Poonawalla Fincorp, a Non-Banking Finance Company (NBFC) under the Cyrus Poonawalla Group, has adapted Artificial Intelligence (AI) in Human Resource (HR) processes, significantly transforming recruitment operations. The phased implementation has slashed the time required to finalise job offers from approximately 10 days to less than 24 hours, achieving a 90 per cent reduction in time and operational costs.
The advanced AI tools streamline key recruitment tasks such as document verification and candidate screening, enhancing cost-effectiveness and accuracy. This shift aligns with the company’s broader AI-driven strategy under the leadership of Arvind Kapil, appointed as Managing Director (MD) and Chief Executive Officer (CEO) in June 2024. The initiative supports Poonawalla Fincorp’s mission to build a customer-centric ecosystem, with future plans to extend AI integration across compliance, customer service and operational domains.
The AI-powered system expedites the hiring process by matching resumes to job descriptions in real-time, allowing recruiters to identify top candidates with higher precision. Automated document verification eliminates manual errors and accelerates workflows. Additionally, AI ensures the automatic creation and posting of accurate job listings, streamlining communication and reducing delays.
To ensure robust implementation, Poonawalla Fincorp has partnered with IIT Bombay’s department of Computer Science and Engineering.
The integration also enhances the evaluation of candidates’ technical and cognitive skills, fostering fair and unbiased hiring.
The company is also developing a WhatsApp-powered AI bot to provide instant assistance for employee queries regarding leave, payroll, policies and benefits. This initiative is part of a broader digital transformation agenda spearheaded by Chief Technology Officer (CTO) Salil Hajarnis.
Poonawalla Fincorp’s AI advancements not only redefine HR processes but also pave the way for a tech-driven future across its operations.
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