In a bold step towards redefining financial technology, Bajaj Finance Ltd has completed a sweeping digital transformation by moving its entire core lending operations onto the cloud. This massive upgrade, covering more than 50 million loan accounts, is powered by a next-gen solution developed by fintech player Pennant Technologies.
Abandoning its traditional, bulky infrastructure, Bajaj Finance has now adopted Pennant’s ‘pennApps Lending Factory’ — a cloud-native system built to simplify, modernise and future-proof lending operations across consumer, housing and commercial loan segments.
Calling it a pivotal moment, Rajeev Jain, Vice Chairman of Bajaj Finance, shared that the initiative is part of the company’s vision to blend technology and agility to serve evolving customer expectations and meet regulatory demands. “This is a strategic move to enhance service delivery and enable long-term growth,” he remarked.
Bajaj Finance once relied on a centralised legacy platform. However, with growing customer volumes and a rapidly shifting financial landscape, a more nimble and scalable system became essential. The new setup now allows Bajaj Finance to operate all its lending products through a single cloud-based environment — bringing speed, flexibility, and efficiency.
Chief Information Officer Mudit Mehrish explained that what began as a minor tech enhancement soon unfolded into a complete overhaul. “Today, all of our lending operations run on this new platform, which supports faster innovation and helps us deliver better experiences to our customers,” he noted.
The transformation has already yielded remarkable benefits. Over 27 different loan products are now seamlessly managed on the new system, significantly cutting operational complexities and costs while boosting flexibility.
Pradeep Varma, Managing Director of Pennant Technologies, hailed the project as a milestone in global lending transformation. He described the successful migration of Bajaj Finance’s entire loan book — both secured and unsecured — as one of the most intricate and sizeable data transitions ever witnessed in the financial sector.
Pennant’s platform has earned acclaim from respected global tech research firms for its performance and scalability, underscoring the power of smart, cloud-driven systems in the digital era.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
