Bajaj Finance shifts 50M loan accounts to cloud core system

In a quintessential moment for India’s fintech landscape, Bajaj Finance Ltd has executed one of the largest core lending platform migrations in the country. Over 50 million loan accounts have been transitioned to Pennant Technologies' next generation, cloud native platform. 

The transformation’s key objectives are to solidify a future enabling lending infrastructure, improve operational agility, and deliver a consistent, digital-first customer proposition/experience at massive scale. Create value through operational efficiencies, minimize risk and build a scalable lending ecosystem!

Envisioning lending at scale

The new platform will provide capabilities to manage the entire lending lifecycle (origination, servicing and collections) with real-time processing, intelligent automation, and fully auditable compliance. The platform was built on a cloud-native architecture, supporting instant scalability, resilience, along with speed to market for new products and services.

“This is an important milestone, not only for us, but for the broader Indian financial ecosystem as a whole”, said senior spokesman at Pennant Technologies. “We built our platform to support the dimensions and complexity of today’s modern lending institutions. We wanted to empower lenders like Bajaj Finance with the flexibility to respond to the dynamic behaviors of customers and the dynamic requirements from regulators."

Wider industry impact

The entire portfolio of loan accounts was successfully transitioned, which is being considered a milestone achievement in core systems modernisation. Industry analysts are suggesting this could be a replicable model for other large non-banking financial companies (NBFCs), as well as banks, thinking about moving away from legacy core systems and are looking at a more modular, cloud-based core.

The announcement has garnered extensive media coverage and found its way into over 138 related articles and placements including outlets such as Google News, ANI, Daily Hunt, The Tribune and The Print. Collectively the story has the potential to reach over 469 million people and indicates the growing interest in large-scale digital transformation programmes in India’s financial services industry.

Strategic Partnership for the Future

Deployment, in itself, indicated the growing confidence that homegrown fintech solution providers, such as Pennant Technologies, have gained to scale their solutions across Asia and the Middle East. For Bajaj Finance, the upgrade aims to enhance not just backend efficiencies but front-end capabilities through aspects like personalised offers, accelerated approvals and consumer-focused digital touchpoints.

With India’s financial services sector undergoing rapid digitization, the Bajaj Finance–Pennant collaboration signals the dawn of a new era of intelligent, adaptive, and customer-centric lending.