Poonawalla Fincorp Revolutionises HR with AI Integration

Poonawalla Fincorp Limited has taken a significant step forward in the financial services sector by integrating Artificial Intelligence (AI) across its Human Resources (HR) Strategic Business Unit (SBU).

This pioneering move aims to transform HR processes, set new operational standards, and promote innovation within the organisation. By incorporating AI, Poonawalla Fincorp seeks to streamline and optimise its recruitment and operational functions, marking a major shift in how the company approaches talent acquisition and management.

One of the standout achievements of this AI integration is the drastic reduction in the time taken to finalise job offers. Traditionally, the process would span ~10 days, but with AI tools in place, the timeline has been reduced to just under one day, representing a 90% decrease. This remarkable improvement is due to AI-driven solutions that efficiently handle document verification and candidate screening, accelerating the entire recruitment cycle. As a result, Poonawalla Fincorp has not only improved efficiency but also reduced operational costs, optimising both time and resources.

The MD and CEO of Poonawalla Fincorp, Arvind Kapil, said, “This is a transformative year for Poonawalla Fincorp as we intensify efforts to create a strong, customer-focused ecosystem. We are committed to improving our team’s capabilities, which are crucial to our success. We are branching out into new business areas and setting up new distribution networks. The integration of AI in our HR processes is just the start of our extensive plan to lead in digital innovation and incorporate AI throughout compliance, customer service, and business and operations.”

AI-First HR Functions

Poonawalla Fincorp’s AI integration has revamped various HR functions, making them faster, more accurate, and cost-effective.

Further enhancing the HR experience, Poonawalla Fincorp is developing an AI bot system powered by WhatsApp. These bots will provide real-time support for employee queries related to leave, payroll, policies, and benefits, further reducing reliance on human-operated systems and streamlining HR processes.

By leveraging AI to assess technical and cognitive skills, Poonawalla Fincorp aims to create a more accurate, unbiased, and efficient recruitment process. This AI-first approach is a step toward the company’s larger vision of incorporating AI across all functions, driving continuous innovation in the workplace.

On December 23, 2024, Poonawalla Fincorp share price opened at ₹318.85, touching the day’s high at ₹321.85, as of 10:22 AM on the NSE.

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