Fintech Nexus Newsletter (May 29, 2024): Klarna saving $10m by using Gen AI for marketing

Here is another use case for generative AI.

BNPL giant Klarna is using Gen AI to run marketing campaigns and generate images.

The company is using Gen AI tools such as DALL-E, Firefly, and Midjourney to generate images, which alone saved the company $6 million.

But it is 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 is also seeing reduced costs for translation, production and social media as it reduced external marketing suppliers.

All these savings are on top of the customer services savings Klarna shared earlier this year when they explained their AI assistant is doing the work of 700 full-time agents.

Generative AI continues to make inroads in fintech.

Featured

> Klarna Uses Gen AI to Save US$10m in Marketing Costs and Boost Campaigns

fintechmagazine.com

Klarna cuts marketing costs by US$10m with Gen AI tools like Midjourney and DALL-E, enhancing campaigns and boosting employee productivity

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  Peter Renton is the chairman 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 he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.