Poonawalla Fincorp Joins Forces with IIT Bombay to Implement AI in HR

Artificial intelligence (AI) is revolutionizing industries, and Poonawalla Fincorp is at the forefront of this change. In collaboration with IIT Bombay’s Technology Innovation Hub, the company is applying AI to its HR processes to enhance recruitment efficiency and overall operational effectiveness.

AI’s Growing Role in Business Efficiency

AI is helping businesses improve efficiency by automating time-consuming tasks, reducing human error, and making faster decisions. In HR, AI automates resume screening, document verification, and candidate assessments, significantly speeding up recruitment and reducing errors. As AI technology advances, its use will only become more widespread, helping companies improve their services and maintain a competitive edge.

By leveraging AI, businesses can process data more effectively, make quicker decisions, and improve overall productivity. This is especially valuable in HR, where speed and accuracy are crucial in selecting the best candidates.

Streamlining Recruitment at Poonawalla Fincorp

The integration of AI at Poonawalla Fincorp has revolutionized its recruitment process. What traditionally took up to ten days to finalize is now completed in just one day. Key steps like candidate screening, document verification, and job offer finalization are now automated, reducing time and cost while improving accuracy.

“We’re committed to improving our operational efficiency and customer focus, and AI plays a big part in that,” said Arvind Kapil, CEO of Poonawalla Fincorp. “This is just the beginning, and we’re excited about expanding AI applications across our entire business.”

AI Elevating Some HR Functions

AI is making several core HR functions more efficient at Poonawalla Fincorp:

• Matching Candidates to Jobs: AI quickly analyzes resumes and matches them to job descriptions, identifying the most suitable candidates.

• Automated Document Verification: AI verifies documents instantly, reducing the time and effort required for manual checks.

• Efficient Candidate Processing: AI helps process candidates quickly, with minimal human involvement, allowing HR to focus on the most promising candidates.

• Automated Job Posting: AI generates job ads and distributes them across various platforms, ensuring they reach the right audience efficiently.

• Instant Candidate Screening: AI evaluates candidates in real-time, providing HR teams with immediate insights and speeding up the selection process.

These functions help Poonawalla Fincorp make its recruitment process faster and more cost-effective, ensuring better results in less time.

Enhancing Employee Experience with AI

The company is also using AI to improve internal services, such as employee support systems. Through a WhatsApp-based AI bot, employees can get instant answers to HR-related questions, such as leave balances, payroll, and benefits.

AI Ensures Fairer Hiring Practices

AI helps Poonawalla Fincorp maintain fairness in its recruitment process by reducing human bias. By evaluating candidates based purely on their qualifications, AI ensures that the best candidates are selected without the influence of unconscious bias.

Expanding AI’s Role at Poonawalla Fincorp

Poonawalla Fincorp plans to expand its use of AI beyond HR into other areas such as customer service, compliance, and overall business operations. With its partnership with IIT Bombay’s Technology Innovation Hub, the company is well-positioned to lead the way in digital transformation, enhancing efficiency and service delivery across the board.

Salil Hajarnis’s appointment as Chief Technology Officer adds a vital layer to this vision. With over two decades of experience, Salil has led groundbreaking technological initiatives at Fiserv, including AI-driven solutions, platform modernization, and API integrations.