Poonawalla Fincorp Limited has announced its collaboration with ServiceNow to deploy Generative AI-powered solutions aimed at transforming its audit and governance mechanisms. This strategic partnership is expected to enhance the company’s operational efficiency, risk management framework, and compliance through automation and intelligent analytics.
The adoption of Generative AI will enable automated audit report generation, smarter anomaly detection, and data-driven insights to help predict potential risks and ensure proactive governance measures. The global AI in audit market is projected to reach USD 11.7 billion by 2033, with Generative AI playing a pivotal role in identifying high-risk areas and anomalies.
Arvind Kapil, Managing Director and CEO of Poonawalla Fincorp, highlighted that this initiative would significantly improve the speed, accuracy, and depth of their audit processes. He emphasized the role of digital transformation in enhancing governance and ensuring seamless compliance with evolving regulations.
Ganesh Lakshminarayanan, Managing Director of ServiceNow India and SAARC, noted that Poonawalla Fincorp’s governance-first approach underscores its commitment to operational excellence. The partnership will transform the company’s financial operations, enabling it to navigate regulatory changes confidently.
This collaboration is part of Poonawalla Fincorp’s larger vision of creating a transparent and technology-first financial ecosystem. With an asset under management (AUM) of Rs 30,984 crore as of December 2024, the company remains committed to driving innovation across its business operations.
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