Fintech & Ecommerce

Klarna Sees Tremendous Improvements Brought By AI Bot

Klarna has had its new AI bot conducting 2.3 million conversations, two-thirds of Klarna’s total customer service chats, within the last month.

Klarna Sees Tremendous Improvements Brought By AI Bot

Fintech firm Klarna has published impressive results for the first month of operations of the company’s new AI assistant powered by OpenAI, the creator of ChatGPT.

Per the firm’s estimations, its new AI bot is doing the equivalent work of 700 full-time agents. Customer satisfaction levels for human-led conversations and chats with the digital assistant are almost the same. In addition, the AI bot is often more accurate in errand resolution than human agents, leading to a 25% drop in repeat inquiries. Moreover, request resolutions now take less time. Average customer chat now lasts less than 2 minutes compared to 11 minutes recorded before the AI use.

Karna estimates that the utilisation of AI technology will bring it $40 million in profit improvement in 2024. Its AI bot is already available in 23 markets, 24/7 and communicates in more than 35 languages. Thus, Klarna has seen a massive improvement in communication with local immigrant and expat communities across all markets.

“This AI breakthrough in customer interaction means superior experiences for our customers at better prices, more interesting challenges for our employees, and better returns for our investors.” 

Sebastian Siemiatkowski, co-founder and CEO of Klarna

The built-in Klarna plugin for ChatGPT allows users to request purchase advice and receive recommendations about specific products. The chatbot also provides links to relevant sites with product descriptions and other details. Moreover, Klarna’s AI assistant can manage refunds and returns, payment-related issues, cancellations, disputes, and invoice inaccuracies.

The bot also fosters healthy financial habits, providing insights into one’s purchase power, explaining their spending limits and the reasons behind them, and empowering the customer to make informed and confident shopping choices. The firm promises that new features are already in the pipeline and will be added to the AI assistant soon.

Klarna has also revamped its app with a Tik-Tok-like AI-driven feed, AI shopping lens and shoppable videos. Its new AI-powered shopping tools make product search easier. Now Klarna customers can find and buy items they see around them, in an image or a video clip.

“Klarna is at the very forefront among our partners in AI adoption and practical application. Together we are unlocking the vast potential for AI to boost productivity and improve our day-to-day lives.”

Brad Lightcap, COO of OpenAI

Sebastian Siemiatkowski also noted that the obvious customer service improvements demonstrated by the AI assistant in such a quick term underscores the overall profound impact of AI on society. Klarna’s CEO called for a considerate, informed and steady approach to the new technology which is crucial to navigate through this social and technical transformation of all the industries.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.