With an eye on boosting customer retention, Verizon is harnessing the power of generative AI.
By strategically using AI in real-time customer call analysis, the telecommunication giant aims to prevent 100,000 customers from severing ties.
The technology has 1,500 individualized data points tied to your phone number and its accuracy in predicting the reason behind a customer’s call stands at an impressive 80%. When customers call in, Verizon swiftly directs them to agents skilled in tackling their particular concerns, dramatically reducing churn rates.
This latest move is part of its AI-driven journey, incorporating four cutting-edge products into its commercial operations.
Seamless Customer Journey
Imagine walking into a store and being blown away by a seamless customer experience – that’s exactly what this American telecom company is aiming for by leveraging this cutting-edge tech.
Tailoring offers to individual customers during their store visit, Verizon has managed to shave off about seven minutes from the average store visit time, a significant efficiency upgrade given their staggering 70 million annual store visits.
Reducing Customer Churn
In 2023, the company proudly announced approximately 145 million wireless retail connections. However, the reported churn rate was hovering around 1%. Verizon aims to cut down this rate even further this year by upping its CX game with GenAI.
To Verizon CEO Hans Vestberg, the importance of these AI-driven initiatives cannot be overstated. Vestberg took the stage at the Future Talent Summit in Stockholm to drive home a crucial point: that smart technology can bring a range of benefits – from delighting customers and employees, to pumping up the bottom line.
