Klarna CEO Sebastian Siemiatkowski breaks down how AI is set to transform banking and fintech.
He said the future of banking will be fully digital and hyper-personalized — your financial assistant could spot a cheaper mortgage or better credit deal and switch you over automatically.
From fully digital financial assistants to hyper-competitive customer mobility, legacy banks may struggle while modern fintechs like Klarna and Revolut scale up.
He believes fintechs like Klarna and Revolut have an edge over old banks because they’re built on modern tech stacks, not outdated mainframes. Still, some big banks like JPMorgan and Goldman Sachs are trying to catch up, and the fintech slowdown in 2022 was just about valuations, not progress.
He was blunt about the impact on jobs: AI is transforming knowledge work fast, and society isn’t ready. Klarna itself has gone from 7,400 to 3,000 employees while more than doubling revenue per employee, thanks to AI productivity. Rather than layoffs, he’s boosted pay for remaining staff.
As for regulation, he warned that Europe risks falling behind if it overregulates, while authoritarian countries push ahead with AI.
And personally? Siemiatkowski says he’s obsessed — spending nights “vibe coding” with AI tools and loving every minute. His advice: don’t fear the tech — learn it.
October 12, 2025
