AI in Audits? This NBFC is Leading the Charge with a Game-Changing Partnership
Say Goodbye to Manual Audits! Advanced AI Solutions to Boost Accuracy & Efficiency in Audits
AI-Driven Governance Transformation
Poonawalla Fincorp has partnered with ServiceNow to implement Generative AI-powered solutions for audit and governance. This initiative aims to improve efficiency, automation, and compliance, reinforcing the company’s commitment to leveraging technology for operational excellence.
The Growing AI in Audit Market
According to the Global AI in Audit report, the AI-driven audit market is projected to reach USD 11.7 billion by 2033, growing at a CAGR of 27.9 per cent. Generative AI is expected to enhance risk detection by pinpointing high-risk areas and anomalies, allowing auditors to focus on critical issues.
Key Benefits of AI Integration
By using AI-driven workflows, Poonawalla Fincorp will:
- Automate audit reports and risk assessments for improved accuracy and speed.
- Enhance anomaly detection to identify financial irregularities more effectively.
- Leverage predictive analytics to forecast risks and strengthen governance.
Arvind Kapil, MD & CEO, highlighted that this collaboration will boost accuracy, speed, and depth in audit processes, ensuring better compliance with evolving regulations.
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Q3 FY25 Financial Performance
Strong AUM Growth
Poonawalla Fincorp’s Assets Under Management (AUM) rose by 41 per cent YoY to Rs 30,984 crore.
Profit and Revenue Highlights
- Net Interest Income (NII): Rs 672 crore (up 22 per cent YoY)
- Profit Before Provision and Tax (PPoP): Rs 373 crore (up 7 per cent YoY)
- Profit After Tax (PAT): Rs 19 crore, a significant decline from Q3FY24’s Rs 265 crore due to one-time provisioning.
Shift to Digital-Led Model
Since its acquisition by the Cyrus Poonawalla Group, the company has shifted to a digital-first and branch-lite model. Digital transactions now account for 81 per cent of its business, up from 10 per cent in 2020.
Poonawalla Fincorp continues investing in AI and digital transformation to improve efficiency, enhance governance, and drive long-term growth.
Disclaimer: The article is for informational purposes only and not investment advice.