After Transforming HR with AI, Poonawalla Fincorp Makes a Bold Tech Leap into AI-Driven Audit and Governance with ServiceNow

Poonawalla
Fincorp,
a
leading
NBFC
focused
on
Consumer
&
MSME
Lending,
is
working
with
ServiceNow
the
AI
Platform
for
business
transformation
and
global
digital
workflow
leader,
to
implement
Generative
AI-powered
solutions
aimed
at
enhancing
audit
and
governance
capabilities.
This
strategic
collaboration
will
drive
greater
efficiency,
automation,
and
compliance,
reinforcing
Poonawalla
Fincorp’s
commitment
to
leveraging
technology
for
operational
excellence.

Arvind
Kapil,
MD
&
CEO
Poonawalla
Fincorp

With
the
global
AI
in
Audit
market
projected
to
reach
USD
11.7
billion
by
2033
at
a
CAGR
of
27.9%,
as
mentioned
in
the

market.us
‘Global
AI
in
Audit’
report
,
many
attribute
this
growth
to
GenAI’s
ability
to
pinpoint
high-risk
areas
and
detect
anomalies,
enabling
a
sharper
focus
on
critical
issues
that
might
otherwise
go
unnoticed.

By
integrating
ServiceNow’s
AI-driven
workflows,
Poonawalla
Fincorp
will
not
only
strengthen
its
risk
management
framework
and
streamline
internal
audits
but
also
optimize
governance
mechanisms.
This
transformation
will
enhance
the
accuracy
and
reliability
of
audit
outcomes,
building
trust
with
clients
and
regulatory
bodies.
Generative
AI
goes
beyond
analyzing
existing
data
and
aims
to
create
new
content
for
the
auditors
that
resembles
the
patterns
and
characteristics
of
the
data
it
was
exposed
to.
These
models
learn
patterns
and
features
from
large
datasets,
enabling
them
to
generate
new
content
which
enriches
the
overall
governance
mechanism.

The
adoption
of
Generative
AI-based
automation
shall
enable:

• 
  
  Automated
  Audit
  Report
  generation
  &
  risk
  assessments
  with
  greater
  accuracy
  and
  speed.

• 
  
  Smarter
  Anomaly
  Detection
  &
  outliers

• 
  
  Data-Driven
  Insights
  for
  Decision-Making:
  AI-powered
  analytics
  will
  provide
  predictive
  insights,
  enabling
  auditors
  to
  forecast
  potential
  risks
  and
  take
  proactive
  governance
  measures.

Speaking
on
the
collaboration

Arvind
Kapil
MD
&
CEO,
Poonawalla
Fincorp,
said, “At
Poonawalla
Fincorp,
we
continuously
invest
in
digital
transformation
to
enhance
operational
efficiency
and
governance.
By
leveraging
ServiceNow’s
Generative
AI
solutions,
we
will
significantly
improve
the
accuracy,
speed,
and
depth
of
our
audit
processes.
This
will
not
only
help
in
proactive
risk
identification
but
also
ensure
seamless
compliance
with
evolving
regulations.”

Ganesh
Lakshminarayanan
–
GVP,
Sales
and
Managing
Director,
India
and
SAARC
– ServiceNow
added, “We
are
excited
to
work
with
Poonawalla
Fincorp
as
they
continue
to
set
new
benchmarks
in
governance
and
risk
management
by
embracing
Generative
AI-powered
solutions.
Their
governance-first
and
risk-first
approach
reflects
a
deep
commitment
to
operational
excellence,
regulatory
compliance,
and
trust.
The
ServiceNow
platform
will
help
enhance
the
accuracy
and
efficiency
of
audit
processes
and
transform
financial
operations
with
intelligent
automation,
enabling
Poonawalla
Fincorp
to
navigate
the
evolving
regulatory
landscape
with
confidence
and
agility.
We
look
forward
to
working
together
to
drive
innovation
and
deliver
meaningful,
long-term
value.”

This
investment
in
ServiceNow
technologies
marks
a
significant
milestone
in
leveraging
Generative
AI
for
governance,
compliance,
and
audit
functions
within
the
financial
sector.
Poonawalla
Fincorp’s
adoption
of
AI-
driven
audit
automation
is
part
of
its
broader
vision
to
build
a
technology-first,
transparent,
and
customer-
centric
financial
ecosystem.
This
vision
is
supported
by
previous
initiatives,
such
as
the
successful
integration
of
AI
in
HR
operations
in
collaboration
with
IIT
Bombay,
which
significantly
enhanced
efficiency
and
reduced
operational
costs.
The
Company
plans
to
continue
investing
in
digital
transformation
and
innovation
to
stay
ahead
of
industry
trends
and
meet
evolving
customer
needs.

 About
Poonawalla
Fincorp
Limited

Poonawalla
Fincorp
Limited
(“the
Company”)
is
a
Cyrus
Poonawalla
group
promoted
non-deposit
taking
systemically
important
non-banking
finance
company
(ND-SI-NBFC),
registered
with
the
Reserve
Bank
of
India
(RBI).
The
Company
started
operations
nearly
three
decades
back
and
is
listed
on
the
BSE
Limited
(BSE)
and
the
National
Stock
Exchange
of
India
Limited
(NSE).

The
Company’s
identity
“P”
stands
for
Passion,
Principles,
Purpose,
People
and
Possibilities.
The
Company
has
widespread
coverage
across
18
states
and
2
Union
Territories.
The
Company
has
AUM
of
₹30,984
crore
as
on
December
2024,
and
employs
around
2560+
people.
The
Company’s
financial
services
offerings
include
pre-owned
car
finance,
personal
loans,
consumer
loans,
loan
to
professionals,
business
loans,
loan
against
property,
supply
chain
finance
and
machinery
loans.