The wide world of internet has kept the world on our fingertips, but it has also posed a threat to information security. Digitisation has made it convenient to manage important documents, but it has also exposed us to electronic security hassles. When we apply for a home loan, we share our most important documents with the financial institutions and housing finance companies but are we sure that our crucial documents are safe with them? We recently got in touch with PNB Housing Finance Limited to know what measures are they taking to ensure the safety of loan documents of their customers. Read further to know.
PNB Housing has implemented a property document digitisation facility, which is an amalgamation of People, Process and Technology. Accuracy with speed is the mantra of this establishment and the aim is to implement a solution where customer property document is scanned and stored throughout the life cycle of a mortgage loan. Rollers and lenses are tuned to digitise millions of pages every month and human verification complemented by cognitive checks, ensures error-proofing.
Modular scanning facilities that have been set up by PNB Housing operate on a conveyor belt model and first-of-its-kind in the industry. What this means for the business operation is reduced underwriting TAT and significantly lower risk as no mortgage documents are required to be moved for customer servicing or business requirements. Scanned documents are stored on a dedicated private cloud for PNB Housing. The key benefits derived from the digitisation of security documents are:
- Elimination of transit risk involved in the retrieval of security documents from the storage facility during the tenure of the loan. Retrieval is required when a customer asks for a copy of their loan document or any other internal requirement such as an audit.
- Elimination of documents getting misplaced/mixed up when sealed dockets are re-opened for the reasons mentioned above.
- The PNB Housing Finance has managed to reduce the recurring cost involved in retrieval of documents from the physical document storage vendor. The cost is born by the organisation itself.
- Implementation of this project gives the PNB Housing team online access to all the mortgage documents from a digital repository and has reduced turnaround time involved in retrieving the documents ensuring faster customer service.
The initiative is one-of-its-kind in the housing finance space and the innovation is in its critically designed digitisation system, process and scanning infrastructure that ensures no room for errors.
With a certified storage service provider, the organisation ensures proper storage, security and management of documents. The storage area is at an altitude of 12 feet from the ground level so that it saves from any flood calamity as well.
Physical security of the documents and security of digitised documents is taken with utmost seriousness at the PNB Housing and documents are accessible only to the PNB Housing authorised personnel whether physical or digital. Such initiatives show the commitment to implement solutions that are focussed on ensuring that the mortgage collaterals are safe/secure and augment the organisation’s capabilities to serve customers better.
Text by Supriya Aggarwal