Poonawalla Fincorp Incorporates AI With the IIT Bombay’s Technology Innovation Hub

AI is becoming a game-changer for businesses across industries, offering tools to streamline operations and make processes more efficient. Poonawalla Fincorp is harnessing this power of AI through a collaboration with IIT Bombay’s Technology Innovation Hub. 

This partnership focuses on integrating AI into their HR functions to enhance hiring processes and improve overall operational efficiency. The results are proving to be transformative, making Poonawalla Fincorp a prime example of how AI can revolutionize traditional systems.

AI in the Business World



Artificial intelligence has proven to be an invaluable tool across various sectors, not just in enhancing decision-making but also in simplifying complex processes. In areas like human resources, AI helps with tasks such as screening candidates, automating document verification, and streamlining communication. For companies, this means reduced operational costs and faster delivery times. 

AI is especially helpful in improving accuracy, speed, and reliability in a business’s routine processes, ensuring that manual and repetitive tasks are handled quickly and correctly. For example, instead of manually reviewing hundreds of resumes or sifting through multiple documents, AI systems can complete these tasks at lightning speed with minimal human input. 

Poonawalla Fincorp and AI in HR

At Poonawalla Fincorp, one of the most significant improvements has been in the recruitment process. Traditionally, finalizing job offers took around ten days. However, with AI in the picture, the time to finalize offers has been reduced to just under a day, a staggering 90% reduction in time. 

This streamlined approach allows Poonawalla Fincorp to handle the recruitment process with greater speed and accuracy. By implementing AI-powered systems, the company can now make faster, data-driven decisions, which leads to a quicker onboarding of new talent. 

AI Functions at Poonawalla Fincorp

The integration of AI at Poonawalla Fincorp is focused on key HR functions that are essential for improving recruitment and employee experience. Some of the most notable AI-driven improvements include:

  • Quick candidate matching: AI tools can swiftly match resumes to job descriptions, ensuring that recruiters can quickly find the best candidates without sifting through piles of applications manually.

  • Instant document checks: With AI, candidate documents are automatically verified, ensuring the accuracy of critical information and reducing human error.

  • Efficient candidate processing: AI-driven systems process candidates with minimal human intervention, allowing HR professionals to focus their time on more critical, personalized tasks.

  • Automated job postings: AI is now responsible for creating and posting job listings across various platforms, ensuring that each post reaches the right audience with minimal effort.

  • Real-time candidate screening: Automated screening processes allow the company to assess candidates in real-time, speeding up decision-making and offering instant feedback to applicants.

These AI-first features enable Poonawalla Fincorp to operate more efficiently, freeing up HR teams to engage in more strategic activities while leaving mundane tasks to AI systems.

WhatsApp-Powered AI Bots for Employees

Poonawalla Fincorp is also taking AI a step further by introducing a WhatsApp-powered AI bot system aimed at improving the employee experience. These bots will assist employees by providing real-time support for queries related to leave, payroll, policies, and benefits. 

This initiative reduces reliance on human-operated systems and allows employees to find answers instantly, further enhancing the company’s HR capabilities. The use of these AI bots ensures smooth, round-the-clock operations and minimizes the response time for employee queries, creating a more efficient work environment.

AI for Unbiased and Informed Hiring

As AI continues to evolve, its role in business processes will only grow more significant. For Poonawalla Fincorp, this marks just the beginning of a broader strategy to leverage AI to drive innovation across all areas of its operations. The collaboration with IIT Bombay is set to lay the foundation for many more AI-driven initiatives, propelling Poonawalla Fincorp to the forefront of digital transformation in the years to come.

The appointment of Salil Hajarnis as Chief Technology Officer adds a strong leadership dimension to this project. With over two decades of experience, Salil has led major technological advancements at Fiserv, including AI and API-enabled solutions, platform modernization, and real-time integrations.

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