This was the conviction that led us at PNB Housing Finance to embark on its business transformation project called Project IGNITE to fast-track its next growth phase. We engaged an external consultant to provide the necessary knowhow to facilitate the process of transformation.
As part of the overarching process of transformation, we are realigning our segment mix with focus on retail lending and increased emphasis on the affordable housing segment through dedicated product called Unnati. We are also elevating our digital capabilities across the value chain to augment our offerings, manage risks, increase efficiencies and service our customers better.
We are strengthening our underwriting and collection efficiencies with reduced turnaround time and are leveraging advanced data analytics. We believe predictive analysis can help us identify risks early, control delinquencies and enhance collection efficiency. Resource optimisation is another area we are focusing on, which will help reduce cost, strengthen margins and profitability.
The combination of all these strategies, we believe will help us progress faster and achieve the next phase of sustainable growth.
Customer logins FY 2020-21
Average ticket size of Unnati loans
Branches
We currently have 2.6 lakhs active customer base whom we are helping in fulfilling their dream of owning a home. Our focus is to widen our retail base, so that we can serve many more customers across India. We are focusing more on the affordable housing portfolio (Unnati), which aims to capitalise on the government’s emphasis on affordable housing, especially in Tier II and Tier III cities. Salaried persons as well as small business owners can take advantage of Unnati loans. We are opening Unnati-only branches to address the financing needs of this segment.
Digitalisation is gaining momentum in India across all industries, especially in the financial services sector. With approximately 1.2 billion wireless subscribers and 750 million internet subscribers, India is the second largest and one of the fastest growing markets of digital consumers. It offers safe and contactless onboarding of customers, especially when in-person communication has become a challenge.
We are onboarding more customers digitally through our digital app ‘ACE’. Besides, we are also imbibing artificial intelligence and machine learning in underwriting, that will help reduce turnaround time.
We have 94 branches with presence in 64 cities, 22 hubs and 17 outreach centres across the country, helping us reach closer to our customers.
We are advancing and bringing tangible progress in the lives of our customers.