PhonePe Slashes Its Customer Support Staff by 60% Over 5 Years Due to AI Adoption
PhonePe has reduced its customer support staff by 60% over the past five years amid AI adoption to improve efficiency.
New Delhi, October 22: PhonePe has reportedly integrated artificial intelligence (AI) to transform its customer service operations significantly. As per reports, over the past five years, the company has laid off its customer support staff by 60 per cent while relying on AI chatbots to handle its customer queries. The shift highlights how PhonePe is using AI technology to streamline its processes and improve efficiency.
As per a report of Digit, PhonePe revealed that it has reduced its customer support staff by 60 per cent over the past five years to adopt AI technology. These AI-powered tools now resolve 90 per cent of customer queries, which has significantly slashed the need for human intervention. The shift to AI reportedly allows the company to provide faster and more efficient responses while reducing operational costs. Snapdragon 8 Elite: Qualcomm Unveils Flagship Mobile Chip at Snapdragon Summit for Upcoming Android Smartphones; Check Features and Other Details.
According to a report of Economic Times, the company's customer support team has seen significant reductions over the past five years. The workforce has been cut by 60%, dropping from around 1,100 to 400 agents. Even with these job cuts, the fintech company has reportedly seen an increase in its transaction volume. As per reports, from the financial year FY18-19 to FY23-24, the number of transactions has grown 40 times, as mentioned in its annual report filed on October 21.
The decrease in staff numbers is mainly because PhonePe has been heavily using AI-driven automation. Their customer Net Promoter Score (NPS), which measures how likely customers are to recommend their services, has reportedly improved every year for the past five years. In August, PhonePe reportedly announced that it earned INR 5,064 crore for the financial year ending in March 2024. iOS 18.1, Apple Intelligence, AirPods Pro 2 Hearing Aid Feature Expected To Launch on October 28 but May Not Meet Customers’ Expectations, Say Reports.
It is said to be an increase of 74 per cent compared to the INR 2,914 crore they made the previous year. Additionally, PhonePe mentioned that they have created over 22,000 jobs throughout India. The company also employs more than 1,500 engineers who are working on advanced technology solutions to help boost digital payment services in India.
(The above story first appeared on LatestLY on Oct 22, 2024 11:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).