In a clear indication of things to come from the advancement of artificial intelligence, Klarna, Europe’s most valuable fintech startup, has just released a post highlighting the success of its OpenAI-powered customer service chatbot. According to Klarna, the chatbot managed an impressive 2.3 million conversations in the last month alone.
That’s not all. The company says its AI assistant now does the equivalent of 700 jobs after cutting the same number. Klarna also reported that the chatbot completed tasks equivalent to those of 700 full-time employees, significantly reducing the average resolution time from 11 minutes to just 2 minutes. In addition, the chatbot is available 24/7 and supports more than 35 languages.
Despite criticism of large redundancies in 2022, Swedish fintech is now highlighting the benefits of new efficiencies created by OpenAI. Klarna predicts that the assistant will contribute an additional profit of 40 million dollars by 2024. Consequently, the company announced that it will no longer hire new employees outside of engineering duties due to the integration of artificial intelligence.
“The AI assistant has had 2.3 million conversations, which is two-thirds of Klarna’s customer service chat conversations. It does the equivalent of 700 full-time agents. It is on par with human agents in terms of customer satisfaction. It is more accurate in solving tasks, resulting in a 25% reduction in the number of repeated requests. Customers now solve their tasks in less than 2 minutes, compared to 11 minutes previously. It is available in 23 markets, 24/7, and communicates in more than 35 languages. This is estimated to add $40 million to Klarna’s earnings in 2024,” Klarna said in a recent blog post.
Klarna’s impressive statistics also show significant changes in the customer service environment. Despite the obvious benefits in terms of profitability and user satisfaction, this shift to AI-driven solutions raises concerns about the impact on the workforce. Although artificial intelligence offers a wide range of opportunities, its integration requires a major reorganization of the current work structure.
Just a month after the global launch of its OpenAI-powered virtual assistant, the Swedish buy-now-pay-later company has released new data demonstrating its ability to effectively manage customer communications, improve customer satisfaction and improve financial results.
According to Klarna, the app-based AI chatbot already handles two-thirds of all customer service cases, with an impressive 2.3 million conversations to date, and customer satisfaction ratings on par with those of human agents. As Klarna prepares for a potential public offering this year in a subdued IPO market, the company estimates that the chatbot could add a significant $40 million in revenue in 2024.
By announcing a partnership with OpenAI early last year, Klarna positioned itself as an early adopter by integrating the company’s ChatGPT technology. Initially focused on helping customers make shopping decisions through personalized queries, Klarna called this natural language interface “smooth shopping”.
Stockholm, Sweden-based Klarna, founded in 2005 by Sebastian Siemiatkowski, Niklas Adalbert and Viktor Jacobson, makes it easier for people to shop online. Over the past 12 years, technology has evolved, disrupted and transformed the world around us, yet its mission remains as relevant as ever to make payments as simple, secure and, above all, seamless as possible.
The Klarna app has more than 12 million monthly active users worldwide with 55,000 downloads every day, far ahead of its closest competitor with almost 4 times more downloads in the last year. Klarna, a unicorn startup, is one of the world’s largest buy-now-pay-later providers of interest-free installment finance to buyers.
2024-03-01 01:12:17
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