One 97 Communications Ltd., the parent company of Paytm, announced major leadership changes on Friday in a calculated effort to support its AI-driven projects. Paytm’s AI Fellow is currently Manmeet Dhody, the company’s Chief Technology Officer (CTO). In his new position, he will be responsible for driving innovation in artificial intelligence (AI) throughout the company’s business operations. The new CTO is Deependra Singh Rathore, Senior Vice President of Technology, who replaces him.
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Credits: NDTV Profit
Driving AI Innovation: Manmeet Dhody’s New Role
Manmeet Dhody, the recently recruited AI Fellow at Paytm, will oversee initiatives focusing on AI innovation throughout the organization’s business processes. The position signals a change in the company’s approach to incorporating AI more thoroughly into its core business processes, not just as a customer service tool but also as a catalyst for complete business transformation.
Dhody’s move to the AI team highlights Paytm’s goal of using AI to improve product offerings, expedite procedures, and spur growth in the fiercely competitive financial services industry. Dhody is anticipated to spearhead AI-led innovations that have the ability to completely transform Paytm’s user experience and operational effectiveness. Dhody has been instrumental in the company’s development of payments technology.
Deependra Singh Rathore Steps Up as CTO – Payments
Deependra Singh Rathore, Senior Vice President – Technology, has been named the new Chief Technology Officer for Payments, with Manmeet Dhody relocating to his new AI-focused position. Rathore has a great deal of expertise and is familiar with the company’s technical backbone, so this change should go well.
Rathore will concentrate on developing and bolstering Paytm’s payment capabilities as the company enters what it refers to as the “AI age.” In order to support Paytm in maintaining its market dominance in the payments industry, he will supervise the development and implementation of cutting-edge payment technology.
As Paytm looks to solidify its leadership in the Indian payments landscape, Rathore’s appointment signals the company’s intent to ensure that its payments technology stays ahead of the curve. Paytm’s innovations, such as mobile payments, QR codes, and its next-generation Soundbox, have already set a high bar in the industry. Rathore is expected to push that even further with new developments under his leadership.
Paytm’s Commitment to AI-Driven Financial Services
Paytm has been steadily increasing its focus on artificial intelligence, recognizing its potential to enhance financial services through greater efficiency and better user experiences. The appointment of Dhody as AI Fellow is a testament to Paytm’s commitment to integrating AI in a meaningful way across its operations.
Over the years, the company has introduced a number of groundbreaking innovations, such as mobile QR payments and the Soundbox— a device that helps merchants receive instant voice confirmations of payments. In its latest innovation, Paytm launched the next-generation NFC Card Soundbox, combining Near Field Communication (NFC) technology with mobile QR payments, underscoring its continued focus on enhancing the payments experience.
With Dhody in his new AI-centric role, the company is likely to double down on its efforts to bring AI into every aspect of its services—from fraud detection and customer support to personalized financial products and faster payment processes.
Challenges Ahead: Regulatory Actions and Stock Performance
Paytm’s AI ambitions come amid a challenging backdrop. Earlier this year, the company faced regulatory action from the Reserve Bank of India (RBI), which restricted its banking arm, Paytm Payments Bank Ltd., from onboarding new customers or accepting fresh deposits starting March 15, 2024. This regulatory move dealt a heavy blow to Paytm’s stock, dragging it down for several months before a recovery began in May.
Despite this setback, Paytm’s stock performance has seen a modest rebound. As of Friday, the stock closed 4.45% lower at Rs 695.15 on the NSE, underperforming the broader market. While shares are up 9.4% year-to-date, they have declined 19.5% over the past 12 months.
