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Exploring AI’s Transformative Role in HR Operations

 The rapid integration of technology into various sectors has always intrigued finance enthusiasts like me. Recently, a leading non-banking financial company (NBFC) from Pune, Poonawalla Fincorp took a groundbreaking step by integrating Artificial Intelligence (AI) into its Human Resources (HR) Strategic Business Unit. This move not only underscores the role of AI in streamlining business processes but also highlights its potential to reshape financial institutions from within.

AI: Redefining HR Functions

When I first read about AI’s application in HR, I wondered how it could bring tangible improvements. This company demonstrated it clearly by revolutionizing its recruitment process. Using AI tools for document verification and candidate screening, it has slashed the time to finalize job offers from a staggering 10 days to less than one. A 90% reduction in such a critical metric isn’t just impressive—it’s transformative.

Also Read: How NBFCs Are Using AI To Their Advantage

Additionally, AI automates core HR functions like job postings, resume matching, real-time candidate screening, and document verification. For someone still exploring the intricate interplay between finance and technology, it’s fascinating to see how automation enhances hiring efficiency and decision-making while reducing errors. It exemplifies how financial firms can deploy cutting-edge solutions to solve age-old operational challenges.

AI Meets Employee Support

One of the most relatable aspects of this initiative is the deployment of an AI-powered WhatsApp bot. From handling payroll-related queries to addressing policy clarifications, the bot provides real-time support to employees. This development isn’t just about speed—it’s about empowering teams with accurate, on-demand information, a necessity for companies striving to maintain an edge in the competitive NBFC sector.

Academic Collaboration: A Game Changer

What’s particularly exciting is the company’s partnership with IIT Bombay to enhance its AI implementations. Collaborating with an academic powerhouse ensures that the AI models are not only cutting-edge but also grounded in rigorous research. Dr. Pushpak Bhattacharyya of IIT Bombay emphasized the significance of such collaborations in bridging industry and academia. For me, this reflects how traditional finance intersects with academic innovation to create something extraordinary.

Also Read: How Is AI Reshaping The Financial Sector

Leadership Matters

All these advancements came on the heels of Salil Hajarnis’ appointment as Chief Technology Officer (CTO). With a career spanning over two decades, Hajarnis has expertise in enterprise architecture, software engineering, and AI integration. At Fiserv, he led groundbreaking projects in API integrations and AI solutions, while his time at Capgemini involved large-scale technology transformations.

Hajarnis’ vision for scalable, future-ready solutions aligns perfectly with Poonawalla Fincorp’s goal to leverage AI for growth. As a finance enthusiast trying to decode the complex web of digital innovation, I find it inspiring how a single leadership role can influence an entire organization’s technological trajectory.

A Future-Forward Strategy

Their broader vision, as shared by Poonawalla Fincorp’s CEO, focuses on leading in digital innovation, exploring new business avenues, and building customer-centric ecosystems. These objectives align with its AI-driven HR strategy, ensuring that technological investments translate into real-world impact.

Also Read: Poonawalla Fincorp’s Expansion Plans: Doubling Headcount and Exploring New Opportunities

A Financial Milestone

With an Asset Under Management (AUM) of ₹28,396 crore as of September 2024 and operations across 18 states and 2 Union Territories, the NBFC exemplifies how technological integration can strengthen a company’s position in the competitive financial services market.

Conclusion

This story isn’t just about HR or AI—it’s about a larger narrative of how technology, innovation, and leadership come together to redefine financial services. For someone like me, trying to grasp the broader implications of finance, this initiative serves as a testament to what’s possible when cutting-edge tools meet visionary leadership.

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