Poonawalla Fincorp integrates AI into its HR processes

Poonawalla Fincorp, a non-banking finance company promoted by the Cyrus Poonawalla Group, on Monday, said that it is integrating Artificial Intelligence (AI) into its human resource (HR) processes to manage risks and enhance accuracy in hiring. 

This integration, done in phases, has reduced the time to finalise job offers from approximately 10 days to under one day, achieving a 90% decrease in time taken. Advanced AI tools are streamlining document verification and candidate screening, significantly improving recruitment efficiency and cost management.

Following a management restructuring that included the appointment of new MD and CEO Arvind Kapil in June, the company is undergoing an AI-led transformation in talent acquisition. Kapil noted that this year marks a pivotal shift for Poonawalla Fincorp as it aims to build a customer-focused ecosystem, with AI playing a central role in this effort. The company is expanding into new business areas and distribution networks, with AI integration in HR processes being the first step towards broader digital innovation across compliance, customer service, and operations.

The AI functions now include rapid candidate matching, instant document verification, efficient processing, automated job postings, and real-time screening. For instance, AI quickly matches resumes to job descriptions, allowing recruiters to identify top candidates faster and more accurately while automating document checks reduces time and errors associated with manual processes.

Recently, Salil Hajarnis was appointed as Chief Technology Officer (CTO) to lead the company's technology strategy, focusing on digital transformation and AI-driven solutions. The new AI system minimises human intervention in candidate management, making recruitment faster and more efficient. It automates job listing creation and posting, ensuring accurate job descriptions are communicated swiftly.

Additionally, real-time candidate screening evaluates qualifications and fit instantly, expediting the selection process. The HR team is also developing a WhatsApp-powered AI bot system to enhance employee experience by providing immediate support for queries related to leave, payroll, policies, and benefits, further streamlining operations.

The AI integration aims to improve the assessment of candidates' technical and cognitive skills, supporting unbiased hiring decisions. Poonawalla Fincorp has partnered with IIT Bombay for crucial aspects of this AI implementation. "AI is driving significant changes in the financial services sector. We are currently focused on HR and other transformation projects, with more initiatives planned," stated Pushpak Bhattacharyya from the Department of Computer Science and Engineering at IIT Bombay.