LIC HFL implements Pennant Technologies’ lending platform to boost business efficiency
By Gloria Mathias
Pennant Technologies, a financial technology company, has announced that LIC Housing Finance (LIC HFL) has deployed its lending platform, pennApps Lending Factory, to modernise and transform its mortgage operations with a focus on improving operational efficiencies and enhancing the customer experience.
As part of the “Project RED (Reimagining Excellence through Digital Transformation)” initiative, Pennant helped implement an enterprise-wide lending platform that will harvest the power of its technology to drive business agility, deliver seamless customer experiences, and lay the foundation for business growth.
In October 2020, LIC HFL launched the Project RED initiative to transform its operations and improve efficiencies across the organisation.
“LIC Housing Finance is at the crossroads of its next phase of expansion and growth, and Project RED is a catalyst in making this journey a successful one,” said Sri Tribhuwan Adhikari, MD & CEO of LIC Housing Finance Ltd. “By implementing a next-generation, technology-agnostic, and scalable lending platform, we will be well placed to effectively meet the dynamic market needs, evolving digital consumer paradigm, and regulatory and compliance needs and help us deliver enhanced value for our customers.”
pennApps Lending Factory is a comprehensive lending platform built on Pennant’s next-generation Application Framework. The new lending platform is based on a unique concept of functional factories and business process-driven execution engines that will deliver the required modularity, flexibility, and componentization.
The technology-agnostic system with a future-proof architecture will provide LIC HFL with a high level of configurability to accelerate time to market, enable quick workflow reconfiguration to streamline operations for efficiency, flexibility, and transparency, meet internal compliance and risk management needs, and include a repository of third-party APIs for the delivery of differentiated customer experiences.
“We are excited at the opportunity to implement an enterprise-wide, future-ready lending platform for LIC Housing Finance,” said Rama Krishna Raju, Director and CEO of Pennant Technologies. “We strongly believe pennApps Lending Factory to be a right fit for effectively meeting the diversity, scalability, and flexibility needs of LIC HFL’s size and scale of mortgage operations. The new lending system will enable LIC HFL to accelerate innovative offerings to the market, improve business performance, and help drive future growth.”
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