Bajaj Finance Ltd. (BFL), a subsidiary of Bajaj Finserv Ltd., has achieved a major milestone in the financial services industry by transitioning its core lending system to Pennant Technologies’ pennApps Lending Factory, a new-age, cloud-based platform. This transformation enables Bajaj Finance to manage over 50 million active loan accounts across a highly diversified product portfolio, driving digital scalability, operational excellence, and enhanced customer experiences in the country’s financial sector.
The move from a legacy, monolithic loan management system to the modern, agile PennApps Lending Factory marks a significant leap in Bajaj Finance’s digital transformation journey. The cloud-based platform streamlines the company’s retail, commercial, and business loan operations, supporting 27+ loan product variants and unifying them on a single, resilient infrastructure. This not only simplifies the management of loans but also delivers improved operational resilience, cost efficiency, and customer-centricity across the lending lifecycle, reinforcing Bajaj Finance’s position as a leader in digital-first lending operations.
“Bajaj Finance is driven by a vision of continuous innovation, operational excellence, and of delivering customer delight using technology,” said Rajeev Jain, Vice Chairman, Bajaj Finance. “Our partnership with Pennant is enabling us to bring this vision to life through simplified customer experiences, accelerated growth, and enhanced value for our stakeholders.”
Mudit Mehrish, Chief Information Officer at Bajaj Finance, noted that what began as a focused effort to modernise specific lending capabilities quickly evolved into an enterprise-wide transformation and strategic partnership. Today, Bajaj Finance’s lending operations run seamlessly on the PennApps Lending Factory, enabling faster innovation, effortless scalability, and superior customer experiences. The transformation has also resulted in a significant reduction in loan servicing costs, thanks to the unified digital platform’s operational scale and flexibility.
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The project involved the successful migration of Bajaj Finance’s entire lending portfolio, spanning both secured and unsecured products, making it one of the most significant data migration initiatives in the global lending industry. Pennant Technologies’ pennApps Lending Factory has been recognised by leading industry analysts and organisations, including Gartner, Everest Group, Chartis Research, and NASSCOM, for its innovation, scalability, and composability.
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