"Generative AI will be used by Paytm for fraud detection, customer support & onboarding": Vijay Shekhar Sharma
Paytm officials claim that the new technology has been created in-house and will be able to handle ten times as many transactions.
Highlights
- Paytm said to introduce generative AI
- AI to be used for fraud detection
- Top tech giants are using generative AI
After gaining wide popularity, people have started becoming more curious about artificial intelligence (AI) and many are also of the opinion that AI would replace menial human tasks in the future. Getting on the AI bandwagon, Paytm's founder and CEO, Vijay Shekhar Sharma, stated in a post-earnings call on 6 May that the Indian fintech company will be launching generative AI on a new tech platform that the company has built over the last year in areas like fraud detection, customer support, and customer onboarding.
How will Paytm leverage AI?
According to the top management, Paytm will be making generative AI available on the platform soon. The company CEO said that it will employ server-side components in a different way thanks to this amazing technology. He also stated that generative AI will be able to do a lot of human tasks, including customer support, fraud detection, and onboarding.
As per the company, generative AI will assist in helping the firm scale up and find new solutions, and most of the daily work tasks will simply become more efficient. Basically, generative AI systems are all about generating samples, pictures, audio, writing, or anything else with the help of computerised systems, including 3D printers. All these functionalities will help a company like Paytm scale solutions and this may also in turn reap more rewards for the company.
Getting on the AI bandwagon
Microsoft recently released Bing, its new chatbot powered by AI, and Google created Bard, its own AI chatbot. All of these instruments are well-liked for their versatility in completing various tasks. These generative AI tools are being integrated with numerous daily applications to make work more efficient. AI is being used for writing essays, generating content suggestions, creating material for blog posts, and more. While some people think that this will make people more effective at their work, others are concerned that technology may eventually replace many human jobs.
