PNB Housing Digital Journey
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Technology conducting
the symphony

Foreword

An orchestra is a musical ensemble comprising of diverse musical instruments: strings, brass, woodwinds and percussion. It is when each instrument is in complete harmony, the music soars and the spectators witness a glorious symphony. The sound of music is derived from the perfect blend of all elements.

Today’s operating landscape is complex and dynamic. PNB Housing draws inspiration from such symphonies to adapt to and stay ahead of the environment changes we see around us. Embodying discipline, elegance and poise, many different parts of the business unite in harmony to serve greater, common objective – to be the most admired housing finance company.

While the world embraced the Fourth Industrial Revolution, digital technologies significantly impact our everyday lives. Cloud computing, artificial intelligence, machine learning, predictive analytics, automation and robotics – technology is becoming more intuitive, in turn, making our lives easier. As a result, there is an increased need for convenience, simplicity and ease of doing business. But there is a corresponding rise in demand for an emotional quotient. In the digital era, customer centricity exists at the intersection of digital tools and a personal connect. Companies that understand and combine the strengths of both these dimensions tend to often pleasantly surprise their customers.

A typical customer journey should be seamless, completely integrated and intuitive. This belief lies at the core of successful digital transformation. The trick is to be agile and quick to innovate and adapt; building layers that are inter-operable within an organisation, using the right software products to do so, being outcome-oriented, focusing always on user experience (UX) and designs that keep the customer on top of the mind.

PNB Housing, has recognised rather early in the game, that experience is the most important element in the journey of digital transformation. The potential dominance of UX in the service industry, particularly housing finance, is tremendous. It requires an expert grip on decision-making processes, led by artificial intelligence, to execute requests that were once under the purview of humans alone.

I am particularly excited by PNB Housing’s use of predictive analytics to reach out to prospective customers. This is indeed the future of service industry. Predictive analytics makes use of data, statistical algorithms and machine learning, to forecast the possibility of future outcomes based on the compiled data, and this directly translates to higher lead conversion rates.

With the use of digital tools such as automated check of KYC documents, e-verification and dynamic underwriting models helps in managing information quickly and efficiently, while also serving customers in a secure, transparent and swift manner. Mobility solutions also play a critical role in collections, tracking customer behaviour and digitising documents.

PNB Housing’s ISO-certified contact centre allows faster connect for customers, helping the prospective ones to reach instantly and fulfilling their post-sales service needs through a single digital platform. Customers can also create deposits online within minutes, in a complete paperless and self-service mode. PNB Housing provides online conveniences like submission of form 15G/H and redemption of deposits at customers’ fingertips.

State-of-the-art CRM system, helps in offering services across a complete spectrum of channels including the non-traditional, self-serving ones such as the automated interactive voice response (IVR), web chat, SMS and others. PNB Housing offers telephonic support and IVR services in seven languages, deepening our regional reach and delivery strength.

The collaborative partner platform simplifies the way they connect with PNB Housing. It acts as a single window facilitating easy two-way communication, real-time task updates and allocation, online report submission, location and image capturing, advanced geo-tagging and payment processing, among others.

Team PNB Housing - a crew of smart people with unparalleled energy, wisdom, innovation, fuelled by ambition and working diligently to bring a seamless and connected experience to customer. Technology team at PNB Housing passionately engages with leaders across business verticals to churn out tailor made solutions. The accuracy, transparency and agility in processes and operations is the result of such focused use of digital resources both at the back and front end. Today, Company’s digital capabilities have deeply entrenched throughout the organisation, positioning PNB Housing as a customer-oriented, digital-first and future ready housing finance company. Indeed, PNB Housing has evolved from a conventional lending entity to a contemporary service provider in a very short duration. It is truly an honour to be associated with this progressive and technologically agile business house.

R Chandrasekaran
Independent Director, PNB Housing Finance Limited
Founder & former Vice Chairman Cognizant

49%

CAGR in AUM over last 5 years

Character with the crown

Connected Customer Experience

In today’s era, people don’t buy goods or services, rather they invest in experiences. More than 50 percent of today’s consumer base belongs to millennials, they prefer to deal digital, their decision process is deeply influenced by social connect, they believe in consultative approach and personalised offering. With more than half of the world’s population having access to smart devices, ever increasing count of internet of things (IoT) enabled devices, their unprecedented adoption and the way technology is shaping human life, digital is certainly going to play the flute in future.

At the same time, the other sub 50 percent consumer base still prefers the conventional way of building relationships through touch & feel, prescriptive approach, decisions driven by ethnic background and traditional values. At PNB Housing, our vision starts with inspiration;

2.5 lakh

customers registered on web portal and mobile app

an intrinsic motivation to offer superlative & differentiated experience to both millennials & customers with a conventional approach. An orchestra with ultra-modern instruments synthesising symphony, contemporary yet delighting classical connoisseurs as well.

