Verizon has turned to generative AI to handle and retain 100,000 customers in 2024 to enhance customer service and reduce the number of accounts that cancel or choose not to renew their subscriptions.
This move, announced by CEO Hans Vestberg, leverages advanced AI to predict customer needs, streamline interactions, and optimize service delivery across various touchpoints (via Reuters).
BARCELONA, SPAIN - FEBRUARY 26: A logo sits illumintated outside the Verizon booth on day 2 of the GSMA Mobile World Congress 2019 on February 26, 2019 in Barcelona, Spain. Photo by David Ramos/Getty Images
How Verizon Uses AI to Streamline Customer Support
Verizon, a leading US telecom company, handles 170 million customer calls each year. By integrating generative AI, Verizon can now predict the reason for a customer's call with 80% accuracy.
This enables the company to connect customers to the most suitable agents from its 60,000-strong call center team. As CEO Hans Vestberg explains, "I have 60,000 call agents, and I know what they are really good at, so I can match your call with the right agent."
This AI-driven approach not only improves call handling but also personalizes in-store experiences. Verizon's stores, which receive around 70 million visits annually, leverage AI to tailor offers and reduce visit times by roughly seven minutes.
This personalization is achieved by analyzing 1,500 data points associated with each phone number while ensuring data privacy is maintained as all processing occurs within Verizon's secure network.
Verizon's commitment to generative AI is evident in the introduction of several new tools designed to enhance the customer experience.
These include a personal research assistant for employees to quickly access relevant information, a "Fast Pass" system to efficiently connect customers with the most suitable representative, and an AI-powered personal shopper that offers personalized recommendations and simplifies transactions. These tools have collectively resulted in increased customer satisfaction and engagement across various channels.
The deployment of generative AI is expected to significantly impact Verizon's business metrics. In 2023, the company reported about 145 million wireless retail connections, with a churn rate of around 1%.
With the new AI tools, Verizon anticipates a reduction in this churn rate. As Vestberg notes, "We believe this year we can have less churn ... it's an experience for you, for my employee, and ultimately I'll make some more money."
Regarding data safety, Vestberg assures that the company does not expose data to anyone else and that they run all of their data and large language models within their secure network
AI Streamlining Major Industries
In a similar vein, Abu Dhabi's International Holding Co (IHC), the largest operating asset holding company, appointed Aiden Insight, a virtual AI entity, as a board observer earlier this year to help manage the UAE's largest listed firm.
Meanwhile, British low-cost airline EasyJet has begun utilizing AI to optimize its operations, particularly through a generative AI tool called Jetstream. This tool assists in managing flight schedules, and crew allocation, and enhancing customer experience, resulting in improvements in operational efficiency and service quality.
