Bajaj Finance Ltd, one of India’s largest non-banking financial companies, has successfully completed a major overhaul of its core lending system by transitioning to a cloud-based platform developed by Pennant Technologies, a Fintech company. This significant digital transformation covers over 50 million loan accounts and is considered one of the biggest in the Indian financial services sector. The new platform, called ‘pennApps Lending Factory’, aims to simplify and modernize operations across various loan categories, including consumer finance, housing, and commercial loans.
The company’s decision to transition to a cloud-based platform was driven by the need to improve operational efficiency and respond quickly to changing customer needs and regulatory demands. The previous system was centralized and outdated, making it difficult to manage the growing volume of business and complexity of the lending environment. The new platform allows Bajaj Finance to run all its loan products on a single, cloud-based infrastructure, enabling faster innovation and better customer experiences.
The transition process was complex and involved the migration of Bajaj Finance’s entire loan portfolio, including both secured and unsecured loans. The company’s Chief Information Officer, Mudit Mehrish, stated that the project began as a limited technology upgrade but soon expanded into a full-scale transformation. The new platform now manages over 27 different types of loan products, offering greater flexibility and reducing costs through streamlined operations.
The success of the project highlights the importance of robust and adaptable technology in today’s financial landscape. Pennant Technologies’ Managing Director, Pradeep Varma, noted that the initiative involved one of the most significant data migration efforts seen globally in the lending sector. The company’s lending platform has received recognition from industry bodies such as Gartner, Everest Group, and NASSCOM for its performance and scalability. Overall, the transition to a cloud-based platform is expected to support Bajaj Finance’s future growth and enable the company to deliver better services to its customers.