In the fast-paced world of financial technology, companies like Klarna are continuously looking for innovative ways to stay ahead of the competition. Klarna, a Swedish fintech company known for its buy now, pay later services, has made significant strides in integrating artificial intelligence tools into its daily operations. With nearly 9 out of 10 employees using generative AI tools, Klarna’s adoption of this technology surpasses the industry average.
Klarna reported that over 87% of its 5,000 employees are utilizing generative AI tools such as OpenAI’s ChatGPT and its internal AI assistant. Surprisingly, the highest users of AI tools are found in non-technical departments like communications, marketing, and legal, with adoption rates above 86%. This indicates a widespread integration of AI across different functions within the company, showcasing Klarna’s commitment to leveraging technology for efficiency and productivity.
One of the key applications of generative AI at Klarna is in evaluating the sentiment of press articles written about the company. By using OpenAI’s ChatGPT, the communications teams are able to quickly determine whether the articles are positive or negative, enabling them to respond effectively. Furthermore, Klarna’s legal team is utilizing ChatGPT Enterprise to generate first drafts of common types of contracts, significantly reducing the time it takes to draft legal documents. Senior managing legal counsel Selma Bogren highlighted the efficiency of AI, noting that a contract can now be drafted in minutes instead of hours.
Klarna’s emphasis on AI adoption is not just a trend but a strategic move to enhance its bottom line. In the wake of laying off 10% of its workforce in response to economic challenges brought about by geopolitical events, Klarna has turned to AI to drive profitability. By reducing credit losses and investing in AI technologies, Klarna has achieved its first quarterly profit in four years. The AI chatbot alone has been credited with saving the company $40 million by performing the work of 700 full-time customer service jobs.
As Klarna continues to navigate the evolving landscape of the fintech industry, its focus on AI adoption stands out as a crucial factor in achieving sustainable growth and profitability. By empowering employees with generative AI tools and streamlining processes across departments, Klarna is well-positioned to thrive in a competitive market. The success of Klarna’s AI initiatives serves as a testament to the transformative power of technology in driving organizational success.
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