June 2018, Hyderabad: Pennant Technologies, a leading technology provider in Lending Market space announced the successful implementation of its flagship end to end lending suite at Avanse Financial Services in a record time of just two months. The implementation includes the implementation of Loan Origination and Loan Management covering Retail Finance products.
Avanse, an associate of Dewan Housing and Finance Ltd (DHFL)with International Finance Corporation, an arm of World Bank is also an investor with 20% equity, is a modern Education Loan provider creating a gateway for aspiring Indian students to study abroad. Having made its mark and attained a Leadership position in Educational Loan Sector with innovative Educational Loan offerings, Avanse is now spreading its wings to diversify into other lines of business to offer Retail Finance and SME Loan Products.
With an aim to manage all of its loan products from a single software solution, Avanse evaluated various leading lending software solutions and selected pennant’s Lending Factory. The Platform based approach to manage wide variety of Loan products across the business lines on a single software system and the best in class BPM capability powered with enterprise class workflow capabilities across the Loan Origination and Loan Management processes played key role in the selection of Lending Factory by Avanse.
To improve the time to market timelines for its new lending products (i.e. Retail Finance and SME Loan products), Avanse decided to implement Retail Finance and SME Loan products in the first phase. With a strong management support, the project teams were able to implement the Loan Software System with Retail Finance and SME Loan Products in the shortest possible time of two months.
Commenting on the successful implementation, Smitesh Shah, CTO of Avanse says “We have an outstanding partner in Pennant who understands our business and have worked closely with Avanse team to give us a dependable and scalable platform while displaying exceptional speed and agility.”
Rama Krishna Raju, CEO at Pennant says “The successful completion of the implementation in a record time of two months with seamless integration of Avanse’s existing CRM system demonstrates configurability and flexibility of the solution especially the business agility of the solution. Excellent business acumen demonstrated by Avanse Team during the course of the entire implementation time made our job simple without which we wouldn’t have achieved the success.”
He further adds that “We are confident that Avanse can achieve its aim of delivering loan products with flexible financing options with reduced turnaround time leveraging the enterprise class workflow and industry standard BPM capabilities. In addition, Repository of API’s across the loan life cycle surely enables Avanse to meet the expectations of today’s digital customer.”
Chetan Dadiya, VP, Delivery of Pennant Technologies says “The modularity and flexibility of the solution coupled with its intelligent processing enables Avanse to accelerate product innovation by configuring and offering innovative products across the business lines.”
About Avanse Financial Services
Avanse is a new age education finance company and an associate company of Dewan Housing Finance Corporation Limited (DHFL) funds students travelling to all key international advanced education destinations including US, UK, Australia etc. Avanse complements the education sector and engages with students and educators to metamorphose financial solutions that are new age and tailored for specific needs.
About Pennant Technologies
Pennant Technologies, dynamic and innovative software solutions and services company offers comprehensive suite of end-to-end Lending Technology software and next generation tech services 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, Customer Communication Manager, Notification Manager, Retail 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.