One of our Top 10 BNPL suppliers globally, the fintech behemoth Klarna, claims that the use of Gen AI in its marketing division has allowed it to save US$10 million a year on campaign execution and image generation.

Klarna reduced its sales and marketing spending by 11% in the first quarter of 2024, with 37% of the savings coming from artificial intelligence. These reductions coincide with Klarna's increasing frequency of new marketing initiatives.

Fintech and concrete advantages of Gen AI
Through the use of cutting-edge Gen AI products like Midjourney, DALL-E, and Firefly, Klarna has successfully cut the cost of producing images by a substantial US$6 million.

In fact, there has been a weekly rise in engagement with Gen AI-generated pictures that are utilized throughout the Klarna app and website.

"AI is helping us become leaner, faster, and more responsive to what our customers care about, leading to a much, much better experience," says David Sandström, CMO of Klarna.

And we're actually saving tens of millions of dollars annually while increasing marketing activities.

"Bespoke images would have been extremely expensive to cater to on these occasions in the past, but AI has solved that problem. In essence, stock photography is no longer necessary."

Klarna's utilization of Gen AI has enabled her to produce more than 1,000 unique photographs in the first quarter of 2024, demonstrating the technology's capacity to enhance productivity while also lowering expenses.

The picture generation cycle for Klarna was shortened from six weeks to seven days because to its ability to produce fresh images quickly.

Klarna has significantly reduced expenses not just in image production but also in other areas because to Gen AI. By reducing expenses on outside marketing providers for translation, production, and social agencies, Klarna has been able to gain an additional US$4 million in spending reductions.

Furthermore, Klarna has been able to increase efficiency outside of marketing because to Gen AI. With the fintech's recent collaboration with OpenAI, an AI assistant will be utilized in its customer support department, replacing the workload of 700 full-time workers.

Using AI to empower the workforce
Sebastian Siemiatkowski, the CEO and co-founder of Klarna, recently discussed how 87% of the company's employees utilize Gen AI on a regular basis to help them with routine ordinary chores. Specifically, they use the OpenAI AI assistant.

"We push everyone to test, test, test, and explore," he declares. As long as Klarna keeps finding uses for OpenAI's technology, the company may grow to new heights.

"Our goal is to elevate employee empowerment to a new level, improving team performance and customer satisfaction."

Klarna is not the only company using a lot of Gen AI technologies. According to a recent GlobalData survey, 27% of participants reported a high acceptance rate for Gen AI solutions, with the technology being used by both individual employees and business procedures.