The journey starts with search - the connection of prospect with the provider. PNB Housing’s effective digital marketing strategy coupled with cross platform integrations with e-commerce giants, leading digital payment banks, fintech companies and more than 1000 financial advisory players, ensures connections with the right prospect. Physical points of presence of the Company are also equipped with the right technology & solutions to extend meaningful information & delightful experience to walk-ins.

Information from all such channels directly flows into customer relationship management (CRM) system, a solution which helps in understanding each customer by creating their 360 degree personas through synthesising a rich set of information gathered from multiple sources including their social attributes. Synaptic relation with the customer starts with trust, transparency and right solution with a personalised experience. At PNB Housing, all customers are handheld in their journey of buying a home as our employees serve them with exuberance.

Our online Instant Loan portal provides an in-principle loan sanction to the netizens. At the same time the frontline force at branches are empowered with digital paraphernalia to deliver a seamless on-boarding experience to the customers. Once the wheels of on-boarding are set in motion, digital e-verifications are automatically triggered by the system, replacing the pile of physical documents. This low-carbon initiative not only makes the process easier, authentic and faster but also extends convenience to customers. The system is intelligent enough to connect the cord with customer by auto triggering relevant information on preferred channels like SMS, e-mail, WhatsApp, web portal and mobile app. At each stage of customer journey, digital solutions are working in rhythm.

48%

post sale customer requests originate through digital channels

Redefining the convenience of creating fixed deposit, PNB Housing provides an intuitive web portal & mobile app, with a host of digital features like automated verification of KYC documents, digital signatures and e-payment options that help customers and business partners to invest in our paperless fixed deposit program anytime, anywhere.

In India, property & mortgage is all about paper work. PNB Housing has implemented a property document digitisation system and facility, which is a true amalgamation of people, process and technology. Accuracy with speed is the mantra of this establishment. Rollers & lenses are tuned to digitise millions of pages every month and human verification complemented by cognitive checks ensures error-proofing. The scanned documents are available at the click of a button on web and mobile applications.

Robotic communication system automates the complete process of customer communication while ensuring 100 percent reliability and global standards of customer privacy. In the era of digital communication, such solutions help in ensuring compliance and maintain high degree of personal touch with customers.

An excellent customer service is no more an option. PNB Housing customers have round the clock self-service option to fetch IT certificates, statement of accounts and other important loan or fixed deposit documents, eliminating the need for branch visits. Customer service channels are available on mobile app, toll-free self-service, e-mail, chat and WhatsApp in multiple vernacular languages serving ease & convenience to our customers on a digital platter.

With an automated algorithm, vast network of fintech integrations and more than three decades of business blueprint, we are decoding the experience of home buyers by becoming their trusted financial partner.

93%

customers rated our service par excellence

Operational symphony

Operations in perfect harmony

Inspiration is an intellectual chain reaction. From the vast gallery of experiences, PNB Housing is decoding the source code of connected customer experience. Creating perfect harmony warrants the need for a robust operating model and its technology manifestation. PNB Housing embarked upon this journey with Project Kshitij - a business process re-engineering exercise.

Designed to outperform, implementation of our enterprise system solution (ESS), a wing-to-wing tailor made solution, brought a radical change in the way we work by an end-to-end business automation. We are operating on a configurable and parameterised system that is scalable amply, to support high business growth. The workflow-based model improves overall operational efficiency while our secured and compliant system brings all stakeholders to one platform as a single point of truth. The centralised solution is the fulcrum and provides a launchpad for all the digital initiatives, owing to its service-oriented architecture.

The ESS encompasses all the activities of business from prospect management, loan origination, loan management, collections & collateral management, deposits, customer service, integrated accounting, anti-money laundering, asset liability management solution and treasury system, all working in constructive resonance.

More than

5000

underwriting partners on-boarded on our digital platform

The same manifestation of technology solutions is available across the geographies, giving same standard of experience to customers and employees across the organisation. The play of technology is no more confined to an organisation; there is a need to build collaborative and omni-present integrations.

PNB Housing has bouquet of standard application programming interfaces (APIs) which are being consumed by many platform owners to cross-pollinate business requirements.

To redefine the process of underwriting, PNB Housing has implemented e-verification platform powered by technology. Our underwriters now have the ability to initiate multiple automated checks on a customer’s profile for e-verifications thus bringing efficiency in the underwriting process and reducing the turnaround time (TAT) by over 40 percent. These checks include automated authentication of KYC documents, employment verification, utility bill verification, fraud check, automated bank statement analysis etc. A cognizant view of customer empowers underwriter to take the right decisions. PNB Housing has been able to identify and avoid fraudulent/sub-standard applicants thereby safeguarding itself from probable loss.

