Poonawalla Fincorp scales onboarding with RBI-compliant Video KYC by VideoCX

Poonawalla Fincorp adopted VideoCX’s secure Video KYC solution
to meet compliance, reduce costs, and streamline customer onboarding across multiple business lines.

At a glance

  • Industry: NBFC (Retail Lending)
  • Location: India
  • Use Case: Video KYC for Customer Onboarding
  • Journeys Covered: LAP, PL, BL, MEML, Pre-owned Cars
  • Go-Live Date: November 2023
Poonawalla Fincorp

At a glance

  • Industry: NBFC (Retail Lending)
  • Location: India
  • Use Case: Video KYC for Customer Onboarding
  • Journeys Covered: LAP, PL, BL, MEML, Pre-owned Cars
  • Go-Live Date: November 2023

Poonawalla Fincorp

Poonawalla Fincorp is a leading non-banking financial company (NBFC) in India offering a diverse range of retail lending products. To comply with RBI regulations and reduce operational costs, the company adopted VideoCX’s RBI-compliant Video KYC solution. This allowed the lender to digitize customer verification, strengthen fraud prevention, and eliminate branch dependency for KYC.

Challenges

  • Regulatory compliance → Needed to implement RBI-mandated Video KYC with audit-ready trails.
  • Branch dependency → Customers were required to visit branches for physical verification and document submission.
  • High costs → Paper handling, logistics, and manual errors increased operational overhead.

Solution by VideoCX

  • 100 percent RBI-compliant Video KYC → Enabled digital verification with Aadhaar XML upload, location capture, random Q&A, liveness check, and OCR-based PAN validation.
  • Enhanced fraud prevention → Face match powered by Amazon Rekognition ensured security and authenticity.
  • Auditor module → Provided checker-based verification for additional compliance.
  • Audit-ready evidence → All video recordings stamped with location and timestamp.
  • Operational efficiency → Automated workflows reduced paperwork, errors, and turnaround time.

Implementation

  • Pilot rollout → Launched across select business lines including LAP, PL, BL, MEML, and pre-owned cars to test compliance flows.
  • Enterprise scale → Expanded after pilot with integrated auditor module and reporting dashboards.
  • Training and support → VideoCX team trained relationship managers and auditors for smooth adoption.

Results & Impact

  • Faster onboarding → Eliminated branch visits with KYC completed in minutes.
  • Fraud prevention → AI-based checks reduced identity risks.
  • Lower costs → Digitization reduced logistics and manual error costs.
  • Regulatory confidence → Strong audit trails and encrypted storage ensured compliance.
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