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Fintech Nexus Newsletter (February 28, 2024): Klarna shows the potential of an AI chatbot

While AI chatbots have been around for several years, with the rapid AI advances of the past 18 months, they are reaching a new level of usefulness.

Yesterday, the Swedish BNPL giant Klarna released new details on the success of its OpenAI-powered virtual assistant. It already handles two-thirds of all customer service chats with 2.3 million conversations completed so far.

More importantly, it received satisfaction ratings at the same level as human agents. It can handle a variety of tasks including refunds, cancellations, and even disputes.

Klarna suggested that already the AI assistant is “doing the equivalent work of 700 full-time agents.” But Klarna customers always have the option of speaking to a live agent.

Its AI assistants are available in 23 markets around the world and speak 35 languages and of course, work 24 hours a day, 7 days a week.

It makes sense that a cutting-edge fintech like Klarna would be leading the way here but I expect this trend is coming to all of fintech and banking and it is coming fast. In two years if you don’t have an AI-powered chatbot you will be left behind.


> Klarna says its AI assistant does the work of 700 people after it laid off 700 people

www.fastcompany.com

Klarna, the Swedish BNPL company, released new data from its OpenAI-powered virtual assistant, saying its AI chatbots do the work of 700 full-time human agents. In 2022, the company was criticized for its handling of layoffs.


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