Our digital offering provides a collaborative business ecosystem to underwriting partners as well. Mobility enabled solution, facilitates easy trigger of job details to partners and online submission of reports eliminates redundant data entry. An array of pragmatic features like geo-tagging, voice notes, assistive tools, smart workflow, standard reporting template, collaborative communication etc. accentuates synergy and aids reduction of manual work. Seamless exchange of information makes the entire process simpler, faster and efficient in a controlled & transparent manner. The concise and standardised reporting through the system gives an in-depth understanding of risks & opportunities, while appraising a loan application.

The hallmark of a sound organisation lies in the efficiency of its business operations. The operations unit at PNB Housing has been designed to function in three tiers, consisting of central processing centre (CPC), central operations (COPS) and branch operations. Our tailor-made technology platform is adept to cater to multitude of activities being carried out by these units behind the scene. Complete lifecycle management of loans, robust automated repayments integrated with the financial accounting system, business partner enrolment, management & payouts, security document management and statutory reporting are being seamlessly orchestrated on PNB Housing’s digital platform.

A reduction of 4 to 6 man hours per case in customer bank statement analytics

Our deposit management solution cuts across the branch frontline team and the central operations team ensuring express creation of fixed deposits. In addition, the online deposit platform is a rhapsody to the customers and augments internal efficiency as well. The modest process is paperless – simple yet elegant. From customer registration to creation of deposit is a self-service automated process without any employee intervention

Customer service is all about communicating in a contextually relevant manner. You learn, remember and explore with all your senses - writing your source code to solve customer challenges. At PNB Housing, a team of enthusiasts supported by digital toolkits is working diligently to provide exemplary customer experience. On an average, the lifecycle of a loan is seven to eight years. During this period, we pre-empt customers’ needs and proactively deliver our services.

Customer communication is an important aspect of any business and a neatly prepared physical letter unlike an SMS or e-mail does not go unnoticed. At PNB Housing, the complete process of preparing physical communication has been automated. Starting from preparing a communication stack, collating pages, folding and inserting into envelopes for dispatch are being done by intelligent machines with limited human supervision. The system deciphers customer information from embedded optical codes ensuring security & privacy while preparing the letters.

The success of any lending organisation depends upon the efficiency of collection. Technology is playing a vital role in making the complete process of collection more intelligent & efficient. Our collection mobile application fetches the real-time details of the customer loan accounts and records all the activities performed by recovery agents. Using this app, collection team can accept e-payments, fix appointments, update the follow-up trail and the transactions get synchronized with the enterprise system solution on real time basis. The solution also helps in predictive behaviour analysis of customer, improving the productivity of collection agents by complete automation. The solution captures geo-tag of each appointment & collection transactions, which helps in future tracking of delinquent customers.

100%

of all loan applications are routed through online verification of KYC documents and fraud checks

Keeping toxicity at bay

An integrated security strategy

Inspiration is an intellectual chain reaction. From the vast gallery of experiences, PNB Housing is decoding the source code of connected customer experience. Creating perfect harmony warrants the need for a robust operating model and its technology manifestation. PNB Housing embarked upon this journey with Project Kshitij - a business process re-engineering exercise.

We understand that the swindlers constantly adapt and innovate; hence identifying them requires smart and constantly evolving solutions. The need is for a panacea, based on advanced technology, that can harness behavioural analytics, social media analytics and predictive analytics while minimising false positives.

PNB Housing has implemented solutions that help in identifying and arresting an array of frauds and irregularities quickly and accurately. These solutions minimise manual reviews, reduce the time exhausted in investigation and dilute the burden on fraud containment unit (FCU) at each stage of the customer lifecycle, from login to sanction stage to identify theft and transactional fraud.

Deceits are often perpetrated through synthetic identities and our systems are capable of deduplication and identification though inconsistencies in the application. Comprehensive checks are run over a combination of in-house and external databases of over 80 million unique identities, creating an entry barrier for fraudulent applications.

PNB Housing’s technology platform is integrated with nation-wide fraud verification databases. At the time of customer boarding, an auto scan runs against these databases to detect traces of any past fraud record of the applicant in other financial institutions.

Our anti-money laundering solutions are capable of detecting fraudulent transactions to detect money laundering or financing to banned institutions or individuals through complex algorithms while looking at a multitude of factors.

Fraud detection and prevention is not a static process; you learn, remember and explore with all your senses, writing your source code to combat challenges of business fraud.

