The BFSI sector of India is no longer what it used to be. Modernizing banking processes has led to phenomenal innovations in the digital banking sector, which has given a significant rise to the fintech sector of India. Ever since the pandemic has struck us, the need for remote banking using laptops and smartphones has accelerated. The fintech industry is forecasted to have a whopping valuation of $150-160 billion by 2025. The competition in the fintech markets has ramped up, with many tech-based companies offering cutting-edge digital banking solutions. One such rapidly growing brand is Celusion Technologies.
Celusion Technologies, established in 2004, with a modest kick-start of just 2 employees and a small 200 sq. ft. office. The leaders at Celusion, including their MD and CEO, Praveen Paulose, had a clear vision for building future enterprises. With a firm belief in “Possible is Everything,” a small start-up has turned into a prominent place in the fintech industry of India. Today the company has over 100 employees with a 3000 sq. ft. modern infrastructure. Celusion Technologies has worked with about 20 big industry players, including 3 of the Top 10 Stockbrokers, 2 of the Top 5 NBFCs and multiple Large cap companies in India.
After more than 16 years of working with the country’s biggest financial service providers, and banks, Celusion Technologies is grabbing every opportunity on its way and growing continually. In India, Celusion provides its cutting-edge software solutions to clients primarily based in Mumbai (85%) and Delhi (15%). Celusion has served NBFCs, Housing Finance companies, Stock Broking, Insurance, Banks, Pharma, Manufacturing since its inception in 2004. The many technological innovations brought about by the highly skilled team of Celusion have benefited many financial institutions.
The brand focuses on creating a holistic ecosystem to bring the entire lifecycle and all stakeholders onto a single platform, with seamless integrations with various other systems in the company. They promote smooth, contact-less, and AI/ML-based automation in onboarding customers for enterprise companies to onboard multitudes of customers with greater ease. Owing to pandemic restrictions, the software developed by Celusion aids banks and FIs to allow their customers to open accounts from the comfort and safety of their homes, with a contact-less experience.
The Unified Account Opening (UAO) service facilitated by Celusion’s software can help you instantly activate your Demat, Trading, Bank Account, Loan Account, or Insurance Accounts. A Demat or Trading account traditionally takes up to 3-4 days to activate, but with UAO, customers can start these accounts in under 30 minutes. Celusion also provides a powerful Digital Lending solution enabling banks and FIs to disburse loans fast and efficiently. A loan application that traditionally takes 2-3 days for submission can be submitted in just 30 minutes using UAO. Moreover, Celusion strives to create a partner-agnostic environment for fintech-based APIs simplifying customer onboarding and digital lending. These APIs bring added value and cost-effectiveness for the enterprise customer.
According to a recent study, over 65% of people in ASEAN markets choose to have a digital relationship with their banks. With the extensive experience acquired in Indian markets, Celusion Technologies has now taken a big step of serving the ASEAN markets, with a new office in Singapore. Celusion’s Unified Account Opening – digital customer onboarding platform was listed in the top 10 finalists of the 2020 Singapore Fintech Festival, serving as an excellent head-start for us in ASEAN markets.
Celusion uses superior AI & ML-based technology for intelligent onboarding with automated verifications. The company has developed an architecture to be scaled to manage a high volume of transactions. The use of new-age technologies coupled with a professionally skilled team allows Celusion to have a unique place in the competitive fintech industry.
Under the capable leadership of Praveen Paulose and Sridhar Kannan, Celusion Technologies has successfully paved it’s way from a small start-up to a reliable technology partner for their finance and banking based clients. The company expects to grow its business 50% by next year. Their positive attitude with the motto, “Possible is Everything,” ingrained in each employee, exudes inspiration for many budding entrepreneurs and startups. The demand for sophisticated digital banking platforms is growing exponentially, and companies like Celusion Technologies deliver exceptional services. We’re excited to see the flight of this brand and hope this story is an inspiration for many.