Advancing HR in Financial Services: The Power of AI and Technology

Human resources (HR) is undergoing a major shift in many industries, particularly in finance, where companies are incorporating AI to improve efficiency and reduce costs. Organizations like Poonawalla Fincorp are at the forefront of this transformation, using AI to streamline HR processes, reduce administrative burdens, and improve the experience for both candidates and employees.

Transfiguring HR Operations with AI



AI is dramatically improving HR processes by automating routine tasks such as candidate screening, resume evaluation, and document verification. What used to take several days or even weeks to complete is now done within minutes, enabling HR teams to focus on more strategic, impactful activities. For instance, Poonawalla Fincorp’s AI integration has reduced the time to finalize job offers from ten days to just one, a massive 90% reduction in processing time.

With AI tools handling administrative tasks like resume screening and candidate verification, HR teams can concentrate on higher-level responsibilities, such as fostering employee engagement, enhancing recruitment strategies, and focusing on long-term organizational goals.

Improving Candidate Experience with AI Technology

AI doesn’t just benefit businesses—it also creates a better experience for job candidates. Through automation, AI speeds up processes such as job posting, resume screening, and candidate selection. Job listings are shared across multiple platforms almost instantly, reaching a broader pool of potential candidates with minimal effort.

Candidates, in turn, benefit from quicker feedback on their applications. AI systems allow for real-time assessments of candidates’ qualifications, helping them stay informed of their status without prolonged waiting periods. This creates a smoother and more efficient hiring process, ensuring a positive experience for all applicants.

Balancing AI with Human Interaction in HR

While AI offers numerous advantages, it is essential for companies to maintain a balance between technology and human engagement. AI can handle repetitive, time-consuming tasks like resume screening, but HR professionals must remain involved in aspects that require human judgment, such as evaluating team dynamics, cultural fit, and personal values.

At Poonawalla Fincorp, AI-powered tools are used to speed up administrative tasks, giving HR teams more time to focus on building relationships with employees, fostering engagement, and making strategic decisions. AI can analyze technical and cognitive skills, but human insight remains crucial when assessing subjective elements like compatibility with company values and culture.

AI-Powered Employee Support Systems

One of the most innovative applications of AI in HR is the use of AI-powered bots to assist employees. A financial company, for example, has introduced an AI bot that operates via WhatsApp, providing instant answers to common employee queries about payroll, benefits, and leave policies. This allows employees to quickly find the information they need without waiting for HR staff to respond.

By automating routine queries, the AI system lightens the workload of HR teams, freeing them to focus on more complex issues. This enhances the overall employee experience by providing timely, accurate information while improving operational efficiency.

Collaborative Innovation with Academia

AI development is not just limited to business operations. Companies are also collaborating with academic institutions, such as IIT Bombay, to advance AI solutions. These partnerships help businesses create scalable, cutting-edge AI systems that address real-world challenges. By tapping into the expertise of academia, businesses can ensure that their AI solutions remain innovative, adaptable, and capable of addressing future needs.

Collaboration between academia and industry is key to creating AI systems that can be applied across various business functions, such as HR, customer service, and compliance, driving overall efficiency and competitiveness.

The Future of AI in HR: Looking Ahead

As AI technology evolves, its influence on HR practices and business operations will continue to expand, offering more ways to optimize processes and improve experiences for both candidates and employees.

With Salil Hajarnis as the new Chief Technology Officer, Poonawalla Fincorp Ltd is ready to leverage AI and digital transformation to strengthen its technology strategy and enhance customer solutions, aligning with the broader trend of AI-driven business growth.

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