Amidst workforce lay-offs, Paytm CEO Vijay Shekhar Sharma shares to-do list for 2024; unveils major AI updates
Paytm, the fintech giant's CEO, Vijay Shekhar Sharma, has revealed a comprehensive plan for the year 2024, focusing on major Artificial Intelligence (AI) upgrades.
The company, aiming to boost efficiency, reduce costs, and accelerate product development, is placing significant emphasis on AI integration.
In a candid post on social media platform X, Sharma shared his insights on Paytm's evolving landscape, stating, «Making my to-do list for 2024. What would you like to change/upgrade in the Paytm app?» He highlighted the revamp of the Paytm app's Home Screen and the segregation of offerings from Paytm Payments Bank and other group entities, aiming for a «cleaner view.»
This move is part of Paytm's broader strategy to enhance user experience through personalised AI-driven features.
Sharma emphasised the importance of AI in customer care operations and disclosed ongoing efforts to tailor user experiences using AI tools from Microsoft and Google.
The announcement triggered responses from the community, with product director Anurag Verma from Makemytrip sharing valuable suggestions.
Verma's recommendations include UI enhancements, a more strategic arrangement of user journey cards, user-friendly copy adjustments, and the implementation of a loyalty program, among others.
In response to user feedback, Sharma expressed gratitude for the suggestions. However, some users voiced concerns about app functionality issues, demonstrating the challenges that Paytm may face in ensuring a seamless transition amid these transformative changes.
This approach to AI, as reported by Bloomberg, aligns with Sharma's expectation of a reduced workforce, targeting a 10-15 per cent decrease in employee costs through automation.
