AI-Powered Retail Optimization &
by Payworld: Data Insights
Being an RBI (Central Bank of India) Licensed Digital Wallet, Payworld has been a Financial & Commercial Services aggregator in India since 2006. Currently, it offers financial services like Insurance, Investment, Loans, Micro-banking, Micro-ATM, Govt Grant Distribution, Utility Payment, Travel Ticketing and many more services across 1M+ Retail Touch-points in India. Payworld works with / in one of the most stringent Payments / Banking Regulations.
Being one of the largest financing services companies in India with a large retail presence, optimizing its retail-product mapping, refining retailer life-cycle management and maximizing returns have always been the top priority of Payworld. The major challenge that Payworld struggled with was that the standard reports of its legacy system were unable to serve Payworld's goals through deeper data insights.
- Legacy Technology Platform (Monolith and Old Tech Stack).
- Agility and Flexibility in an existing platform.
- Operational Inefficiencies and platform instability.
- Limited technology team capacity and capabilities.
- On-Premises Infrastructure was difficult to scale and manage.
The Technology Transformation journey of Payworld was initiated with the following objectives in mind.
- Building New-Age, Agile and Scalable Digital Platform and migrating existing business to the New Platform without disturbing the running operations.
- Business Process Automation to drive efficiencies.
- Data-Driven Decision-Making through Deep-insights
- Platform readiness for future growth and business requirements, including new-age implementations like Blockchain.
The Technology Transformation journey of Payworld was significant mix of new system development and refactoring of existing systems.
Approach
- Architecting the Technology Transformation journey for new development and new initiatives
- Breaking existing Monolith and by parts Microservices Development and Cloud Deployment
- Strengthened Tech Team with CLIPS culture and continued to manage Tech Team
- Introduced New Processes and Learning Culture.
& Transformation
- New-Age POS Application on PC-Web and Mobile App, with exceptional experience design
- Retailer On-Boarding and Account Setup, eKYC, Plan Purchase and Account Activation.
- Complete New Product Engines like Digital Wallet, Payment Utility, Micro Banking & AEPS, Insurance, Cashout, Investments, Loans with 100+ third-party integrations
- Comprehensive Backoffice Admin Panel
& Cloud Migration
- Continuous Re-architecting for By-Parts migration of system modules from On-Premises physical servers to AWS-based Cloud Environment
- Data Migration
- Built CI / CD Pipeline for Automation
- Used New Age Serverless Cloud Services to get best of both worlds
While the initial Technology Transformation Journey continued between 24 - 30 months, continuous improvementand development of new modules continued for 6+ years.
- Major Technology Transformation from Legacy Monolith and On-Premises Environment to Highly Distributed Cloud-First System on New Technology Stack.
- Retailer on-boarding and Service activation time reduced from 2 weeks to 15 minutes.
- Operational efficiencies through new system allowed Payworld to reduce its physical 23 branch offices to 3 branches in India, thereby automating and centralized management of many business processes.
- Disruption-free Technology Transformation resulted in 250% growth in business initial two years. Continued engagement of further Tech Refinements, New Systems Development, and continued to 20x growth of the business in five years thereafter.
- Helped Payworld establish a strong Technology Team.
