Fintech
Klarna uses AI to save $10 million in marketing costs and boost campaigns
David Sandström, CMO at Klarna, says: “AI is helping us become leaner, faster and more responsive to what our customers care about, delivering a much, much better experience.
“And we are actually driving more marketing efforts while saving tens of millions of dollars a year.
“Traditionally, it would have been very expensive to cater these occasions with bespoke images, but with AI this is no longer an issue. We have essentially eliminated the need for stock images.”
By leveraging Gen AI, Klarna was able to generate over 1,000 original images in the first quarter of 2024 alone, indicating Gen AI’s increased production benefits and cost reduction.
The speed with which Klarna was able to generate new images saw the image development cycle reduced from six weeks to seven days.
It wasn’t just in image production that Gen AI helped Klarna significantly reduce costs. Klarna was able to deliver an additional $4 million in expense reduction by cutting costs on external marketing providers for translation, manufacturing and social agencies.
Additionally, Gen AI has helped Klarna drive efficiency entirely outside of marketing. The fintech’s recent partnership with OpenAI for an AI assistant to use in its customer service division saw the AI take on the equivalent work of 700 full-time agents.