Pune: NBFC major specializing in Consumer and MSME lending, Poonawalla Fincorp, has partnered with ServiceNow, a global leader in AI-powered business transformation, to implement Generative AI-driven solutions aimed at strengthening audit, governance, and compliance. This initiative marks a significant milestone in Poonawalla Fincorp’s ongoing commitment to digital transformation and risk management.
With the global AI in audit market projected to reach $11.7 billion by 2033, as per the Global AI in Audit report by Market.us, the use of Generative AI is rapidly transforming audit functions. AI-driven automation is enabling organizations to identify high-risk areas, detect anomalies, and improve governance frameworks with greater accuracy and speed.
By leveraging ServiceNow’s AI-powered workflows, Poonawalla Fincorp aims to:
Automate Audit Reports & Risk Assessments for faster and more precise compliance checks.
Enhance Anomaly Detection to identify potential risks and financial irregularities.
Utilize AI-Driven Predictive Analytics for proactive governance and regulatory compliance.
Arvind Kapil, MD & CEO, Poonawalla Fincorp, said: "At Poonawalla Fincorp, we continuously invest in technology to enhance governance and operational efficiency. ServiceNow’s Generative AI solutions will significantly improve the accuracy, speed, and depth of our audit processes, enabling proactive risk identification and seamless compliance with evolving regulations."
Ganesh Lakshminarayanan, GVP, Sales & MD, India & SAARC, ServiceNow, underscored the importance of AI-powered automation in governance: "Poonawalla Fincorp’s governance-first approach reflects its deep commitment to operational excellence and regulatory compliance. With ServiceNow’s AI-driven platform, they will enhance audit accuracy and efficiency, navigating the evolving regulatory landscape with confidence and agility."
Pioneering AI-Driven Financial Compliance
This investment in AI-powered audit automation is part of Poonawalla Fincorp’s larger vision of creating a technology-first, transparent, and customer-centric financial ecosystem. It follows the successful deployment of AI-powered HR solutions in collaboration with IIT Bombay, which significantly boosted efficiency and reduced operational costs.
