Celusion Technologies is a software company that equips banks, financial co-operations, stockbroking companies, and insurance companies to transform their customer acquisition processes into a fully digital channel augmented by real-time regulatory checks and AI for fraud detection. Below is a snippet from a recent interaction between team fyi9.com and Mr. Praveen Paulose, MD & CEO of Celusion Technologies where he answered questions about the organization, solutions, and his entrepreneurial journey.
Prateek: Please tell us about Celusion Technologies.
Praveen Paulose: Founded in 2004 & based in Mumbai, Celusion Technologies is a software company that develops Enterprise Applications with cutting-edge technology. Sticking to its passion for technology, the company loves to tackle a challenge with its new-age technology while creating a seamless and secure experience for its clientele in the BFSI sector. We are also registered in Singapore as a Fintech Company certified by the Singapore Fintech Association as a platforms provider and engaged in the business of providing software development services and products with a focus on digital onboarding and lending solutions to financial institutions in the Asia Pacific region.Our focus is to equip banks, financial co-operations, stockbroking companies, insurance companies to transform their customer acquisition processes into a fully-digital channel augmented by real-time regulatory checks and artificial intelligence for fraud detection. Over the years, we have serviced clients that include the top Indian corporates in Banking & Finance.
We are now expanding operations to other geographies as well, with the vision to be a global company.
Prateek: What products does Celusion Technologies offer? And to what sectors does it serve?
Praveen Paulose: Celusion builds technology that advances & benefits the banking and financial services’ core operational procedures and consumer experiences. We offer specialized solutions to address the unique needs of their clients, and the platform covers every stage of the loan life cycle. The primary solutions that Celusion provides are:
● Onboard – Onboard customers with one smart form and instantly activate their Insurance Accounts, Bank Accounts, Loan Accounts, Demat or Trading Accounts.
● Video KYC Platform – A consent-based Video-Enabled Customer Identification Process (V-CIP) designed in compliance with regulatory guidelines, for a completely contact-less onboarding experience.
● Recognize – Large scale identity matching platform using AI driven face recognition
● Connect – Connect is a secure, flexible and scalable API Gateway built on a Service Oriented Architecture that comes pre-configured with a wide variety of financial services.
● Digital Lending Platform – Disburse loans faster by employing an inclusive approach to the full lifecycle of loan origination and credit underwriting.
● Review – Customer review and rating management system that engages with customers to share their experience with a product or service.
● Notify – Centrally disburse communication system to internal/external stakeholders using multiple channels across applications with seamless API and monitoring tools
● Decide – A dynamic decisioning engine that empowers businesses to configure complex business policies, scoring models & rules, and make intelligent decisions across the entire lifecycle of a customer.
● Vendor Management System – Engage with your Vendors digitally providing the highest level of freedom & transparency for performing all functions and ensuring compliance with all established industry standards & organisational guidelines.
Prateek: How is Celusion Technologies different from its competitors?
Praveen Paulose: Celusion Technologies distinguishes itself by leveraging regulatory and AI-based Fintech APIs to facilitate identity verification, bank account verification, credit scoring, and more for its clients. Additionally, our products connect direct customers, sales, operations, channel partners, and credit teams to expedite the onboarding process and enhance credit decisions.
The contactless account opening process has allowed Celusion Technologies to continue growing with the support of regulatory directives. It detects liveliness, matches faces, and identifies documents without jeopardizing security. Authentication of identification cards with regulatory agencies, digital signatures, stakeholder engagement, online payments, and video-based KYC are some important contactless characteristics. Thanks to Celusion’s advanced technology, which offers cognitive abilities, it has been possible to onboard customers remotely through digital channels.
Prateek: How was your organization’s performance since the pandemic?
Praveen Paulose: We have deployed Customer onboarding system with KYC compliance at PNB Housing Finance, processing more than 50,000 video KYCs in less than 2 years. Even at the time of the pandemic we could continue to provide hands on support to Celusion Loan Origination and Collections platform for Svatantra Microfin Pvt Ltd and able to process and disburse over 1,50,000 applications per month. Moreover, we deployed Celusion Loan Origination and Lending Platform for Adani Capital Pvt Ltd for their various businesses like Supply Chain Finance, Farm Loan and Commercial Loans. We also deployed and are supporting the Customer Onboarding Platform for Kotak Securities for the last 4 years. We have also won Enterprise orders for 2 larger stock broking houses for implementing the Customer Onboarding platform, which are expected to go live soon.
Prateek: How has been your entrepreneurial journey?
Praveen Paulose: The experience has been unique and has prepared the company for exponential expansion and growth since its inception in 2004 with just two workers and a 200-square-foot office to almost 150 employees with a cutting-edge infrastructure of 3000 square feet. Over the years, we’ve worked with various customers, including the top Indian financial and banking institutions. It has been intriguing and challenging work for the team to improve the clients’ businesses and raise their level of productivity. As an entrepreneur, my objective has been to assist my team in navigating challenging circumstances while simultaneously remaining innovative, inquisitive, practical, and upbeat. Hence, our motto, “Possible is everything”, is the guiding principle behind my entrepreneurial endeavors at Celusion.
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