Artificial intelligence (AI) is revolutionizing various industries, including the financial sector. Poonawalla Fincorp Limited, a non-banking finance company, has recently integrated AI into its Human Resources operations, significantly reducing job offer processing time. This move demonstrates the company’s commitment to leveraging technology to streamline processes and enhance efficiencies.
The AI implementation, developed in collaboration with IIT Bombay, encompasses automated resume matching, document verification, candidate processing, and job posting systems. By utilizing AI, Poonawalla Fincorp has been able to expedite the recruitment process, from initial screening to final offer, cutting down the processing time from ten days to less than one day. This not only improves the overall efficiency of HR operations but also enhances the candidate experience by providing quicker feedback and responses.
In addition to HR operations, Poonawalla Fincorp is exploring further applications of AI across compliance, customer service, and business operations. By embracing AI-powered solutions, the company aims to create a more customer-focused ecosystem and drive continued innovation in its services.
Dr. Pushpak Bhattacharyya from IIT Bombay’s Department of Computer Science and Engineering underscored the ongoing collaboration with Poonawalla Fincorp on various transformation projects, highlighting the significance of AI in driving operational excellence and strategic growth.
As a prominent player in the financial services sector operating across multiple states and Union Territories, Poonawalla Fincorp manages a substantial Assets Under Management (AUM) of ₹28,396 crore as of September 30, 2024. With a dedicated workforce of over 2,560 employees, the company offers a range of financial solutions, including pre-owned car finance, personal loans, and business loans.
By investing in AI technologies and fostering strategic partnerships with leading academic institutions like IIT Bombay, Poonawalla Fincorp is well-positioned to harness the power of artificial intelligence to drive innovation, enhance operational efficiency, and deliver superior customer experiences. This forward-thinking approach underscores the company’s commitment to staying at the forefront of technological advancements and creating sustainable value for its stakeholders in the dynamic financial services landscape.
