After laying of more than 1,000 employees from its operations, sales, and engineering team a couple of days back, Paytm owner Vijay Shekhar Sharma has shared his To-Do list plan for 2024. According to the media reports, while sharing the reason for the move, he said that the decision has been taken after the implementation of artificial intelligence (AI) technology to improve efficiency. CEO Vijay Shekhar Sharma also disclosed that said that the fintech firm would undergo major AI upgrades in 2024.Sharing it on his X handle, CEO asks for the wishes of the users.Making my todo list for 2024. 📋What will you like to change/ upgrade in Paytm app 📲We have changed new Paytm apps Home Screen. Paytm Payments Bank and Other group entities offerings are clearly separated now. Makes it cleaner view. ✅Expanding AI led customer care.…— Vijay Shekhar Sharma (@vijayshekhar) December 24, 2023Paytms evolving strategy for 2024Paytms CEO, Vijay Shekhar Sharma, sees AI as a key driver of future growth and efficiency. The planned major AI upgrades indicate a significant commitment to integrating AI across the companys operations.Automation and cost reductionThough the layoffs are controversial, they are seen as a part of this AI-driven shift. Paytm expects AI to automate tasks and reduce reliance on manual labour, leading to cost savings. Reports suggest a targeted 10-15% decrease in employee costs.Improved user experienceApart from operational efficiency, the apps UI/UX is also getting an overhaul. Separating the Paytm app from Paytm Payments Bank and other entities aims to create a cleaner and more user-friendly experience.Challenges and concernsWhile AI offers substantial benefits, the shift raises concerns about job displacement and ethical implications. Paytm needs to navigate these challenges carefully to ensure a smooth transition and responsible use of AI.Future outlookPaytms 2024 to-do list reflects a bold direction towards automation and AI-powered growth. The success of this strategy will depend on the companys ability to effectively implement AI solutions, address ethical concerns, and manage the impact on its workforce.Paytm has already been using AI tools from Microsoft and Google for various purposes, including customer service and fraud detection.
