The NBFC was looking for a solution to modernize its current loan system as per the RBI regulatory requirements and mandates. The need was for a transformational solution that would not only bring in extensive flexibility in its product offers and new launches, specifically around repayment schedules flexibility, better customer service, operations risks/controls, availability of 24/7 on-demand services and others, but also help the client to capitalize on the emerging opportunities in the Lending industry.
Pennant Technologies was selected to implement the new lending platform, as its product – pennApps Lending Factory (PLF) – differentiated itself vis-à-vis competitive products in terms of its flexibility, scalability and ease of use. PLF met all the evaluation criteria across product functionality and benefits.
Pennant would be deploying few modules of the pennApps Lending Factory product – Loan Management module initially, followed by the Loan Origination module at a later date.