Stockholm-based Klarna, a “Buy Now, Pay Later” fintech company, on Tuesday, February 27, announced its AI assistant powered by OpenAI.
Within just one month of its global launch, the AI assistant has had 2.3 million conversations, two-thirds of Klarna’s customer service chats, equivalent to the workload of 700 full-time agents.
It is worth mentioning here that the Swedish company laid off nearly 10 per cent of its 7,000 employees, which comes to 700 employees in May 2022.
“Klarna is at the very forefront among our partners in AI adoption and practical application,” says Brad Lightcap, COO of OpenAI. “Together we are unlocking the vast potential for AI to boost productivity and improve our day-to-day lives.”
The Swedish company claims its AI assistant boasts a customer satisfaction score on par with human agents and has reduced repeat inquiries by 25 per cent, streamlining the resolution process.
Operating in 23 markets and communicating in over 35 languages, the AI assistant ensures inclusivity and accessibility for Klarna’s 150 million consumers worldwide.
The AI assistant is estimated to drive a $40M (approximately €37M) in profit improvement to Klarna in 2024.
Klarna’s AI assistant capabilities
Additionally, the company claims to have seen a massive improvement in communication with local immigrant and expat communities across all our markets thanks to the language support.
Available in the Klarna app, the assistant is designed to enhance the shopping and payment experience for its customers.
The AI is capable of managing a range of tasks from multilingual customer service to managing refunds and returns and fostering healthy financial habits.
Additionally, the AI assistant offers real-time updates on customer’s outstanding balances and upcoming payment schedules. Moreover, the AI assistant is capable of providing a clear understanding of customers’ purchase power, explaining spending limits and the reasons behind them.
The Swedish firm is developing new features to augment the AI assistant’s capabilities, while customers retain the option to interact with live agents if preferred.
Klarna: Pioneering BNPL
Founded by Niklas Adalberth, Sebastian Siemiatkowski, and Victor Jacobsson in 2005, Klarna is an eCommerce payment solutions platform for merchants and shoppers.
Best known for its Buy Now Pay Later products, Klarna’s instant debit option, Pay Now, has been rolled out across all European markets and accounts for around a third of all transactions.
It means consumers now have the choice to pay in full immediately or pay over time – all without interest.
It is seamlessly integrated into the checkout process when customers select Klarna as their payment method at participating retailers.
“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,” says Sebastian Siemiatkowski, co-founder and CEO of Klarna.
“We are incredibly excited about this launch, but it also underscores the profound impact on society that AI will have. We want to reemphasize and encourage society and politicians to consider this carefully and believe a considerate, informed, and steady stewardship will be critical to navigate through this transformation of our societies,” adds Siemiatkowski.
Read the orginal article: https://siliconcanals.com/news/startups/lifestyle/klarna-unveils-ai-assistant/