“Celusion Uses Robust Data Analytics for Finding Patterns” Says Praveen Paulose

The Fin-tech space, which is overcrowded by financial service providers is a potential minefield of looming scams. Digitalization has come as a curse in disguise, for the increasing frauds, adding the not-so-well framed regulations that make it highly impossible for banking to take a via-media approach, ie., between innovation and preventing risk. Software service providers like Celusion Technologies with their advanced cloud-based software solutions ensure superior digital experience all while ensuring safety. Analytics Insight has engaged in an exclusive interview with Praveen Paulose, MD & CEO, Celusion Technologies.

1. Kindly brief us about the company, its specialization, and the services that your company offers.

Ans. We are a software development company that creates business applications by utilizing cutting-edge technology. At Celusion, we work closely with banks and other financial institutions such as financial co-operations, stockbroking companies, and insurance companies to assist them in transforming their customer acquisition processes into fully digital channels enhanced with fraud detection software and real-time regulatory checks, giving them access to a top-tier technology platform in addition to credit evaluation and operations management processes. With our cloud-based, end-to-end lending platform, lenders can accelerate loan approvals and expand their customer segments by digitizing their loan process. We have developed solutions over the years with the help of our highly talented and creative team, who are dedicated to delivering in a demanding environment. We have collaborated closely with many clients to transform their businesses and increase operational efficiency with our core services such as Unified Account Opening, Digital Lending System, Sales Force Automation, Video KYC, SMS ConneXion, Single Sign-on Server, etc.

2. With what mission and objectives were the company set up? In short, tell us about your journey since the company's inception.

Ans. The journey has been thrilling and has set the stage for exponential growth from a modest beginning in 2004 with just two employees and a 200-square-foot office to about 100 employees and modern 3000-square-foot infrastructure. We've served various clients over the years, including the leading Indian corporations in the banking and finance sectors. Our endeavor to bring transformation to our client's businesses and increase the efficiency of their businesses has been fascinating and intense. The philosophy that drives innovation in the Celusion team is "Possible is everything." As a result, we are extending our operations to new regions to become a global business.

3. Please brief us about the products/services/solutions you provide to your customers and how they get value out of it.

Ans. We develop technology that enhances customer experiences and fundamental business processes for the banking and financial service sector. Our platform covers every phase of the lending life cycle, and we provide tailored solutions to meet the particular requirements of our clients. The following are the main solutions Celusion offers:

•Unified Account Opening: Unique customer onboarding instantly activates their Demat, Trading, Bank, Loan, or Insurance Accounts using one smart form.

•Digital Lending Platform: Uses a comprehensive approach to loan origination and credit underwriting lifecycle to expedite loan disbursement.

•Financial API Gateway: A gateway with more than 25 pre-built microservices for regulatory and fintech services for your service-oriented architecture.

•Video KYC Platform: Video-Enabled Customer Identification Process (V-CIP) with a consent-based design created by legal requirements.

•Sales Force Automation: A data-driven approach will help the clients boost conversions, gain real-time insights into activity, and successfully manage their sales team.

•SMS ConneXion: A mobile messaging system that provides businesses with numerous SMS products and two-way messaging options.

•Single Sign-On (SSO) Server: Workforce and customer identity management for web and mobile apps using industry-standard protocols.

4. How do you see the company and the industry in the future ahead?

Ans. Digital lending platforms have attracted both conventional and new-age borrowers from India's heartland due to the increased use of smartphones, high internet penetration, and the digital lenders' bridging the information gap. The younger generation of bank customers wants experiences that are quick and convenient. Financial services supported by cutting-edge technology will manage those experiences for small businesses and individuals. A higher level of consumer interaction and hassle-free procedure are features of financial services backed by advanced technology. Hence, the consumer would be better off taking out digital loans in the long run.

5. How does your company's rich expertise help uncover powerful analytics and machine learning patterns?

Ans. Every product we offer at Celusion uses our robust data analytics capabilities to assist clients in finding patterns. Our state-of-the-art technology allows us to instantly and automatically create models that can analyze more extensive, more complex data and provide faster, more accurate results – even on a massive scale. We help organizations better identify lucrative opportunities or avoid unidentified risks by developing precise models.

6. What is the edge your company has over other players in the industry?

Ans. Some of our guiding principles and beliefs that differentiate us from competitors are:

• Built to Scale: We create applications fit for banks that scale horizontally to handle the load.
• Resilient Architecture: Future adoption of new technologies is supported by our solution architecture.
• Secure Apps: We adhere to OWASP standards and secure coding practices.
• Technical Expertise: We produce top-notch software regardless of the technology.
• Rapid Development: We've developed frameworks that facilitate a quicker Go-To-Market.
• User Experience: Utilising a thorough understanding of users, we create experiences.
• Domain Knowledge: Our knowledge of banks and financial services enables us to provide the best solution.

Or

Ans. Celusion Technologies speeds up the onboarding process and improves credit decisions by connecting direct customers, sales, operations, channel partners, and credit teams. Our core services involve Unified Account Opening, Digital Lending System, Sales Force Automation, and Video KYC.

Celusion Technologies offers hassle-free onboarding to its clients utilizing regulatory and AI-based Fintech APIs for identity verification, bank account verification, credit scoring, and other tasks. Not only that, but the platform can also assist businesses in handling high volumes. For instance, at its peak, a single corporation saw over 150,000 new accounts opened each month, 60% of which occurred in the final four days of the month.

7. How can businesses efficiently extract the value from data, without increasing cost and complexity?

Ans. Data has risen to prominence over the past decade to become a significant source of strategic competitive advantage for businesses. It has been well established that insufficient, inaccurate, or poorly segmented massive data can inhibit companies from implementing their strategies, delivering good customer service, and performing operations. As a result, the foundation of today's digital transformation in enterprises is obtaining high-quality data, processing it through the appropriate analytics tools, and applying the insights gained. Businesses should employ the following three parameters to maximize value from data without raising costs or complexity:

•Managing demand for third-party data and maximizing vendor agreements will be made more accessible with the help of a central vendor-management team that includes intermediaries at the business unit and function levels.

•When it comes to data-management protocols, a lack of standardization can cause businesses to waste time looking for the information they need and increase inaccuracy when they use incorrect data. Therefore, organizations must update their fundamental data architecture to achieve the required outcomes.

•Effective data governance reduces the time it takes to engineer data assets and increases their reusability, sustainability, and accessibility.

•Report-generation processes can be refined by streamlining data consumption through rapid prototyping and testing cycles. This approach makes production streamlined across the organization, efficiently generating high-quality reports and metrics.

8. What are some of the challenges faced by the industry today?

 Ans. The current digital lending sector's foremost challenges include a lack of regulatory framework for digital loans, the lack of pre-emptive safeguards against fraudulent lending platforms as well as the financial institution providing loan services or the digital lending apps do not have adequate monitoring mechanisms. We must transform traditional risk management methods into proactive systems with early warning signals and management controls/limits. An intelligent and comprehensive risk score may be given to customers by connecting the digital contact points across different risk categories, enabling clients to make wise decisions across the whole consumer lifetime.