50% Fintech Jobs at Risk

India’s fintech sector is bracing for massive disruption, with 30-50% of BFSI jobs predicted to vanish in the next few years due to AI. Routine roles like L1 support and basic programming are most at risk, as automation drives efficiency. “Next year, we are targeting a 30% reduction in the workforce. In India, we are underestimating what’s going to hit us. It will hit hard,” warned fintech expert Abhishant Pant.

Companies like PhonePe, Paytm, and Dukaan have already slashed staff. PhonePe, for instance, cut 60% of its support team, achieving 90% AI-driven resolutions. Similarly, Paytm saved 10-15% in costs by eliminating repetitive roles. “AI provides you with an advantage to reduce your cost…For companies that are living under the pressure of the market and are questioned by investors, their biggest expense is people,” Pant explained.