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Bandwidth Powers Pennymac Cloud Migration To 50 Percent Cost Savings, Faster Loan Closings

1. Pennymac saved over 50% on telecom costs using Bandwidth's platform. 2. Loan processing times significantly accelerated via Bandwidth's cloud communication. 3. Bandwidth's platform enhances compliance and customer experience for financial services. 4. Automation and AI capabilities improved efficiency and profitability for Pennymac. 5. Bandwidth positioned as a trusted provider in the financial services sector.

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FAQ

Why Bullish?

The article highlights substantial cost savings and operational improvements, aligning with BAND's growth strategy. Historical examples, like similar partnerships in telecom, often lead to stock price appreciation as seen with Twilio's ascendance following major client wins.

How important is it?

The success story demonstrates Bandwidth's market capabilities, which could generate investor confidence. The financial improvements for a key client may lead to similar agreements, increasing revenue potential.

Why Short Term?

The immediate impact can be felt as customer success stories usually drive investor sentiment and potential new client acquisitions in the short term. Increased visibility and credibility from a major client like Pennymac could quickly translate into market interest.

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Top U.S. mortgage lender, featured in American Banker article, leverages Bandwidth's platform for dramatic efficiency gains, enhanced customer experience and improved compliance, /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today unveiled a customer success story with Pennymac, a premier U.S. mortgage lender and servicer trusted by millions. By migrating to Bandwidth's cloud communication platform, Pennymac has realized more than 50 percent annual telecom savings and significantly accelerated loan processing time. This transformation was spotlighted in a recent American Banker article. Top U.S. mortgage lender Pennymac shares how it has realized more than 50 percent annual telecom savings and significantly accelerated loan processing time by migrating to Bandwidth’s cloud communication platform. "With a customer-first lens, we are focused on maximizing new opportunities like AI and leveraging new tech to continuously improve the customer experience," said Mike Hogan, Pennymac's Chief Information Officer. "We chose Bandwidth to migrate our communications to the cloud because they are known for their reliability, communications integrations and exceptional customer support." Beyond significant cost savings, Pennymac's partnership with Bandwidth improved business- critical performance metrics like time to close for each loan. By leveraging Bandwidth's modern cloud platform, Pennymac also gained advanced capabilities, including sophisticated call routing, conversational AI and pre-built integrations with leading marketplace technologies. This allowed the company to tap into rich metadata transported by IP voice calls, enhancing the customer experience and bringing new capabilities to analyze performance. As a result, Pennymac's customer service communication is now faster and more agile, which combined with automation has expedited underwriting, shortening loan finalization times. Customers also benefit from new conveniences, including 24/7 payment options through Pennymac's automated contact center. This improvement saves time and boosts profitability.Operating in a highly regulated industry, Pennymac also leverages its new cloud communications systems to support compliance and mitigate risk. With Bandwidth, the company was able to automate critical TCPA compliance checks for outbound calls, helping to ensure calls aren't made to anyone on the National Do Not Call Registry or outside reasonable hours."Pennymac is showing the financial services industry what's possible when you rethink communications as a strategic advantage," said John Bell, Bandwidth's Chief Product Officer. "By modernizing with Bandwidth, Pennymac has unlocked dramatic gains in cost efficiency, regulatory compliance and customer experience."The Pennymac success story demonstrates Bandwidth's position as a trusted cloud communications provider for innovative enterprises in the financial services space. To discover the full impact of this partnership and watch the customer story video, click here.About Bandwidth Inc.Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world transform their communications every day. For more information, visit Bandwidth.com.SOURCE Bandwidth Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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