At PNB Housing, the hymn of cyber security plays at maximum decibel. As technology continues to grow and business is taking up digital complexion, so does exposure to cyber threats. Primitive fragmented security components are not enough to provide adequate risk coverage.

The Company believes in integrated security strategy, a common governance set for people, process and platform, a unified technology solution for complete spectrum of business operation. Information and alerts from all controlling units converges to a central unified solution giving the cockpit view of all the security vectors. These units include perimeter security, endpoint security, network security, application security, web security, e-mail security, physical infrastructure security and identity management. This prepares PNB Housing in effectively identifying, analysing and combating cyber-attacks.

E-mails continue to be one of the most common medium to intrude an organisation. Advance threat protection solution deployed at e-mail gateway, scans and sanitises all the incoming and outgoing e-mails in a sandbox environment.

A security operations centre (SOC) is the brain of monitoring all cyber and information security events. The SOC at PNB Housing contains next generation tools integrated with advance data analytics and user behaviour analysis (UBA) for monitoring and mitigating identified security events in real-time. UBA solutions look at patterns of human behaviour, and then apply algorithms and statistical analysis to detect meaningful anomalies from those patterns, anomalies that indicate potential threats. UBA has been implemented with machine learning algorithms to automate and predict the behaviour patterns and risk associated with the users in the network. Along with this, SOC team receives threat advisory feeds from various external sources around the globe which reduce the risk of zero-day attack.

The machinery

Instruments with strength and precision

The opulence of melody depends upon the precision & performance of the instruments. Likewise, there is an expanse of technology machines that powers our passion to dispense delightful experience to all stakeholders like customers, employees & partners, etc.

All digital applications of PNB Housing are hosted in specialised datacentre facilities, maintaining performance, confidentiality, integrity and availability. These facilities are designed to ensure uninterrupted supply of resources critical for seamless datacentre operations. PNB Housing’s datacentre architecture works on self-driven concept optimising attributes like compute, memory, storage and network resources. Applications run independently on the underlying hardware and can be migrated across different servers and sites at a click of a button. This technology also optimises power consumption by spinning off the resources at rest, making environment green and reducing operational expenses.

Under the hood, these technologies are propelled by computing units faster than ever before, designed for cutting-edge performance and an immersive experience. Optimal distribution of job between on premise and cloud multiplies the throughput and provides a unified experience to the end users. N+1 redundancy is maintained for each physical & logical component governed by high availability algorithms.

Runbook automation toolkits are being used extensively to manage repetitive & maintenance job of day-to-day IT operations, making it less human dependent, predictable and manageable at scale. When it comes to business uptime, there is no substitute of pro-active monitoring, hence digital assets, applications, network components and their security postures are monitored round the clock by highly skilled & specialized resources through binary watchdog, a state of the art network operation centre (NOC) and security operation centre (SOC).

An enterprise wide private network securely connects the datacentres with all users across the length and breadth of the country. In line with zero-outage architecture, all PNB Housing establishments including branches, offices, datacentres & cloud units are inter-connected through redundant last miles of wired and wireless media.

Contact centres are one of the first and preferred channels through which a customer approaches for service. This warrants 24X7 operations, self-service mode during off-time and with human assistance during business hours. To deliver service par excellence, contact centres have been setup in load-balanced mode across multiple sites by effectively using IP telephony over data network.

Modern businesses are changing faster than ever before and technology is in the driving seat. To keep pace with the needs of business, PNB Housing follows a modular approach in designing its digital landscape by investing in technologies that are fit-for-future and operate in tandem with the existing solutions. With the advent of cloud computing and evolution of information and communication technologies, the ability of IT teams to deliver applications and secure communication channels has become far superior than ever before. As the journey continues, we strive to go green and reduce our carbon footprint through innovation at each step along the way.

Reinvention is the mantra

Redefining business for a sustainable edge

Disruption means radically restructuring our way of thinking; a door to solutions, previously unthinkable. Applying first principle thinking, PNB Housing is working to redesign the complete aspect of customer engagement and business values being delivered to them. Upcoming technologies such as quantum computing, edge computing architecture, artificial intelligence, shared ecosystem through blockchain and human augmentation are going to govern the game of this decade, opening new doors to boundless possibilities.

Project Galileo is redefining the canvas of corporate banking at PNB Housing. It is a new age smart solution integrated with more than 150 digital interfaces, a collaborative business platform for all the stakeholders. The project shall be unveiled soon bringing better efficiency, ease, insight and control to business.

On similar lines, there are many initiatives being worked upon by the Company to transform the complete experience of the retail business and making it more secured. PNB Housing is no more a conventional lender but contemporary value provider, which understands the need of transforming time and is constantly reinventing itself to achieve its vision of being the most admired housing finance company.

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