Commercial Bank streamlines its pricing rules repository and application of the fee and charges for all of its products and services across business lines and is able to control the fee income leakages…
July 15, 2015 Hyderabad – : Pennant Technologies, a leading provider of software services and products to leading banks across Middle East, announced that its Centralized Fee and Charges platform goes live successfully at its longstanding customer, Commercial Bank, Qatar.
With the successful implementation of the centralized pricing rule repository for all of its products and services Commercial Bank can now process all its fee and charges effectively limiting the revenue leakage. This repository applied across the business lines powered with a rule based fee and charge application process coupled with enterprise workflow will give a huge break to Commercial Bank at technology front.
Banks noted the revenue leakage from numerous transactional processing applications, each handling the fee and charges at individual application level with varied operational controls. Addressing this challenge they initiated the project to have customer centric centralized pricing rules repository and an application to manage the application of these rules centrally for all of its products and services.
David from Commercial Bank who was instrumental in the whole initiative says, “The platform has increased in fee revenues for the bank, whilst controlling fee income leakage and has been very well received by the business units, particularly Retail and Wholesale banking”.
“The product has been built with a future-proof design in mind, bearing extensibility in terms of enabling the rolling out of new fees and tariffs effortlessly. Modifications to the existing tariff structure used to be a cumbersome process, and has now been streamlined to something that can be effected and implemented within minutes. The Pennant team has engaged very well with the bank and partnered amicably with the bank’s IT team at every business requirements gathering, iterative communication/feedback as well as a great amount of co-operation in managing feedback and enhancements on the deliverables. Overall, I would strongly recommend Pennant Technologies as a strategic partner to any bank looking to leverage cost-effective solution and development capabilities as an enhancement to their current technology workforce.”- adds David, Commercial Bank
“Rama Krishna Raju, CEO & Director, Pennant Technologies says, “We have witnessed the operational challenges posed by the numerous transactional processing applications handling the fee & charge at each application level during our association with various banks in GCC in last many years and we have been working on such a solution to address such operational challenges.” He further added that, “We are thankful to Commercial Bank for entrusting us with this initiative when we positioned our platform capabilities and the value added features and we are confident that Commercial Bank can benefit out of the new updates to the product offering.”
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, Enterprise Social Media Management, 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.