As technology accelerates progress across industries, the collaboration between businesses and academic institutions has become a vital force in driving change. Poonawalla Fincorp Limited, a top non-banking financial company, is leading the way in integrating Artificial Intelligence (AI) to enhance operations, especially within HR functions, through a partnership with IIT Bombay.
AI Integration to Enhance HR Efficiency
Poonawalla Fincorp’s HR department has embraced AI to optimize its operations. With this integration, the company has reduced the time it takes to make job offers from the typical ten days to under one day, marking a 90% improvement in speed.
This development is the result of the partnership between Poonawalla Fincorp and IIT Bombay’s Department of Computer Science and Engineering, where AI is being applied not only to HR but also to enhance compliance, customer service, and various business operations.
Key AI-Driven Enhancements in HR
Poonawalla Fincorp has introduced several AI-driven solutions to improve HR operations:
Automated Candidate Matching: AI systems match resumes to job descriptions, allowing recruiters to focus on the best candidates.
Efficient Document Verification: AI accelerates the document verification process, reducing manual errors.
Streamlined Candidate Processing: AI manages candidate interactions, speeding up recruitment timelines.
Simplified Job Postings: AI automates job postings, ensuring consistency and accuracy.
Real-Time Candidate Screening: AI quickly evaluates candidates' qualifications, providing instant feedback on their suitability for roles.
Enhancing the Employee Experience with AI
Poonawalla Fincorp is also leveraging AI to improve the employee experience. AI-powered chatbots, integrated with WhatsApp, handle employee queries related to leave, payroll, and other policies, providing real-time answers. The AI system also helps eliminate biases in candidate assessments, ensuring more accurate and fair evaluations.
Leadership’s Vision for AI Expansion
Arvind Kapil, CEO and Managing Director of Poonawalla Fincorp, highlighted the strategic importance of AI: “This year, we are taking bold steps to strengthen our customer-first approach. AI integration within HR is just the beginning as we expand our digital transformation efforts across compliance, customer service, and other business operations.”
Salil Hajarnis, the new CTO, brings deep AI expertise from his previous role at Fiserv and is poised to lead Poonawalla Fincorp’s technology strategy.
Collaborating for Innovation: Academia Meets Industry
The partnership between IIT Bombay and Poonawalla Fincorp illustrates the power of academia-business collaboration. Dr. Pushpak Bhattacharyya from IIT Bombay explained: “AI is transforming the financial sector, and we are excited to work with Poonawalla Fincorp to merge academic insights with practical business applications.”
This collaboration is setting a new precedent for innovation in the financial services sector.
Comentarios