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The big company behind Paytm, called One97 Communication, used computers to do some jobs instead of people, so they had to let go of many workers to save money. The person in charge of Paytm, called the Paytm CEO, Vijay Shekhar Sharma, talked about what he wants to do in the future for the company.
Paytm CEO’s Vision: Revamping User Experience and Expanding AI Operations in 2024
The Paytm CEO, Mr. Sharma, plans to make the Paytm app cleaner by separating its home screen from Paytm Payments Bank and other sections. This change aims to improve how the app looks and feels for users. Additionally, for 2024, the CEO’s goal involves expanding the use of AI across the company’s operations. Mr. Sharma prioritizes integrating Artificial Intelligence, pushing a 10,000-strong team of technology, product, and engineering professionals to utilize AI tools from Microsoft and Google. This effort underscores the CEO’s commitment to enhancing technology within Paytm.
Introducing AI into Paytm
By bringing AI into its operations, Paytm’s CEO aimed to cut costs, enhance efficiency, and eliminate repetitive tasks in fintech. This move was part of the company’s strategy to strengthen its core payment business. The incorporation of AI not only streamlined operations but also paved the way for a more efficient workforce. Paytm’s commitment to leveraging technology under the leadership of its CEO demonstrates a proactive approach to adapting to the evolving landscape of financial technology. The focus remains on optimizing processes and ensuring sustained growth in the ever-changing domain of digital payments.
Paytm CEO strategically employs AI to speed up product development, shifting from weeks to mere days. The prominent use of AI within Paytm’s operations plays a pivotal role in this acceleration. By harnessing the power of artificial intelligence, the company efficiently shortens the time it takes to bring new products to the market. This forward-thinking approach not only enhances the pace of innovation but also allows Paytm to adapt swiftly to evolving market demands. Ultimately, the Paytm CEO’s commitment to integrating AI translates into a more agile and responsive product development process, contributing to the company’s overall success.
Paytm CEO mentioned that integrating AI into their operations will lead to a minimum of 10% savings in employee expenses. This move is aimed at exceeding expectations in their services. The use of artificial intelligence is expected to enhance efficiency, reducing the company’s reliance on manual efforts. By incorporating AI technologies, Paytm aims to achieve cost-effectiveness while simultaneously surpassing performance expectations. The CEO envisions that the implementation of AI will play a crucial role in optimizing various processes within the company, contributing to improved overall outcomes and resource utilization.
The Paytm CEO mentioned that they’re using smart technology (AI) to make work easier and faster. This means some jobs that are done over and over might not need as many people. They’re doing this to save money and grow better. By using AI, they’re thinking they can save around 10-15 percent on paying employees. Also, they’re keeping an eye on how well everyone works. This way, they’re making sure things stay good all year round.
The Paytm CEO shared plans to grow our payment team by hiring 15,000 more people next year. We’re strong in payments and making good money, so we’ll keep creating new things for India. We’ll add Insurance and Wealth services to our platform because we’re already good at what we do. Just like how we did well with loans, we’ll use our good way of doing things to grow new businesses and make them big. That’s what the firm mentioned about our plans for the future.
During 2021, Paytm let go of 500-700 workers because they weren’t doing their jobs well. Now, in December of this year, the company wants to make fewer small loans and concentrate more on giving out bigger loans to people and businesses. But some financial experts, called brokerages, aren’t happy about this plan. They think it’ll mean less money for Paytm. As a result, they’re predicting that Paytm won’t make as much money as they thought. This decision by the Paytm CEO has led to these concerns about the company’s future earnings.
