Innovative AI Collaboration: Poonawalla Fincorp Partners with IIT Bombay

As industries rapidly evolve, technological partnerships between businesses and academic institutions are crucial for progress. Poonawalla Fincorp Limited, a prominent non-banking financial company, is leveraging Artificial Intelligence (AI) to transform its operations, particularly within its Human Resources (HR) function. In collaboration with IIT Bombay, this initiative marks a key advancement in refining HR processes.



AI Revolutionizes HR at Poonawalla Fincorp

The integration of AI within Poonawalla Fincorp’s HR Strategic Business Unit (SBU) has significantly enhanced operational efficiency. The AI-powered systems have reduced the time to finalize job offers from the usual ten days to under one day, a remarkable 90% improvement.

This initiative is a result of the collaboration between Poonawalla Fincorp and IIT Bombay’s Department of Computer Science and Engineering, focusing on applying AI to HR and other critical business operations. The partnership aims to extend AI applications into areas such as compliance, customer service, and broader business operations.

Advancements in HR Operations through AI

The adoption of AI has transformed multiple aspects of HR at Poonawalla Fincorp:

  • Efficient Candidate Matching: AI tools match resumes to job descriptions, enabling recruiters to prioritize top candidates.

  • Automated Document Verification: AI eliminates errors and speeds up the document verification process.

  • Candidate Processing Automation: AI manages candidate workflows with minimal human involvement, accelerating recruitment.

  • Job Postings Automation: AI ensures consistent and accurate distribution of job listings across platforms.

  • Real-Time Screening: AI provides instant assessments of candidates’ qualifications and fit for roles.

Enhancing Employee Engagement with AI

In addition to recruitment, AI is enhancing the overall employee experience. Poonawalla Fincorp is deploying AI-powered chatbots on WhatsApp to address employee inquiries regarding leave, payroll, policies, and benefits, ensuring immediate responses with minimal human intervention. The AI also improves candidate evaluations, making the hiring process more objective and fair.

Leadership's Vision for Digital Transformation

Arvind Kapil, CEO and Managing Director of Poonawalla Fincorp, emphasized the strategic importance of AI:
 “This year marks a significant step in strengthening our customer-focused ecosystem. Integrating AI into our HR processes is just the beginning of our broader efforts to lead digital innovation in compliance, customer service, and business operations.”
 Salil Hajarnis, Poonawalla Fincorp’s newly appointed CTO, brings extensive AI experience from his previous role at Fiserv and will steer the company’s technology strategy forward.

Academia-Industry Partnership for Innovation

The partnership with IIT Bombay underscores the value of academia-business collaborations. Dr. Pushpak Bhattacharyya from IIT Bombay shared:
 “AI’s impact on the financial sector is profound. We’re excited to collaborate with Poonawalla Fincorp to develop efficient industry models, blending academic research with real-world business challenges.”

This collaboration sets a new benchmark in the financial sector, merging research and practical application for groundbreaking innovation.

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