Pennant: Providers Of Right-Fit Business Driven Technology Solutions to the Banking Industry
Today, banks are facing multiple pressures from various quarters that include the emerging regulatory pressures, competition from non banks and ever increasing customer expectations. Now more than ever, banks need to focus on the product innovation along with differentiated service and product offerings with improved customer experience to spur the top line revenue growth. It is the need of the hours for the banks to optimize their processes, control their cost structure, and explore new operating models using all the tools at their disposal leveraging renewed wave of technology change.
Pennant always focuses on the business challenges of the banks and offers right-fit business driven technology solutions leveraging its domain expertise coupled with excellent understanding of the intricacies in any typical bank application landscape.Pennant has a suite of 8 products addressing various areas of the Banking sector. It’s suite of products are running across leading banks in GCC countries.
Its Interactive Communication Manager is one such solution that enables banks to deliver targeted, personalized and engaging communication by incorporating the intuitive and interactive features.
Pennant’s flagship product pennApps Finance Factory is another comprehensive suite of solution to manage the complete life cycle of loans right from loan acquisition to origination, management including collections & recovery aspects across retail and corporate business lines.
Pennant sees lot of traction for its lending suite and interactive communication manager in the market place it operates. High level of configurability and modular approach enables banks to shop for the components to meet their business requirements and it further simplifies the banks technological transformation journey.
Pennant is serving over 18 leading banks across GCC countries that include leading conventional banks such as Commercial Bank of Qatar, National Bank of Kuwait, RAK bank, National Bank of Oman, Qatar National Bank to name few and the leading Islamic banks such as Masraf Al Rayan, Al Hilal Bank, Al Baraka Islamic Bank and many more.
Pennant developed numerous solution accelerators for various phases of typical technological transformation projects. In the case of recent implementation of its Finance Factory solution at leading bank in Bahrain, it managed the complete transformation that covers the Integration of the proposed solution with other applications of the bank and the complete data migration of the finance portfolio to the new system including the complete history of the loan portfolio leveraging the numerous implementation accelerators it has developed over the time. The immediate benefits out of the solution is quick turnaround times in the Finance Processing as the solution eliminated lot of manual steps and the bank can also come up with new finance products with minimal time to market leveraging the functional factory concept on their own without any dependence on the vendor.
Moving forward Pennant intends to leverage its core strength of enhancing operational efficiency in transactional processing and technology leadership to build the digital capabilities to the transactional systems enabling the banks to accelerate their journey towards Digital Banking initiatives. Pennant is all set to focus on API’s and SOA based framework to offer the loosely coupled component based process driven product suites with highest level of configurability to offer unmatched flexibility to the banks in adapting its systems. Pennant intends to expand its footprint to other regions with immediate focus on India, Africa and South East Asia as it has consolidated its position in the Middle East.