Skip to main content

AI Collaboration at Poonawalla Fincorp with IIT Bombay

As technology rapidly evolves, collaborations between industry leaders and academic institutions are proving essential in driving innovation. Poonawalla Fincorp Limited, a key player in the non-banking finance sector, has partnered with IIT Bombay to integrate Artificial Intelligence (AI) into its operations. This collaboration is set to revolutionize the company’s HR processes, enhancing both speed and efficiency.

Poonawalla Fincorp

A Transformative Initiative

Poonawalla Fincorp’s HR Strategic Business Unit (SBU) has embraced AI to redefine traditional human resources operations. The integration of AI tools has resulted in a drastic reduction of time for finalizing job offers—from ten days to under one day—marking a remarkable 90% improvement.

The collaboration with IIT Bombay’s Department of Computer Science and Engineering is pivotal in this initiative. Together, the two entities are exploring how AI can solve complex business challenges, beginning with HR and expanding to compliance, customer service, and other business functions.

AI-Driven Employee Support

Poonawalla Fincorp is also using AI to enhance the employee experience. The HR department is developing AI-powered WhatsApp bots to handle employee queries regarding leave, payroll, policies, and benefits, providing instant support.

The use of AI ensures more accurate, unbiased assessments of candidates' skills and promotes a fairer, more inclusive hiring process. Salil Hajarnis, the new CTO of Poonawalla Fincorp, has years of expertise with AI and definitely played a role in the AI integration.

Leadership’s Digital Vision

Arvind Kapil, Managing Director and CEO of Poonawalla Fincorp, expressed the company’s commitment to digital innovation: “This year marks a pivotal moment for Poonawalla Fincorp as we deepen our focus on digital transformation. AI in HR is just the beginning—we plan to integrate AI across compliance, customer service, and business operations.”

A Partnership for Success

The collaboration with IIT Bombay demonstrates the power of industry-academia partnerships. Dr. Pushpak Bhattacharyya from IIT Bombay’s Department of Computer Science and Engineering noted, “AI is reshaping the financial services industry. Our partnership with Poonawalla Fincorp is a great example of how academia and industry can combine to create efficient business models.”

Comments

Post a Comment

Popular posts from this blog

Poonawalla Fincorp: Driving Financial Evolution Through Innovation and Market Leadership in 2024

  In the landscape of finance, Poonawalla Fincorp has emerged as a trailblazer, setting new standards of growth, innovation, and customer satisfaction. Led by the visionary guidance of Abhay Bhutada, MD , the company has navigated the complexities of the market with remarkable resilience and agility. Through a strategic focus on diverse product offerings, operational efficiency, and digital innovation, Poonawalla Fincorp has not only surpassed market expectations but has also redefined the benchmarks of success within the NBFC sector. Diverse Product Offerings: A Pillar of Success Central to Poonawalla Fincorp's success story is its comprehensive and carefully curated product portfolio. By recognizing and addressing the evolving financial needs of its clientele, the company has witnessed substantial growth across various loan categories. The expansion of segments such as pre-owned car loans, loans against property, and business loans reflects its astute market understanding and abi...
Post a Comment
Read more

The Soaring Popularity of Unsecured Business Loans in India

Let's dive into a financial trend that's been turning heads and transforming the Indian business landscape: the skyrocketing popularity of unsecured business loans. Buckle up and join me as we explore why these loans have become the talk of the town and how they're changing the game for small and medium-sized businesses across the country. The Flexibility Factor Picture this: you're a business owner with dreams as big as the Taj Mahal, but you don't have substantial collateral to offer for a traditional secured loan. That's where unsecured business loans swoop in to save the day! These loans don't require you to put your assets on the line, giving you the flexibility to secure funds without risking your hard-earned property or investments. Speedy Solutions In the fast-paced world of business, time is money and every second counts. Unsecured business loans are popular because they offer lightning-fast approval and disbursement processes. With streamlined docu...
Post a Comment
Read more

10 Tips for Money Management for Young Professionals

  Early in your career as a young professional, it's important to have sound financial practices. You can build a secure future, establish financial stability, and accomplish your goals by developing effective money management abilities. Here are 10 tips for money management for young professionals to manage their money and choose wisely to protect their financial security. 1. Create a Budget Create a monthly budget that details your revenues and expenses. Keep track of your expenditures, give priority to necessities, and set aside some of your money for savings and investments. A budget guarantees that you are living within your means and gives you visibility into your finances. 2. Save Regularly By setting away a percentage of your salary each month, you could develop the habit of saving. Try to set aside at least 20% of your income. Establish a long-term savings strategy to achieve future objectives like property or retirement while setting aside money for an emergency fund to m...
Post a Comment
Read more