Cxo Insight: Karunya Sampath, Co-founder & CEO of Payoda Technologies

Payoda is the first in the software development space that draws its inspiration from the power of digitization and its impact on businesses across scale and size. Founded in 2005 by two spirited entrepreneurs, Karunya Sampath, and Anand Purushothaman, Payoda boasts of a deep understanding and passion for design and engineering discipline to help businesses worldwide leverage technology to innovate and ensure an enhanced Customer Experience.

Working with a mission to accelerate the digital journey of businesses through cutting-edge technology, engineering practices, and a human-centric design approach, Payoda has already served over 100 clients, including an eGovernance project in India. The company had in 2009 established its first development center in India, following which it went on to build HedgeMark, which was adjudged the best-managed account FinTech platform.

Karunya Sampath, Co-Founder & CEO, Payoda, A leader in the tech space with over a decade long experience at a few reputed Wall Street firms in New York, Karunya Sampath founded Payoda along with Anand Purushothaman as a joint endeavor to transform the way businesses leveraged technology. Besides being the co-founder of the company, she spearheads the overall operations while setting the vision and defining as well as executing key strategies as Payoda’s Chief Executive Officer. A software engineer by education, Karunya Sampath worked extensively in various technical roles with product and platform teams at leading global companies. Outside work, she is a spiritually inclined individual who has been practicing meditation for more than 15 years.

In a recent chat with Karunya Sampath, Co-Founder & CEO, Payoda Technology, She spoke about the industry technology trends and the road ahead for the industry and company, and what Payoda has been up to in the latest edition of CxO of the Week.

With what mission and objectives, the company was set up?

We founded PayodaInc in 2005 in NYC to be an innovation-focused startup, with a vision of building world-class enterprise-scale products out of India.  We bootstrapped the business for the following 12 years, creating products in the healthcare, insurance, social media, network infrastructure, and cyber security sectors. We also have a services sector where we could apply our software engineering know-how and inventive culture to a variety of startups and Fortune 500 clients. Working with customers from all around the world, establishing best practices across functions, creating a winning culture, and making Payoda a fantastic place to work have all been enormously educational experiences. Starting a business has been the best move I've ever made and an extremely satisfying experience.

How can your services help insurance companies analyze customers' past claims identify potential risks and provide correct insurance plans?

Payoda's services play a crucial role in helping insurance companies analyze customers' past claims, identify potential risks, and provide accurate insurance plans. We leverage advanced analytics, machine learning, and predictive modeling techniques. By using historical claims data, we've helped insurance companies identify patterns and trends that provide valuable insights into customer behavior and risk factors. This analysis allows insurers to better understand their customers' needs, preferences, and potential risks.

We can assess the likelihood of future claims through predictive modeling and accurately predict the probability of specific events or incidents occurring. This empowers insurance companies to develop tailored plans that align with customers' risk profiles, ensuring appropriate coverage and pricing.

Furthermore, Payoda's services can aid in automating the underwriting process. By incorporating artificial intelligence and machine learning algorithms, insurance companies can streamline and expedite the assessment of customer applications, accurately evaluate risks, and make data-driven decisions.

Payoda's data analytics and technology expertise enable insurance companies to enhance their operational efficiency, reduce costs, and provide personalized insurance solutions. By leveraging advanced analytics and predictive modeling, insurers can mitigate risks, optimize claim settlements, and deliver better customer experiences.

With the fast-changing technology scenario, how did Payoda Technology keep itself in sync with the development?

Understanding the demands and difficulties of the present market is the greatest approach to stay up to date with industry changes. This forces us to choose the best technology to satisfy consumer demand and handle the problem using one or more technologies. Regarding the second portion of the query, we encourage all of our staff members to utilise Katral, which is Tamil for "learning" and is a platform we developed ourselves. It is a comprehensive, cloud-based service that includes accreditations, certificates, a content catalog, media library hosting, and round-the-clock technical assistance.

How are AI and Robotics Process Automation (RPA) evolving today in the BFSI industry?

