R.A.Y – (Razorpay Assistant for You) is designed to unlock your business’s full potential by leveraging cutting-edge AI to bring about efficiency and innovation. By monitoring trends, offering proactive interventions, and delivering personalized recommendations, it helps grow your business effortlessly. R.A.Y goes beyond traditional chatbots, and offers a comprehensive suite of experiences tailored specifically to the needs of businesses.

Thanks to R.A.Y., you can ‘Consider it done’!

Razorpay recognised a few challenges

In today’s competitive landscape, businesses must enhance their decision-making capabilities and improve operational efficiency to drive success, while allowing key personnel to focus on critical tasks that matter. However, business teams still spend time on manual tasks that take up significant energy. Here are some of the prevalent issues facing leadership in these organizations, spanning payments and payroll:

Problems in payments:

  1. Lack of Efficient Data Management and Analytics: 80% of businesses desire partners to provide detailed insights into their business, such as loyal customers, top-performing offers, and preferred payment methods. 
  2. Tedious Routine Tasks: Navigating the onboarding and dashboard has been described by users as “tedious”, with 25% businesses reaching out for assistance, and 70% of these queries are to primarily understand capabilities and status of their account.
  3. Less Awareness of Payment Products: This leads them to stick to the first product they use without utilizing the full benefit and ease of collecting online payments.
  4. Lack of an Enhanced User Experience: Research confirms that issues like slow processes and unclear information (e.g., ticket closure, payments, settlements) are among the primary reasons for customer churn for businesses.

Problems with Payroll:

  1. Insufficient Efficiency: It takes more than 2 days to create a custom payroll report and analysis from Payroll data.
  2. Resource Drain: One HR spends over 50 hours per month– just onboarding new employees.
  3. Costly Comparison: Compensation Benchmarking requires significant expenditure. We are talking lakhs of rupees!
  4. Taxation Trouble: Most employees struggle with tax planning impact company experience.

This is where R.A.Y. comes in as the assistant that helps you analyze data, summarize trends, do tasks and give actionables. It provides a unified voice to Razorpay customers and aims to be the first touchpoint anytime anyone wants to know something. Accessible across WhatsApp, Razorpay Mobile App, and Dashboard, R.A.Y. is there to support you on your preferred platform.

Key benefits for Payments

Transitioning from a reactive to proactive approach, our payment solution offers both predictive insights and on-demand capabilities, empowering businesses to anticipate needs and act decisively.

  • Effortless Payment Setup with AI-Driven Solutions: Initiating payment collection has never been easier. Whether it’s payment collection, receiving settlements, managing invoices, or handling recurring billing, R.A.Y. simplifies the entire payment process, saving time and reducing the risk of errors. 
  • Proactive Alerting: R.A.Y. diligently operates behind the scenes, delivering proactive notifications regarding downtimes, delays, and insightful analyses, enabling you to make more informed plans and decisions.
  • Seamless Monitoring with Streamlined Prompts: Simply inquire, and effortlessly receive transaction updates and daily summaries, ensuring you stay informed and empowered to make well-informed decisions regarding your business performance.
  • Personalized Recommendations for Tailored Products: In a sea of options, finding the right products and services can be a daunting task. That’s why you receive personalized recommendations for tailored products, providing you with the tools to succeed—from the best payment solutions and optimized marketing strategies to accessing exclusive offers.
  • Exponential Business Growth: With live updates and actionable insights, R.A.Y. keeps you ahead, effortlessly spotting opportunities and risks. Its AI-driven monitoring ensures seamless operations for success.

Key benefits for Payroll

With a comprehensive suite, it caters to everyone from founders to employees, ensuring seamless operations for all involved.

  • Actionable Insights: R.A.Y. sources instant insights from Payroll and HR data through simple language interactions to speed up your decision-making process.
  • Compensation Benchmarking: R.A.Y. empowers businesses to make informed decisions on salary structures, incentive programs, and overall compensation strategies, ensuring competitiveness in the labor market.
  • Intelligent Tax Planning for employees: By analyzing salaries and investments, R.A.Y. recommends the optimal tax regime and provides intelligent tax-saving strategies. 

In Conclusion

With R.A.Y. at the helm, Razorpay empowers businesses to soar to new heights of success, accomplishing more with fewer resources. R.A.Y. signifies a groundbreaking leap in AI for fintech, setting unprecedented standards for efficiency, innovation, and growth. Available round the clock and on-demand, it sets new standards for efficiency, innovation, and growth. Embrace the future of business with R.A.Y., and let’s unlock the full potential of your business together.

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    Jeanne Rozario
    Author Jeanne Rozario

    A devoted dog cuddler with an appetite for all things food, TV shows and rock music.

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    Disclaimer: Banking Services and Razorpay powered Current Account is provided by Scheduled Banks