Business Wire India
Pennant Technologies, an agile, innovative financial technology company delivering future-ready lending solutions to the global banking and financial services industry, today announced it has been named as a Representative Vendor in Gartner Market Guide for Commercial Loan Origination Solutions (CLOSs).
In the report, Gartner posits that “next-generation platform solutions could serve as a blueprint for the future of CLOSs. These platforms function as digital ecosystems, consolidating the services of various fintechs and ISVs onto a unified, data-driven, API-enabled platform. This modular approach enables banks to seamlessly integrate diverse capabilities from top-tier providers, all within a cohesive architectural framework.”
“We are delighted to be recognised in the Gartner Market Guide for Commercial Loan Origination Solutions,” said Pradeep Varma, Director and Co-Founder, Pennant Technologies. “Commercial lending is seeing a rapid transformation, with the growing need among banks and financial institutions to discontinue legacy processes and change old business models. We believe Pennant combines best-of-breed lending technology, deep functional knowledge and extensive experience to help banks streamline their lending operations for accelerated loan origination process, deliver frictionless customer experience and unlock opportunities for newer value streams.”
According to the report, “CLO solutions enable banks to assess, process, approve and manage lending requests from multiple channels and businesses. Bank CIOs should evaluate solutions based on analytical and workflow capabilities, connectivity features, channel functions, curated APIs, and customization potential.”
Banks and financial institutions using pennApps Lending Factory have reported reduced credit decisioning time, accelerated loan portfolio growth and increased operational cost savings. For instance, an SME lender focusing on supply chain financing saw 40% revenue growth by streamlining their loan origination process (including underwriting, credit rating, and disbursals) and offering flexible loan servicing options such as revolving limit flexibility and flexi-loans providing essential liquidity to their SME customers.
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Gartner, Market Guide for Commercial Loan Origination Solutions, 6 November 2023 (for Gartner subscribers only). GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
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