The BFSI industry is experiencing a remarkable transformation thanks to AI and RPA. These cutting-edge technologies are incredibly effective tools for automating repetitive tasks, enhancing customer experience, and optimizing operational efficiency. With personalized financial advice, chatbots for customer support, and predictive analytics for risk assessment, AI is revolutionizing the industry. On the other hand, RPA is playing a key role in streamlining processes such as customer onboarding and claims processing, which reduces human errors and saves valuable time. When combined, AI and RPA can drive financial institutions' digital transformation, help them stay competitive, and deliver exceptional customer services. It is exciting to see the positive impact these technologies are having on the industry and to be part of it.

What are the most important trends that you see emerging across the globe?

It's amazing to see the whirlwind of advancements happening across different fronts nowadays. Financial institutions are experiencing a revolutionary change thanks to artificial intelligence (AI) and machine learning. These AI-powered systems are used to provide personalized financial advice, detect fraud, and assess risks. Machine learning algorithms analyze vast data sets to uncover patterns and insights, leading to more accurate decision-making and improved customer experiences.

The BFSI industry is exploring the potential of virtual and augmented reality (VR/AR) experiences to enhance customer engagement. With virtual reality, customers can enjoy immersive experiences for financial planning or investment simulations, while augmented reality can overlay real-time financial information onto physical environments, providing customers with instant insights and advice.

The software development practices in the BFSI industry are evolving rapidly. Agile methodologies and DevOps practices enable faster development and deployment of banking and insurance applications. Continuous integration and delivery ensure that customer needs are met promptly, and software updates are rolled out seamlessly to enhance functionality and security.

Lastly, Blockchain technology holds immense promise for the BFSI industry. Its decentralized and transparent nature can streamline processes like cross-border payments, identity verification, and smart contracts. By eliminating intermediaries and enhancing security, blockchain can improve efficiency, reduce costs, and enhance trust in financial transactions.

These trends are reshaping the industry, enabling personalized services, optimizing operations, and improving customer trust. It's an exciting time to be part of the BFSI landscape as these innovations continue to unfold!

What role does machine learning play in fraud detection and prevention in BFSI?

We are thrilled to share with you the incredible potential of machine learning in combating fraudulent activities in the banking, financial services, and insurance (BFSI) industry. With digitalization and customer-centricity on the rise, it is imperative that institutions stay ahead of the curve by implementing advanced fraud detection and prevention measures. Machine learning has emerged as a powerful tool for this purpose, allowing institutions to analyze vast amounts of data and identify patterns in real time. By promptly detecting unusual behavior and distinguishing between legitimate and fraudulent activities, machine learning algorithms enable financial institutions to maintain trust and protect their customers. Moreover, these models are constantly learning and adapting, ensuring continuous improvement in fraud prevention strategies. By integrating machine learning into their systems, institutions can create a safer and more secure banking environment, safeguarding customers in an increasingly digital and interconnected world.

What advice would you give to aspiring entrepreneurs who are interested in starting their own technology companies?

Always begin your business adventure with a product or service that you are enthusiastic about. A strong business plan must be in place before any startup can proceed, and market research regarding potential, competitors, and revenue must be understood. Be thrifty, inquisitive, and sure to prioritise networking. Test your service out on the road and focus on active feedback. Knowing when to take chances and when to play it safe is equally crucial. The most important thing is to work wisely and monitor your finances.

What are your views on ChatGPT? It is now being used to make scams and dangerous …

It's an incredible AI model that can generate human-like responses and provide valuable information. ChatGPT is incredibly useful for business owners, thought leaders, and tech businesses. It can provide valuable insights, answer customer queries, and generate content ideas. Business owners can leverage it for market research and customer engagement. Thought leaders can use it to amplify their ideas and engage with their audience. Tech businesses can explore its potential for automating customer support and streamlining processes. ChatGPT opens up new possibilities for efficient communication, informed decision-making, and enhancing overall business operations.

While we understand that ChatGPT has the potential to create software, it's important to consider the potential risks. One of these risks is that it could generate malware, which is definitely not a desirable outcome. Additionally, answers generated by AI may not always be accurate or relevant, which could potentially harm websites like StackOverflow or Quora. This could lead to confusion or mislead users who are seeking help on such platforms. It's important to keep these issues in mind when relying on AI-generated content.