Poonawalla Fincorp’s Journey Toward a More Data-Driven HR Function with AI

 Poonawalla Fincorp, a leader in the financial services sector, is incorporating Artificial Intelligence (AI) into its HR functions to improve operational efficiency and speed. The company’s AI-driven recruitment process is streamlining operations, reducing costs, and enhancing candidate experiences.

From Days to Hours: AI in Recruitment 



Previously, recruitment processes at Poonawalla Fincorp could take up to ten days to conclude. The integration of AI has shortened this timeline by 90%, reducing it to less than one day. Key aspects like resume screening and document verification are automated, allowing for faster decision-making.

Cost-Saving Benefits of AI 

Beyond improving recruitment speed, AI also contributes to cost savings. By automating tasks such as generating job postings and processing candidates, Poonawalla Fincorp is significantly lowering its operational costs. HR professionals now have more time to focus on the critical aspects of recruitment and employee relations.

Better Candidate Experience 

AI is not only beneficial to the company's internal processes but also improves the candidate experience. A WhatsApp-based AI bot has been developed to address employee queries about benefits, payroll, and company policies. This ensures that employees have access to immediate, real-time assistance, reducing the burden on human-operated support systems.

AI for Unbiased Hiring 

One of the key benefits of AI is its ability to eliminate bias in hiring. AI systems can assess candidates based on objective data, such as qualifications and skills, rather than subjective factors that could lead to unintentional bias. This promotes diversity in hiring and ensures a more merit-based recruitment process.

Partnering with Academia 

Poonawalla Fincorp has also teamed up with IIT Bombay to refine and advance its AI solutions. The collaboration focuses on developing new models and solving business challenges through the application of cutting-edge AI research. This partnership strengthens Poonawalla Fincorp's competitive edge in the industry.

Keeping Human Touch in HR 

While AI is taking over repetitive administrative tasks, Poonawalla Fincorp recognizes the importance of human interaction in recruitment. HR professionals continue to engage personally with candidates to ensure that they receive the necessary attention and support throughout the hiring process.

The Future of AI at Poonawalla Fincorp 

Poonawalla Fincorp’s AI integration marks just the beginning of its digital journey. As Arvind Kapil, the Managing Director and CEO, states, “This is a transformative year for Poonawalla Fincorp as we focus on building a customer-centric ecosystem. We are dedicated to enhancing our team's capabilities, which are vital to our success.”

The addition of Salil Hajarnis as Chief Technology Officer strengthens this approach, bringing expertise to accelerate the company’s digital transformation.

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