Mumbai: PNB Housing Finance has deployed Celusion’s video KYC platform for opening customers’ accounts. It has rolled out Celusion’s video KYC platform across the organisation.
While a few banks have started implementing video KYC, PNB Housing Finance is one of the first home finance companies to do so.
Banks and financial services firms are increasingly adopting digital-first initiatives for their business functioning along with the safety of customers and staff.
A start-to-finish digital, paperless and zero-contact customer onboarding process is an important step in this direction — and video KYC is a key piece of the puzzle.
With video KYC, the verification of KYC documents and the customer’s face identification and match – are all completed via a video call. This makes the entire customer onboarding process completed without any need for the customer to visit the branch or meet a representative or even share physical documents.
Importantly, the deployment of Celusion’s video-KYC platform at PNB Housing Finance is decentralised in nature.
Celusion has designed the platform in a way that supports decentralized video KYC calls to take place at the branch level itself. Also, PNB Housing Finance’s calls are in multi-lingual that helps interact with customers in their regional language.
“At PNB Housing Finance, customer convenience is one of our biggest priorities, especially in a time like this where people are afraid to venture into public spaces,” said Nitant Desai, Chief Operations & Technology Officer, PNB Housing Finance.
“Our video KYC allows us to create a completely digital customer onboarding process, which in today’s time, is not only easier and faster but actually safer for our customers,” added Desai.
Further, “It also helps us reduce the customer drop-off rate. We’re very excited about adding this feature in our entire digital journey that will support our growth story,” he commented.
“The implementation of video KYC Platform at PNB Housing Finance is an important step in building inclusive digital transformation in the financial services industry,” said Praveen Paulose, CEO – Celusion.
“The fact that it is multi-lingual and operable from a branch level makes it much more accessible to a larger part of the Indian market, which is a great leap forward for the industry as a whole,” added Paulose..
Founded in 2004, Celusion has deployed the onboarding platform with leading stock brokers to open demat and trading accounts and finance companies to open loan accounts.
The platform is scalable to meet enterprise needs and has opened over 1,50,000 accounts per month. Among them, 60% were opened in the last 4 days of the month.