Fintech Company #1: Klarna
Product Breakdown : Buy Now Pay Later (BNLP)
To kickoff the first installment of the product breakdown series where I breakdown fintech products from a product perspective, I will breakdown on one of my favorite fintechs Klarna specifically about their product BNPL:
Klarna Pay Later is a product that allows customers to purchase items and pay for them at a later date. The main features of this product include:
Flexible payment options: Customers have the option to pay for their purchase within 30 days, giving them the flexibility to try on clothes or test out a product before committing to a full payment. They can also pay in 4 installments.
No interest or fees: There are no interest or fees charged to customers who use Klarna Pay Later.
Easy checkout process: Customers can use Klarna Pay Later at checkout by simply providing their email address and mobile number, eliminating the need to fill out extensive credit application forms.
Secure and protected: Klarna Pay Later uses advanced fraud detection and prevention measures to ensure the security of customer information and transactions.
Simple returns: If a customer is not satisfied with their purchase, they can easily return it for a refund, and Klarna will handle the process.
Mobile App: Klarna also has a mobile app which allows customers to easily track their orders and payments, and manage their account.
Wide acceptance: Klarna Pay Later is accepted by a wide range of retailers across different sectors, from fashion, beauty, home and furniture, electronics, and more.
Customer Service: Klarna offers 24/7 customer service to help shoppers with any issue they may have with their order or payment.
The customer focused obsession Klarna has is what allowed the company to really scale up the BNLP product.
One way I believe that Klarna can improve its user retention is by:
Integrating with other financial apps: Klarna can integrate the BNLP product with other financial apps like budgeting apps, this would allow customers to keep track of their purchases and payments in one place, which can help them budget better and increase their trust in the service.
That wraps up BNLP Klarna version!
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