NBFC Poonawalla Fincorp Leaps Into AI-Driven Audit And Governance With ServiceNow For Tech-First Fin Ecosystem

The global market for artificial intelligence in audit is projected to reach $11.7 billion by 2033 at a CAGR of 27.9%. Many attribute this growth to generative AI’s ability to pinpoint high-risk areas and detect anomalies, enabling a sharper focus on critical issues that might otherwise go unnoticed.

Against this backdrop, Poonawalla Fincorp, a leading NBFC focused on consumer and MSME lending, will now leverage generative AI-powered solutions for enhancing audit and governance capabilities. The NBFC is working with AI platform ServiceNow, aiming to drive greater efficiency, automation, and compliance. 

By integrating ServiceNow’s AI-driven workflows, Poonawalla Fincorp will not only strengthen its risk management framework and streamline internal audits but also optimise governance mechanisms. This is expected to enhance the accuracy and reliability of audit outcomes, building trust with clients and regulatory bodies.

Generative AI goes beyond analysing 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 will enable:

• Automated audit report generation and risk assessments with greater accuracy and speed.

• Anomaly detection and outliers.

• AI-powered analytics can provide predictive insights, enabling auditors to forecast potential risks and take proactive governance measures.

Arvind Kapil, MD and CEO, Poonawalla Fincorp, said, “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.”

Poonawalla Fincorp’s adoption of AI-driven audit automation is part of its broader objective to build a technology-first financial ecosystem. This is supported by previous initiatives, such as the integration of AI in HR operations in collaboration with IIT-Bombay, which, according to the company, enhanced efficiency and reduced operational costs.

“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,” said Ganesh Lakshminarayanan, GVP, sales and managing director, India and SAARC, ServiceNow.