Commercial Bank, Qatar witnesses enhanced operational efficiency in Loan origination process after achieving complete automation in Loan Origination process leveraging the penApps Lending Factory Platform features…
March 16, 2014, Hyderabad: Pennant Technologies, a leading provider of software services and products to the leading banks across Middle East, announced that Commercial Bank, Qatar successfully implemented pennApps Lending Factory based Loan Origination.
The implemented loan origination solution enabled Commercial Bank, Qatar to enhance their operational efficiency by automating all the processes of Loan Origination and seamless integration with its existing back-end loan management system or core banking system. The componentized nature of the pennApps Lending Factory Platform enabled banks to achieve the powerful processing capability in a controlled manner while leveraging their investment on loan management functionality.
“This is yet another successful implementation at a leading bank in Qatar and this achievement truly demonstrates the componentization and flexibility of our lending factory platform and our expertise in delivering the right-fit solution. We always believe in offering the right-fit solution and with this implementation, our client not only achieved complete automation of loan origination but able to leverage the existing investment in loan management capabilities. “-says Rama Krishna Raju, CEO of Pennant.
“We are pleased with the successful implementation and the solution has all the right ingredients required for our client. Our solution eliminated various manual input steps in the processes and also provided control layer with additional checks before final disbursement of loans. Bank is seriously looking at leveraging on this platform to automate additional processes related to loan operational process.” 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.