OpenAI-Backed Swedish BNPL Company Klarna's AI Bot Cuts Repeat Queries By 25%, Boosting Profits By $40M In Its Debut Month

OpenAI-backed Klarna, a Swedish buy-now-pay-later (BNPL) company, reported resounding success since its global launch a month ago.

What Happened: Klarna’s AI assistant has had over 2.3 million conversations, accounting for two-thirds of the company’s customer service chats in its first month, announced the company on Tuesday. The AI assistant has been performing the equivalent work of 700 full-time agents and has achieved a customer satisfaction score on par with human agents.

See Also: Apple Says Don’t Bury Your Wet iPhone In Rice, Do This To Dry It Right

It has also been more accurate in resolving customer issues, leading to a 25% reduction in repeat inquiries. Customers are now able to resolve their issues in under 2 minutes, compared to the previous 11 minutes. The AI assistant is available 24/7 in 23 markets and communicates in over 35 languages, contributing to a $40 million profit improvement for Klarna in 2024.

Sebastian Siemiatkowski, co-founder and CEO of Klarna, stated, “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.”

Why It Matters: The success of Klarna’s AI assistant is a testament to the growing influence of AI in the financial industry. The rise of embedded finance has been transforming the traditional banking landscape. Non-financial companies are now offering financial products and services, providing consumers with more flexible payment options. Klarna, a leading player in the embedded finance space, has been leveraging AI to enhance its customer service and drive profitability.

Read Next: Mark Cuban Takes A Dig At Elon Musk On Equal Pay: Would You Adjust Salaries For ‘Historically’ Under Paid

Image via Klarna