IIFL Finance enables faster MSME loan decisions with video-based verification

IIFL Finance leveraged VideoCX.io’s Video PD platform to digitize MSME loan verifications, enabling faster credit decisions and improved operational efficiency.

IIFL Finance

At a glance

  • Use Case: Video Personal Discussion (Video PD) (SaaS)
  • Departments Covered: MSME Loans
  • Go-Live Date: 1st Dec 2023

IIFL Finance

IIFL Finance adopted VideoCX.io’s Video Personal Discussion platform to modernize MSME loan verification processes and bring speed, transparency, and control to credit decisioning across India.

Problem Statement

  • Physical PD are time consuming, TAT is more and less cost effective.
  • Seniors are not aware of the onsite issues and commitments done by the credit officers, which affects business growth in the long term.
  • No digital evidence of the customer, thereby increasing the possibility of fraud.

Solution by VideoCX.io

  • Video PD digitization: Addressed challenges associated with physical personal discussions.
  • Lower cost per PD: Enabled more PDs to be processed in a single day, increasing business volumes.
  • Centralized review: National Credit Managers could review Video PDs and assist when credit managers were unable to take loan decisions.
  • Fraud prevention: Digital customer presence ensured higher accountability and reduced fraud risk.
  • Permanent data storage: Customer data and recordings stored indefinitely.
  • Pan-India reach: Enabled consistent MSME loan verification across locations.

Customer Touchpoint Journey

  • The Bank employee sends the link to the customer via Videocx.io.
  • SMS Gateway is of Videocx.io.
  • The customer receives the link, clicks on “Start Chat”.
  • A notification is triggered on the agent’s chat window, allowing them to start the session.

During the Video PD Call

The Bank employee guides the customer through the following steps:

  • Identity Proof: PAN Card Screenshot.
  • Address Proof: Voter’s ID, Driving License, Passport, Recent Electricity Bill.
  • Stock Check ,Inventory Check, Business Premises check,Shop, Office check,Signboards, Machinery.
  • Location sharing.
  • Call is then marked as Success, Reject, or Pending with comments.

Post-Call Workflow

Once the Video PD is complete:

  • Chat link with Video Recording link is manually copied and pasted in LOS.
  • The supervisor reviews the recording.
  • Based on this review, the loan is either approved or disapproved.

Ready to digitize MSME loan verifications at scale?

See how VideoCX.io’s Video Personal Discussion (Video PD) platform helps NBFCs accelerate MSME loan verifications, reduce credit TAT, improve senior oversight, and strengthen fraud prevention through digitally recorded, audit-ready interactions.

Whether you are verifying MSME borrowers remotely, scaling high-volume loan assessments, or enabling comprehensive business and premises checks with full visibility, VideoCX.io provides a purpose-built Video PD platform trusted by leading lenders.

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