Pennant seals the deal with Bajaj Finserv – Pennant to implement Lending Factory for its Commercial Lending Products and also for BFS DIRECT
October, 2016 Hyderabad – Pennant Technologies, a leading global provider of right-fit software products and suite of end-to-end business driven technology services for the worldwide banking and financial services industry announced its big win at the Bajaj Finance Ltd for its Lending Factory.
Bajaj Finserv, one of the most diversified NBFCs in the country today, hand-picked Pennant’s pennApps Lending Factory for its ambitious Commercial Lending Transformation and BFS DIRECT, end to end fully digital lending platform initiative to continue to maintain Bajaj Finserv’s dominance in market place it operates.
After reviewing extensive range of comprehensive capabilities and having spent several hours of feature demonstrations of various global and local vendors, Bajaj Finserv selected pennApps Lending Factory, a platform based lending suite designed and engineered to deliver highest level of configurability with functional factories and execution engines. Lending Factory will be implemented for all of the Commercial Lending products and also for the BFS DIRECT Platform, new end-to-end digital delivery initiative of Bajaj Finserv.
Pennant is certainly proud to have sealed the deal with Bajaj, the company’s first as well as the biggest client in Indian market, after catering to leading banks in the Middle East. Pennant quickly plunged into the planning phase, working very closely with Bajaj, understanding the criticality of its role in Bajaj’s transformative initiative and targeted to complete the implementation in next nine months.
Speaking of which, Rama Krishna Raju, CEO Pennant Technologies cites that—“It’s been a long journey for our team. The extensive and exhaustive evaluation process adopted by BFL gave us an excellent opportunity to demonstrate the complete functionality of the system, especially the unique Factory concept, its flexibility and adaptability.”
As part of the engagement, Pennant to work with the project teams of Bajaj and implement the solution for the Commercial Lending products and also for BFS DIRECT, the new end-to-end digital delivery platform of Bajaj Finserv.
While the Bajaj and Pennant are still in the nascent stage of the project, the duo are said to roll out an integrated lending platform and BFL to leverage the high-level of configurability, scheduling flexibility and enterprise wide Limit management capabilities to maintain its dominance in offering the innovative products as the market demands.
Bajaj Finance Limited (BFL) is one of the most diversified NBFCs in the Indian market catering to more than 19 million customers across the Country. BFL offerings cover financial products across Consumer, SME and Commercial Lending customer segments. The product offerings include Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and many more.
Pennant Technologies is leading provider of right-fit software products and suite of end-to-end business driven technology services for the worldwide banking and financial services industry. Pennant’s competitive edge lies in delivering the next generation business solutions built on future proof architecture offering high-level of configurability with unmatched flexibility so as to quickly adapt to the ever changing market dynamics. Pennant built its suite products so as to enable its customers to enhance their customer experience while enhancing operational efficiencies.
Pennant’s core product offerings include Lending Factory, a platform based end to end solution supporting widest possible lending products (personal, vehicle, lease finance, commercial, mortgage etc.,) across the business lines (Retail, SME and Corporate) brings the stakeholders of the ecosystem inside to the solution enabling you to enhance process efficiency with complete operational control. The unique concept of functional factories offers high level of configurability enabling its clients to achieve product innovation with improved time to market timelines.