Fintech
Fintech Nexus Newsletter (May 29, 2024): Klarna Saves $10 Million Using Gen AI for Marketing
Here’s another use case for generative AI.
BNPL giant Klarna is using AI generation to run marketing campaigns and generate images.
The company uses Gen AI tools such as DALL-E, Firefly, and Midjourney to generate images, which alone has saved the company $6 million.
But it’s not just about saving money. These images are also driving more marketing activity, which is increasing Klarna’s engagement. The image development cycle has been reduced from six weeks to seven days.
Outside of image production, Klarna has also seen reductions in translation, production and social media costs as it has reduced external marketing providers.
All these savings are in addition to Klarna’s customer service savings shared earlier this year, when they explained that their AI assistant is doing the work of 700 full-time agents.
Generative AI continues to make inroads into fintech.
In the foreground
> Klarna uses AI to save $10 million in marketing costs and boost campaigns
Klarna cuts marketing costs by $10 million with AI tools like Midjourney and DALL-E, improving campaigns and increasing employee productivity
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Peter Renton is president 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 is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.