatari bank to list its Global Depository Receipts as well as bonds on the London Stock Exchange, and was also the first Qatari bank to issue a public bond in Switzerland.
A successful diversification strategy has expanded Commercial Bank of Qatar’s GCC footprint through strategic partnerships with associated banks in Oman and in the UAE. Building on the successful execution of the Bank’s regional expansion strategy to date, in July 2013 Commercial Bank of Qatar announced the acquisition of a majority stake in a full service bank in Turkey. These strategic alliances enable the Bank to offer integrated services across the region, including cross border services for corporate banking and capital markets; support on trade services; private banking services; and, syndicated loans.
Pennant Technologies, dynamic and innovative software solutions and services company offers comprehensive suite of end-to-end business driven technology services and next generation software products covering all the functional areas of BFSI vertical. Pennant offers the right-fit and next generation products that address the unique requirements of banking. The suite of offerings includes Islamic Finance Factory, Cross Sell, Interactive Communication Manager, Notification Manager, Lending Factory, Direct Debit, Host Integrator, Utility Bill Pay and Business Continuity.
Pennant’s suite of solutions and services encompasses Enterprise Application Integration Services, Application Services comprising Application design, development, maintenance services and Consulting services comprising IT consulting and Business Continuity Management services.
Pennant empowers its customers to effectively address their business challenges with its deep domain expertise backed with excellent insights of local market dynamics and leveraging the latest technology advancements.