Fintech Nexus Publication (Might 29, 2024): Klarna saving $10m by utilizing Gen AI for advertising

Right here is one other use case for generative AI.

BNPL large Klarna is utilizing Gen AI to run advertising campaigns and generate pictures.

The corporate is utilizing Gen AI instruments similar to DALL-E, Firefly, and Midjourney to generate pictures, which alone saved the corporate $6 million.

However it’s not nearly saving cash. These pictures are additionally driving extra advertising exercise, which is rising Klarna’s engagement. The picture improvement cycle has been diminished from six weeks to seven days.

Exterior of picture manufacturing, Klarna can be seeing diminished prices for translation, manufacturing and social media because it diminished exterior advertising suppliers.

All these financial savings are on prime of the shopper companies financial savings Klarna shared earlier this yr after they defined their AI assistant is doing the work of 700 full-time brokers.

Generative AI continues to make inroads in fintech.

Featured

> Klarna Makes use of Gen AI to Save US$10m in Advertising Prices and Enhance Campaigns

fintechmagazine.com

Klarna cuts advertising prices by US$10m with Gen AI instruments like Midjourney and DALL-E, enhancing campaigns and boosting worker productiveness

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  Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview sequence.