Poonawalla Fincorp Joins Hands with IIT Bombay’s TIH to Advance AI Initiatives

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Pune/Mumbai, 30th October 2024: Poonawalla Fincorp Ltd has entered into a strategic partnership with the Technology Innovation Hub (TIH) at IIT Bombay to harness the power of artificial intelligence (AI) for organizational transformation. The collaboration aims to enhance efficiency and innovation through AI-driven initiatives, focusing initially on improving risk management in credit processes and modernizing HR systems.

The two entities formalized their collaboration by signing a Memorandum of Understanding (MoU), which outlines their shared commitment to developing state-of-the-art AI solutions. These innovations will not only streamline current operations but also spearhead various transformation initiatives across Poonawalla Fincorp’s business functions. This MoU is seen as a step forward in advancing the company’s goal of becoming a future-ready organization by integrating AI into its core processes.

Expressing his enthusiasm about the partnership, Arvind Kapil, Managing Director and CEO of Poonawalla Fincorp Limited, said, “We are thrilled to join forces with TIH at IIT Bombay to explore groundbreaking AI solutions. This four-year MoU symbolizes our dedication to innovation and transformation. Together, we are confident in developing industry-first AI solutions that will lead our company into the future.”

Adding to the sentiment, Kiran Shesh, CEO of TIH at IIT Bombay, remarked, “At TIH, we serve as a nexus between industry, academia, and startups, promoting collaboration and innovation in cyber-physical systems. Our focus on translational research aligns perfectly with Poonawalla Fincorp’s vision. We are excited to begin this journey by providing cutting-edge AI solutions and supporting their transformative goals.”