Poonawalla Fincorp, a leading non-banking financial company (NBFC), has announced plans to implement artificial intelligence (AI) in its human resource (HR) processes.
This move is being made to enhance efficiency, reduce costs, and improve the overall hiring experience.
AI-Led Transformation for Enhanced Talent Acquisition
The company’s new MD and CEO, Arvind Kapil, who took charge in June 2024, emphasized that AI is a critical development and one of the big bets for the company.
Poonawalla Fincorp has partnered with IIT Bombay to develop AI solutions tailored to HR and other departments.
The implementation aims to streamline candidate responses, resume evaluations, and offer issuance, significantly reducing the hiring process time.
The AI-driven process will reduce hiring costs by 50-60% over the next three years.
Currently, about 80% of the company’s hiring is conducted through this AI-driven process, enabling offers to be made within a day in most cases.
This transformation ensures better fitment and quicker response times to candidates.
Recent Developments at Poonawalla Fincorp
Poonawalla Fincorp, formerly known as Magma Fincorp, rebranded in July 2021 after its acquisition by Adar Poonawalla’s Rising Sun Holdings.
The company focuses on providing financial services and has been expanding its portfolio to include digital solutions and AI-driven innovations.
The company has seen significant management changes, including the appointment of Arvind Kapil as MD and CEO and Salil Hajarnis as CTO.
These changes are part of the company’s efforts to drive growth and innovation.
The company won awards at the Economic Times Human Capital Awards 2024 and the BW People HR Excellence Awards 2024.
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