Poonawalla Fincorp Limited, a Cyrus Poonawalla Group-promoted non-banking finance company (NBFC), has announced a pioneering step in the financial services sector by integrating Artificial Intelligence (AI) into its Human Resources (HR) Strategic Business Unit. This initiative aims to transform operational efficiency and accelerate innovation across its functions.
Key AI-driven HR enhancements:
- Faster Recruitment: Time to finalize job offers has been slashed from 10 days to under one day, a 90% reduction achieved through advanced AI tools for document verification and candidate screening.
- Streamlined Processes: AI automates job postings, resume matching, real-time candidate screening, and document verification, enabling faster and more accurate hiring decisions.
- WhatsApp AI Bot: An AI-powered bot system will address employee queries related to leave, payroll, policies, and benefits, offering real-time support and reducing reliance on manual intervention.
Partnership with IIT Bombay:
Poonawalla Fincorp has collaborated with IIT Bombay to develop critical AI implementations. Dr. Pushpak Bhattacharyya from IIT Bombay stated, “AI is bringing significant changes to the financial services sector. This collaboration aims to create efficient models by bridging industry and academia.”
CEO’s Vision:
Arvind Kapil, MD and CEO of Poonawalla Fincorp, emphasized, “The integration of AI in our HR processes is part of our broader vision to lead in digital innovation. We aim to expand into new business areas, enhance our team’s capabilities, and create a robust, customer-focused ecosystem.”
About Poonawalla Fincorp:
With an AUM of ₹28,396 crore as of September 30, 2024, and operations spanning 18 states and 2 Union Territories, Poonawalla Fincorp offers financial services such as personal loans, business loans, and supply chain finance. This AI integration marks another milestone in the company’s commitment to innovation and excellence.