PNB Housing Finance has recently introduced the use of Video KYC while opening an account for its customers. Enterprise software firm Celusion Technologies was engaged by PNB Housing Finance to implement a Video KYC solution across the company.
While a few banks have started implementing video KYC, PNB Housing Finance is one of the first Housing Finance Companies to do so.
In a post-pandemic world, many banks and financial services firms are increasing the pace of their digital-first initiatives, hoping to keep business growing even as customers’ movement is restricted. 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 through a video call. Which means that the entire customer onboarding process is completed without any need for the customer to visit the branch or meet a representative or even share physical documents.
Another important aspect of PNB Housing Finance’s Video-KYC platform is that it doesn’t just support a centralized team. 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 not just happening in English or Hindi, but in multiple local regional languages.
Speaking about the Video KYC implementation, Praveen Paulose, chief executive officer (CEO) at Celusion, said, “The implementation of Video KYC Platform in PNB Housing Finance is an important step in building inclusive digital transformation in the financial services industry. 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. We’re very proud to have played a role in making it happen.”
Further, Nitant Desai, chief operations and technology officer, PNB Housing, added, “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. 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. 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.”