After laying off over 1,000 employees, Paytm CEO's to-do list for 2024 features major AI upgrades

Under the tutelage of Vijay Shekhar Sharma, the Indian fintech giant has been using AI tools from Microsoft and Google to streamline its operations, reduce staffing, and increase efficiency.

After Paytm laid off more than 1,000 employees from its operations, sales, and engineering team following the implementation of artificial intelligence (AI) technology to improve efficiency, its CEO Vijay Shekhar Sharma said that the fintech firm would undergo major AI upgrades in 2024.

In a post on X listing his to-do list for the new year, Sharma said that Paytm is already expanding its use of AI in customer care operations and is currently working on personalising user experiences using AI. He added that the company has already changed the Paytm app’s home screen and that the Paytm Payments Bank and Other group entities’ offerings have been separated. "Makes it a cleaner view," Vijay Shekhar Sharma said.

Making my todo list for 2024.
What will you like to change/ upgrade in Paytm app ?
We have changed new Paytm app’s Home Screen. Paytm Payments Bank and Other group entities’ offerings are clearly separated now. Makes it cleaner view.
Expanding AI led customer care.…

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— Vijay Shekhar Sharma (@vijayshekhar) December 24, 2023

Paytm, under Vijay Shekhar Sharma's leadership, has been using AI tools from Microsoft and Google to streamline its operations, reduce staffing needs, accelerate its product development, and improve efficiency.

According to a report by Bloomberg, Sharma expects that the company will need fewer employees as a result of automation. “We will be able to save the targeted 10 percent to 15 percent that we had planned in employee costs, all because AI has actually delivered more than what we expected it to,” he told the publication.

Elaborating on this, a spokesperson told Moneycontrol, "We are transforming our operations with AI-powered automation to drive efficiency, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce in operations and marketing. We will be able to save 10-15 percent in employee costs as AI has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year."

Paytm is betting on AI to turn around its fortunes and reach profitability in less than a year. According to a report by Business Today, the fintech firm is making significant changes to its online wealth management services and plans to hire over 50,000 people into its sales team to bring more merchants into its network and reach profitability faster than planned.

Read more: Paytm lays off over 1000 employees as firm implements AI automation tech