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

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

Peter Renton·
Fintech Nexus Newsletter
·Feb. 28, 2024·5 min read

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.


Featured

> 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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  • Peter Renton
    Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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