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Verizon Harnesses GenAI to Enhance Customer Loyalty

Verizon is using generative AI to prevent 100,000 customers from leaving its service this year. The company can now determine the reason behind 80% of customer calls, allowing for better matching with suitable agents. Verizon has already launched several GenAI-backed initiatives focused on customer service.

Verizon Logo
Credit: REUTERS

By accurately predicting the purpose of customer calls and connecting them with the most suitable agent, Verizon aims to reduce store visit times and improve customer satisfaction. 


CEO Hans Vestberg revealed that the company can now determine the reason behind 80% of customer calls, allowing them to match callers with agents who possess the necessary expertise. This personalised approach is expected to result in 100,000 customers remaining loyal to Verizon.


Earlier this year, Verizon introduced several GenAI-backed initiatives focused on enhancing customer service. Other companies, such as Swedish fintech Klarna, have also leveraged generative AI to streamline customer interactions and reduce response times, leading to cost savings. Vestberg highlighted that Verizon already has four generative AI products in commercial use. The company possesses extensive data on each telephone number, but it ensures that this data remains confidential and is processed within its network.


Verizon handles approximately 170 million calls annually and receives around 70 million store visits. With the implementation of GenAI, the company can personalise offers as soon as a customer visits, resulting in a reduction of approximately seven minutes per store visit. In 2023, Verizon reported approximately 145 million wireless retail connections, with a churn rate of around 1%. Vestberg expressed confidence that the implementation of GenAI will lead to even lower churn rates, ultimately benefiting both customers and the company's bottom line.

 
  • Verizon is using generative AI to prevent 100,000 customers from leaving its service this year.

  • The company can now determine the reason behind 80% of customer calls, allowing for better matching with suitable agents.

  • Verizon has already launched several GenAI-backed initiatives focused on customer service.


Source: REUTERS

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