CXOToday has engaged in an exclusive interview with Mr Praveen Paulose, MD & CEO of Celusion Technologies
- Tell us about the company and its offerings.
Ans: Celusion Technologies is a software development company which works closely with different organizations in Fintech to build and scale their businesses. These include financial corporations, stockbroking companies, and insurance companies. We work with these organizations to transform their customer acquisition processes into fully digital channels, enabling them to become enterprises of the future, today. This is achieved via our cloud-based, end-to-end lending platform that enables lenders to accelerate loan approvals and expand their customer segments. Our collaborative efforts with our many clients have helped transform their businesses and increase operational efficiency with our core products. Some of these include ONBOARD, LEND, DECIDE, NOTIFY, CONNECT, IDENTITY and SUSTAIN, to name a few.
2. Share with us the growth journey of the company since its inception.
Ans: The company traces back its formation to a 200 square foot office in 2004 that was run by just 2 employees. This eventually grew to become a 3,000 square foot space that houses over 150+ employees today. From the beginning, we have created our repute as the trustworthy and innovation-partner who serviced many clients in the banking and finance space. Our aim has always been to bring about a significant transformation in our clients business and increase their operational efficiency with an innovative approach. This has been the result of our belief “possible is everything”. To this day, we continue to power technology that brings value to customer experiences and core operations for the banking and financial services industry.
3. What are the 5 USPs that differentiate Celusion Technologies as the most trusted technological partner in the fintech industry?
Ans: Our company’s USPs come in the form of the many qualities that we imbibe in our practice. Some of these include:
- Resilient architecture: Our architectural framework is future proofed to enable the adoption of new technologies in the future
- Domain knowledge: Our experience and expertise derived from partnering with brands across banks and financial institutions help us deliver the best solutions
- User experience: Our solutions are designed to prioritize customer experience, striving for comfort and convenience in every aspect
- Security: Our products adhere to secure coding and OWASP guidelines
- Scalability: Our applications are built with bank-grade capabilities that scale horizontally to manage load
4. How have the evolving technological trends reshaped the financial sector overall?
Ans: Technology has been the catalyst for unprecedented transformations in the financial sector. Customers have been the biggest beneficiaries of this, allowing them conveniences in their fingertips like they never would have imagined before. Technological advancements have led to a rise in digital payments and banking, making it all the more accessible for consumers to avail financial services. Fintech companies have leveraged technological trends to better understand consumers and provide them with conveniences that they never knew they wanted. This has come from a thorough understanding of collected data points from consumer profiles. Financial institutions have slowly come to be able to make better-informed decisions, enhance risk management, detect fraudulent activities, and personalize services based on individual preferences.
5. Transforming with technology in the Fintech industry: opportunities and challenges
Ans: Technology has brought with it many revolutions in Fintech, each of which has helped the industry continuously evolve. While this has brought with it many opportunities for improvement, it has also brought to light some challenges that need to be addressed.
Fintech companies continue to have the opportunities to disrupt traditional financial institutions by adopting the latest technological tools to innovate their services. This gives them the chance to expand their services to people, especially in underserved regions that would need/ can benefit from these services. Ultimately, this would result in improved customer experiences through services that are accessible, convenient, and rewarding. Within the industry, each company has the opportunity to collaborate with other institutions on different initiatives and programmes.
In conjunction with this, there are many challenges that need to be addressed in the industry. Increased digitization may at times come at the cost of security, especially with regards to cyberthreats, hacking, and so on. In such a world, consumers need assurance in finch companies that take trust and credibility very seriously. Adding to this, Fintech companies also face the challenges of scaling their operations and sustaining growth trajectories.
6. How are technology and digitization helping the BFSI sector in elevating customer experience and helping onboard more loyal customers?
Ans: To begin with, technology and digitization have greatly improved the accessibility of fintech services. People can now carry out financial transitions from most devices that would fit in the palm of their hands, so long as they have a functional internet connection. With this, customers can also expect services that are personalized and tailored to their exact needs when it comes to their financial intentions. This helps companies build stronger relationships with customers by guiding them through the entirety of every important process – from onboarding, to account verifications, to carrying out transitions. All of this culminates into creating and sustaining an industry that puts customers at the heart of everything in the industry.
7. How is digital lending strengthening the economy?
Ans: Digital lending strengthens the economy in many ways. Lending platforms have made lending more accessible to individuals and businesses. Processes have been simplified and more streamlined, making loan taking a hassle free process. This empowers customers to avail the financial services they require at ease, thereby funding their dream ambitions – be it in the form of stratus, businesses, or more. This helps the economy by strengthening the entire financial ecosystem, one where people are uninhibited to invest in areas that show potential. When more and more people participate in economic activities, the economy benefits positively as a whole.
8. What are the sector Celusion services currently? Share some of your client names.
Ans: Over the years, we have serviced many clients across the banking and finance industries with a portfolio of clients that includes some of India’s leading names. Some of the clients we work with include Future Generali, Sharekhan, Andromeda, Belcash, PNB Housing, Svatantra, Yes Securities, and Religare.
9. Are there any plans of innovating the existing product portfolio or adding new services in the coming days?
Ans: As we continue to serve various clients across the industry, we aim to continue streamlining processes to make the experience all the more hassle free. In doing so, we wish to empower people to take charge of their finances in a way that is highly convenient to them, so as to make it easier to onboard more and more customers down the line. Every existing service that we have undergoes constant refinement to help customers better, and every new service that we aim to add would look to solve problems for customers that may arise in the future. As a company, we want to continuously equip ourselves today to serve the needs of the customers of tomorrow
