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.

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.”

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