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PayMe: Hyper-automation using AI, ML, DL & RPA

With better syncing and prioritizing, PayMe India has been continuously adding new features in its App which are apt for its customers:
PayMe: Hyper-automation using AI, ML, DL & RPA

The first app PayMe India, an NBFC registered with the RBI, introduced was a very basic app with all required fields and screens. It was easy to use with simple UX/UI. The customers’ complete onboarding was done in an easy way and users could also check the status of their loans.

The first app worked well for initial 6 months, but PayMe was receiving lots of feedback and suggestions from customers. The customer demands were growing as they sought quicker and easier way to do documentation and onboarding. The main challenge was to keep uptime and response under control without creating any impact on users. With changing infrastructure and availability of new features, soon PayMe decided to rework on complete UI/UX and give its products a new look and feel.

Mahesh Shukla, Founder & CEO, PayMe, elaborates: “With better syncing and prioritizing, we have been continuously adding new features in our app which are apt for our customers. We have taken measures to make sure that we keep bugs to minimum, even if it resulted in extended timelines. Our app has close to 0.5 million downloads every month with 100% onboarding to disbursal happening digitally. With the help of the government initiatives and the steadily advancing technologies, fintech lending apps are now dominating the loan market over traditional banks and financial institutions.”

Automated Disbursal, Less TAT

PayMe India offers financial services to corporate employees that require speedy loan choices with low interest rates. With just a few clicks, the company currently provides loans for individuals up to Rs0.2 million. PayMe offers immediate short-term loans, debt management, and credit score repair services to almost 10,000 customers each month from all around India.

PayMe has moved from manual disbursals to automated disbursal. With the processes of lending becoming online there have been a significant reduction of documentation and the entire process has also become simpler and more transparent. With the application of modern-day technologies at many stages, the company has simplified and made the loan approval processes faster without requiring too many documents.

Mahesh, with over 10 years of experience in banking, finance, and FinTech, explains: “We have reduced most of the manual work with automation and hyper automation taking the help of AI / ML, deep learning and RPA, which are bringing lots of efficiency in decision-making. We have reduced the disbursement time by about 90%. Nearly 100 corporations have joined our startup to meet their needs for advance salary. We are looking to achieve Rs3 billion disbursements by the end of this fiscal year.”

In-House Team, Tech Infra

Technological innovation and the rise in the fintech institutions has led to the large-scale popularity of the fintech lending apps, which have been transforming the overall financial operations – from developing to delivery to consumption. PayMe’s app and entire loan management system have been developed by an in-house team of tech experts, further enhancing and accelerating the on-boarding process.

PayMe has also invested extensively in its tech infrastructure. Mahesh points out: “We are promising a secure, interactive, & private online system for customers. At infrastructure level, continuous integration / continuous delivery (CI/CD) has helped us to streamline our release process. Today, we have an in-house team of 150+ hard-working professionals, assured & responsive customer support. However, there are still lots of rooms for improvement.”

Start-Up Support, Better CX

PayMe India’s loan / debt advisory helps start-ups with liquidity leverage ratio, and working capital management. PayMe has also introduced integrated eMandates / eNach / UPI to simplify repayments for the customers. Start-ups associated with PayMe receive holistic support from its expert professionals after in-depth market research. From manual KYC, PayMe has moved to eKYC and shortened the customer journey further. PayMe has the vision to promote rapid digital transformation among the masses, and its services are a testament to the commitment to encouraging paperless transactions.

Mahesh claims: “There have been newer and newer innovations each year to speed up services and make customer experience (CX) better by chalking out advance ways for easy detection of frauds, and application of big data and automation, digital signatures, et al. We also have plans to expand further to offer services like education loans and credit cards. We are also targeting to reach out to salaried employees in diverse sectors and small businesses looking for a financial boost.”


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