Verizon CEO Hans Vestberg announced that the telecom giant is leveraging generative AI to retain 100,000 customers in 2024 by predicting customer needs and optimizing service interactions.
With approximately 170 million customer calls annually, Verizon's generative AI, known as GenAI, can identify the reason for a call 80% of the time, allowing the company to connect customers with the most suitable agents. This personalized approach aims to enhance customer satisfaction and reduce churn.
"We have 60,000 call agents, and by understanding their strengths, we can match your call with the right agent," Vestberg stated, emphasizing the potential impact on customer retention.
Earlier initiatives powered by GenAI have focused on improving customer service efficiency. Vestberg highlighted Verizon's deployment of four generative AI products, including initiatives to personalize store visits and streamline customer interactions.
Verizon holds extensive data on its customers, boasting 1,500 data points per telephone number, which Vestberg assured is securely managed within the company's network infrastructure, prioritizing data privacy.
In addition to call handling improvements, Verizon aims to optimize its retail operations, targeting a reduction of approximately seven minutes per store visit through AI-driven personalization.
With 145 million wireless retail connections in 2023 and a low churn rate of around 1%, Verizon anticipates further decreasing churn this year through enhanced customer experiences and operational efficiencies enabled by AI technologies.
Vestberg concluded, "Improving customer retention not only enhances the customer experience but also drives profitability, benefiting both customers and employees alike."
Verizon's strategic integration of generative AI underscores its commitment to leveraging advanced technologies to maintain competitive edge and drive business growth in the telecommunications sector.
