Klarna (NYSE:KLAR), the global digital bank and flexible payments provider, and Google Cloud announced a strategic, AI-focused partnership to accelerate tech advancements, creativity, and customer-centric solutions to BNPL Fintech firm Klarna’s consumers worldwide.
Klarna will leverage Google Cloud’s AI stack, from infrastructure, to platform, to models, to enable the development of various products as well as so-called creative campaigns.
David Sandström, CMO at Klarna, said that by combining Google Cloud’s AI models with the Fintech firm’s consumer insights, they are able to deliver experiences that feel smarter and more personal.
David added that early pilots highlight the potential: AI-driven creative concepts, from “dynamic digital lookbooks to hyper-personalized product campaigns, boosted time spent in our app by 15% and increased orders by 50%.”
For them, this is considered to be “proof that when creativity meets AI, the results can transform the way people shop.”
The partnership will, at first, focus on enabling Klarna’s teams to transform the consumer experience within the Klarna App, with the stated aim of creating value across areas designed to deliver “richer, more personalized shopping journeys and more engaging content” for consumers.
Marianne Janik, Vice-President, EMEA North at Google Cloud:
“Our integrated, AI-optimized platform and cutting-edge models are enabling Klarna to unlock significant creative velocity and drive innovation. We’re proud to help Klarna not just adopt AI, but also use it to fundamentally redefine the customer experience.”
The partnership will reportedly extend into security, with Klarna using Google Cloud’s AI hardware and expertise to train and deploy graph neural networks to combat fraud and money laundering on its platform.
These machine learning models are designed to analyze various relationships and connections between different entities—such as users, transactions, and devices—in order to detect “anomalies and suspicious patterns with greater accuracy.”