British Remittance Firm Zepz Implements Workforce Reductions, as it Embraces AI-Driven Efficiency
The British company of Digital Funds ZEPZ undertakes an important restructuring initiative, taking advantage of the automation led by AI to rationalize operations, which has led to job cuts and the closure of operational units in Poland and in Kenya.
This decision will have an impact on approximately 200 employees, mainly within the company’s computer divisions, affecting roles in software engineering, the administration of the database and development operations.
ZEPZ currently employs around 1,000 people worldwide, the last series of layoffs represents around 20% of its global workforce. The fintech company, the headquarters of which is adapted to London said that the decision to reduce part of its workforce, aligns its long-term strategic objectives and its efforts to rationalize operations.
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A company spokesperson confirmed the restructuring of CNBC, attributing the changes to the success of ZEPZ’s replacement efforts, which incorporated advanced automation and artificial intelligence.
“After the successful completion of re-Plafting efforts, reinforced by Advanced Automation et al, Zepz embarked on a strategic initiative for Optimize operations through organization. This transformation has strengthened the technological and reduced foundation The need for certain operational and technical capacities, which caused a proposed reduction in roles within the framework of the global plan ”, The spokesman said.
In an internal memo shared in January, the CEO of Zepz, Mark Lenard, recognized the difficult nature of the decision, stressing that the restructuring was essential for the continuous success of the company. “”Although these changes have an impact on our colleagues and friends, they are crucial to strengthen our ability to serve Immigrants worldwide, “ he said. He also clarified that it was not a change in the company’s strategy but rather a prioritization of the efficiency and the allocation of resources.
He said,
“It’s a difficult choice, which has an impact on the lives of our colleagues and friends. It is also a choice that is essential to the success of our mission to serve immigrants everywhere. The two facts are true, at the same time. To be clear, this is not a change in strategy, we double our mission in order to expand our impact faster. In some places, this will mean that we will have to continue to prioritize ruthlessly. In others, we will become more effective. In many cases, this will involve rethinking the way we do things today.
By taking advantage of automation focused on AL, Zepz refines its internal processes, in particular in IT functions such as database management, development operations and software engineering. This change allows the company to rationalize the tasks which were previously at the high intensity of labor, to improve speed, precision and scalability.
In particular, ZEPZ maintains that layoffs will not disturb services or will not have an impact on customer experience, noting that the company remains attached to its mission to provide financial solutions accessible to migrants worldwide. This last reduction in the workforce of fintech companies follows the measures to reduce the previous costs implemented. In 2023, the company dismissed 420 employees around 26% of its workforce at the time followed by an additional reduction of 30 roles later that year.
Zepz joins a growing list of companies worldwide such as Jpmorgan Chase, Mastercard and Goldman Sachs, among others, which integrate AL technology into their Operations to improve efficiency, reduce costs and optimize workflows.
The adoption of AL in financial technology and funding of funds becomes a strategic decision for many companies that seek to remain competitive in an evolving digital landscape. Companies in sectors, banks and electronic commerce to logistics and customer service, adopt solutions fueled in AL to improve user experiences, prevent fraud and automate repetitive tasks.
In addition, by automating routine tasks, AI moves responsibilities, allowing employees to focus on strategic, creative and decision -making roles.
