Poonawalla Fincorp Partners with IIT Bombay to Drive AI Innovation

The fusion of academic knowledge and industry expertise is leading the way in technological innovation. Poonawalla Fincorp Limited, a prominent non-banking finance company, has teamed up with IIT Bombay to integrate Artificial Intelligence (AI) into its operations, transforming its HR functions.

An Industry-Leading Initiative

By incorporating AI into its HR Strategic Business Unit (SBU), Poonawalla Fincorp has redefined recruitment processes. The integration has slashed the time taken to finalize job offers by 90%, reducing the industry standard from ten days to under one day.

The collaboration with IIT Bombay’s Department of Computer Science and Engineering ensures the development of AI solutions to streamline not just HR, but also compliance, customer service, and broader business operations.

AI Revolutionizing HR Practices

AI is improving several aspects of Poonawalla Fincorp’s HR processes, bringing significant improvements in efficiency, speed, and fairness:

• Efficient Resume Matching: AI tools swiftly match resumes to job descriptions, reducing the time spent on manual shortlisting.

• Fast Document Verification: Automated document checks ensure accuracy and cut down on verification time.

• Seamless Candidate Processing: AI handles candidate workflows with minimal human intervention, making the recruitment cycle more efficient.

• Automated Job Listings: AI autonomously creates and distributes job postings, ensuring consistency.

• Instant Screening and Feedback: AI-powered assessments provide real-time feedback on candidates’ qualifications, speeding up decision-making.

Enhancing Employee Engagement with AI

Beyond recruitment, Poonawalla Fincorp is leveraging AI to improve employee experiences. AI-driven WhatsApp bots provide real-time support for employee queries regarding leave, payroll, and other benefits.

AI also plays a crucial role in unbiased candidate evaluation, supporting fair and informed hiring decisions.

Leadership’s Focus on Digital Transformation

Arvind Kapil, CEO of Poonawalla Fincorp, shared the company’s broader vision: “This is a transformative year for Poonawalla Fincorp, and AI is a key driver in our strategy. The success in HR is just the beginning—we plan to integrate AI throughout all areas of the business.”

Salil Hajarnis, the company’s recently appointed CTO also comes with years of experience with AI integration.

The Power of Collaboration

The partnership with IIT Bombay highlights the effectiveness of combining academic research with real-world business applications. Dr. Pushpak Bhattacharyya emphasized, “AI is dramatically transforming the financial services sector. By working together, we can address key business challenges with practical AI solutions.”