Caitlin Panasci’s Post

AI is rapidly transforming customer service and marketing roles. Sales, human resources, recruitment, and certain finance roles are likely to follow. What roles do you think will be impacted next? #AI #emergingtechnology

Klarna recently shared that using GenAI in their customer service teams increased profits by $40m. The AI did the work of 700 full-time employees. Is this good or bad overall? What do you think? The business side of me says, "hell, yes." The broader societal impact part of me says, "Woah, that was fast. Should we be concerned about labor displacement?" Implementing AI in business has its positives and negatives. On the plus side, increased profits from AI can be reinvested in the company, leading to more hires and growth. AI will boost customer satisfaction, bringing in more business and work for the team. It's hard not to consider the potential downside. As more companies start using AI, that will likely lead to a reduction in headcount, which is a concern unless they can be allocated to other parts of the business. At Casper Studios, we consider these AI issues when making products for customers. I'd love to hear your thoughts to help shape our views.

Klarna's CEO has showcased how their new AI chatbot effectively performs the workload of 700 employees, a figure mirroring the number of staff laid off in 2022 - a coincidence that stirs debate on AI's impact on the workforce. While the company insists there's no direct link between the AI implementation and the job cuts, this opens a conversation on the balance between technological efficiency and human employment in the modern economy. Read more here: https://lnkd.in/d3dcMQma #AI #tech #law #wolftheiss

This is the next wave of industrialization; due to automation, more jobs will be eliminated. Klarna's replacement of 700 customer service agents with GenAI is a good example. The need to invest in new skills is greater than before. https://lnkd.in/eFA3Y2BQ #FutureOfWork #GenAI

The measurable impact of AI...

A Glimpse into the Present and Future: "It's imperative to illustrate AI's impact on both businesses and the workforce today, considering both its positive and negative effects. Supported by tangible data and results, this swiftly unfolding reality must prompt us all to recognize, understand, and prepare for the new era of AI." ~ Eric Egnet Sebastian Siemiatkowski, CEO of Klarna revealed the company is reducing its workforce by 20% annually due to AI integration. Recruitment has halted as AI optimizes operations. In Q1 2024 alone, Klarna slashed sales and marketing expenses by 11%, attributing 37% of these savings, or $10 million annually, to AI. Additionally, generative AI tools like Midjourney and OpenAI's DALL-E have saved $1.5 million in image production costs. This demonstrates AI's profound impact on the FinTech sector. #AIInBusiness #FutureOfBusiness #FutureOfWork #Trendigm

📉 Klarna’s CEO recently mentioned a 20% job reduction each year due to AI advancements. While there’s immense potential in AI, we must also acknowledge the broader impact on employment. 💼 Lots of companies are heavily focusing on scaling their AI capabilities but who is looking out for those who may lose their jobs? This is a pressing question that needs addressing by businesses and governments everywhere. 🌐 As AI progresses balancing the equation by creating avenues for re-skilling and up-skilling is crucial. Companies (like Klarna) should take an active role in this transition, working to provide new opportunities internally to their team but depending on how fast AI improves this may not work. 🛠️ Governments must also step in with policies that support workers in this evolving landscape, ensuring that the benefits of AI growth are more evenly distributed. Otherwise we might end up with a mega gilded age. There are other ways like a data dividend paid to users for helping to train these models but we need to start thinking seriously about this.

I teach others how to use AI in their career fields, these are tools to extend our capabilities. The ones being replaced are the ones who don’t know how to use the AI tools. Learn them and increase your job security. AI tools I use almost daily -ChatGPT -Gemini -Claude -AgentGPT -Descript -Midjourney

It's pretty remarkable that Klarna's CEO openly discusses their journey of simultaneously increasing revenue and cutting costs while predicting that they will need 20% fewer employees each year due to AI advancements. Over the past few years, most organizations, particularly in the financial services sector, have been cautious about explicitly discussing the cost-saving benefits of chatbots. However, I notice a shift in our conversations with the market, directly and through partners, indicating a changing sentiment. This shift also reflects a strategic move to demonstrate to competitors and investors that being "AI-driven" translates to increased value creation, which should theoretically boost the share price. While I am comfortable discussing cost savings, it's essential to highlight two additional aspects: revenue generation through bots and improved customer satisfaction metrics (CSAT/NPS). Believe it or not, it is possible to enhance all these metrics simultaneously if executed correctly. #klarna #ai #genai #jobreduction

Revolutionizing Customer Service: Klarna's AI Chatbot Success Story In an impressive display of technological innovation, Klarna, the Swedish buy-now, pay-later pioneer, has harnessed the power of AI to redefine customer service dynamics. The company’s OpenAI-powered chatbot has taken center stage, handling a staggering 2.3 million customer interactions. This AI-driven approach not only earned high satisfaction scores from users but is also on track to bolster Klarna's profits by an estimated $40 million in 2024. The impact of this AI integration is profound, equating the productivity of 700 full-time customer service agents. Operating round-the-clock in 35 languages across 23 markets, Klarna’s AI assistants have significantly enhanced customer communication, efficiency, and global reach. This strategic move has not only streamlined operations but has also fostered a more inclusive environment, improving interactions with immigrant and expat communities. Despite the backdrop of staff layoffs, Klarna has been transparent in addressing the broader implications of AI on the workforce, emphasizing that the chatbot's productivity boost is separate from employment decisions. The company is committed to navigating the long-term societal impacts of AI with care and transparency. Under the leadership of their CEO, Klarna is at the forefront of advocating for AI's efficiency and its transformative potential to reduce the reliance on human labor in certain sectors. This approach has contributed to a resurgence in buy-now, pay-later transactions, highlighting the pivotal role AI assistants play in modernizing customer service and pushing the boundaries of technological innovation. #AIRevolution #CustomerServiceInnovation #Klarna #OpenAI #TechImpact #FutureOfWork