Paytm CEO Shares 2024 To-Do List Featuring Big AI Upgrades Amid Layoffs
Fintech giant Paytm’s parent company, One97 Communication, has recently laid off hundreds of employees as part of its implementation of Artificial Intelligence (AI) to automate processes and reduce costs. Despite the layoffs, Paytm’s Founder and CEO, Vijay Shekhar Sharma, has shared his to-do list for 2024 and outlined his vision for the company’s future.
One of the key changes on Sharma’s to-do list is to separate Paytm app’s home screen and Paytm Payments Bank from other entities to create a cleaner user experience. Additionally, expanding the use of AI in the company’s operations is a top priority for Sharma. Paytm is actively encouraging its 10,000-strong technology, product, and engineering teams to utilize AI tools from Microsoft and Google.
The introduction of AI in Paytm’s operations has resulted in lower costs, improved operational efficiency, and the elimination of repetitive tasks. By leveraging AI, Paytm aims to streamline product development timelines from weeks to days. The company estimates that AI implementation will lead to a 10% reduction in employee costs while enabling them to exceed expectations in their service delivery.
Paytm acknowledges that these changes may result in a slight reduction in its workforce in operations and marketing over time. However, the company anticipates a 15,000 increase in manpower for its core payment business in the coming year. With a strong foothold in the payments platform and a profitable business model, Paytm plans to continue innovating for the Indian market.
In addition to payment services, Paytm aims to expand into insurance and wealth management, leveraging its distribution-based business model. This expansion follows the success of its loan distribution services and underscores the company’s commitment to driving scale and growth.
It is worth noting that Paytm had previously let go of 500-700 employees in 2021 due to non-performance issues. Furthermore, the company plans to reduce its small-ticket loan offerings and focus on expanding high-ticket personal and merchant loans, a decision that has received mixed reactions from brokerages, leading to downward revisions of revenue estimates for Paytm.
Despite these challenges, Paytm remains determined to capitalize on its dominant position in the market and its proven business model to drive further innovation and success in the years to come.
Amid the ongoing layoffs at Paytm, CEO Vijay Shekhar Sharma has revealed his ambitious 2024 to-do list, which includes significant upgrades in artificial intelligence (AI). Paytm, India’s leading digital payments platform, has been hit hard by the economic downturn caused by the COVID-19 pandemic. However, Sharma remains optimistic about the future and aims to leverage AI to enhance Paytm’s services and offerings. The CEO believes that AI will play a crucial role in transforming the way Paytm operates and interacts with its users. These AI upgrades are expected to bring greater efficiency, personalization, and convenience to Paytm’s customers.
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