Poonawalla Fincorp Embraces AI for Transformative HR Revolution

Poonawalla Fincorp Limited, a non-banking finance company promoted by the Cyrus Poonawalla Group, has taken a pioneering step in the financial services sector by integrating Artificial Intelligence (AI) into its Human Resources (HR) Strategic Business Unit (SBU). This industry-first initiative is set to reshape operational standards and drive innovation across the company’s processes.

The introduction of AI has revolutionized Poonawalla Fincorp’s HR operations, significantly cutting down the time to finalize job offers from around ten days to under one day — a remarkable 90% reduction. Advanced AI tools now streamline key processes such as document verification and candidate screening, enabling faster recruitment and lower operational costs, all while improving efficiency.

Arvind Kapil, Managing Director and CEO of Poonawalla Fincorp, stated, “This is a transformative year for us as we accelerate our efforts to build a robust, customer-centric ecosystem. Enhancing our team’s capabilities is vital to our continued success. Our AI-driven HR processes are just the beginning of a broader initiative to lead digital innovation across compliance, customer service, and business operations.”

While Poonawalla Fincorp is embracing AI, it remains committed to maintaining a personal touch. The company ensures that AI automates routine tasks, freeing HR professionals to engage in more meaningful interactions.

Key AI-powered functions include:

• Rapid Candidate Matching: AI quickly matches resumes with job descriptions, enabling recruiters to identify the best candidates more accurately and efficiently.
• Instant Document Verification: AI automates the process of verifying and processing candidate documents, minimizing errors and accelerating the hiring process.
• Efficient Candidate Processing: AI helps manage candidate flow with minimal human intervention, speeding up recruitment.
• Automated Job Postings: AI systems automatically generate and publish job listings, ensuring accuracy and quick dissemination across multiple platforms.
• Real-Time Candidate Screening: AI evaluates candidates’ qualifications and job fit in real time, streamlining the selection process.

Additionally, Poonawalla Fincorp is developing a WhatsApp-powered AI bot to enhance the employee experience. This bot will provide real-time support for inquiries related to leave, payroll, policies, and benefits, reducing reliance on human-operated systems and further optimizing HR operations. The integration of AI also enhances the objectivity and quality of hiring decisions by assessing candidates' skills more effectively.

The company has partnered with IIT Bombay to implement key elements of this AI transformation. Dr. Pushpak Bhattacharyya, Department of Computer Science and Engineering at IIT Bombay, commented, “AI is revolutionizing the financial services industry. We are excited to collaborate with Poonawalla Fincorp to solve real-world business challenges. Currently, we are working on HR transformation and other innovative projects, with more to come in the near future.”