AI Revolutionizes HR at Poonawalla Fincorp in Collaboration with IIT Bombay

Artificial Intelligence (AI) is rapidly changing industries, and Poonawalla Fincorp, a leading non-banking finance company, is no exception. With the support of IIT Bombay, Poonawalla Fincorp is redefining traditional recruitment and employee management practices. This partnership promises faster, more efficient HR operations, along with improved decision-making and employee experience.

AI Accelerates HR Processes at Poonawalla Fincorp

By using AI-driven tools, the Poonawalla Fincorp has drastically reduced the time to finalize job offers, shrinking it from ten days to less than one day. This dramatic shift is made possible by AI’s ability to automate key HR functions such as resume screening, document verification, and candidate evaluation. These advancements not only speed up the recruitment process but also reduce operational costs and improve efficiency.

Key Benefits of AI in Recruitment

Poonawalla Fincorp’s AI-powered recruitment system offers several benefits, including:

• Candidate Matching: AI scans resumes and matches them with job descriptions quickly, enabling HR teams to identify suitable candidates faster.

• Document Verification: AI verifies candidates' documents in real-time, eliminating the delays caused by manual verification processes.

• Candidate Processing: AI handles most of the candidate processing, with HR only intervening when necessary, ensuring a faster recruitment cycle.

• Job Posting Automation: AI creates and posts job listings across various platforms, ensuring that job descriptions are consistent and reach the right audience.

• Candidate Screening: AI continuously evaluates candidates, providing real-time feedback on their suitability for the role.

Enhancing Employee Engagement with AI Bots

Alongside recruitment, Poonawalla Fincorp is also utilizing AI to enhance employee experience. The company is developing an AI-powered WhatsApp bot system that will allow employees to receive instant support for queries related to leave, payroll, and benefits, all in real-time. This reduces the need for human-operated systems and streamlines HR operations, making it easier for employees to get the help they need.

AI’s Role in Bias-Free Hiring

One of the biggest advantages of AI is its ability to eliminate human biases in the hiring process. By assessing candidates objectively, AI ensures that hiring decisions are made based on their qualifications and skills, fostering a more diverse and inclusive workforce.

Collaboration with IIT Bombay for AI Innovation

Poonawalla Fincorp’s partnership with IIT Bombay is central to the success of this AI integration. Together, they are working on developing AI models that will further optimize business operations. Dr. Pushpak Bhattacharyya from IIT Bombay emphasized the potential of AI in transforming the financial services industry and the importance of industry-academia collaboration for solving complex business problems.

Poonawalla Fincorp’s Vision for the Future

This AI integration is just the first step in Poonawalla Fincorp’s broader digital transformation strategy. Arvind Kapil, the MD and CEO of Poonawalla Fincorp, noted that AI will be expanded to other areas such as customer service, compliance, and business operations. As the company continues to innovate, it aims to create a customer-centric ecosystem powered by AI.