Verizon aims to leverage generative AI to engage 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.
The move, announced by CEO Hans Vestberg, sees the company utilising advanced AI to anticipate customer needs, streamline interactions and optimise service delivery across different touchpoints (via Reuters).
(Photo by David Ramos/Getty Images) BARCELONA, SPAIN – FEBRUARY 26: An illuminated logo is displayed outside the Verizon booth during day two of the GSMA Mobile World Congress 2019 on February 26, 2019 in Barcelona, Spain.
How Verizon is using AI to streamline customer support
Verizon, a major US telecommunications company, processes 170 million customer calls each year. By integrating generative AI, Verizon can now predict the reason a customer is calling with 80% accuracy.
This enables the company to connect customers to the most suitable agent from its 60,000-strong call centre team. CEO Hans Vestberg explains: “We have 60,000 call agents who know what they're really good at, so we can connect your call to the right agent.”
This AI-powered approach not only improves call handling, but also personalizes the in-store experience: With approximately 70 million visits per year, Verizon stores are using AI to customize offers and reduce in-store visit times by approximately seven minutes.
This personalization is achieved by analyzing 1,500 data points associated with each phone number, and all processing takes place within Verizon's secure network, maintaining data privacy.
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Verizon’s AI tools
Verizon's commitment to generative AI is evident in the introduction of several new tools designed to improve customer experience.
These include personal research assistants to help employees quickly access relevant information, a “fast pass” system to efficiently connect customers to the most appropriate representative, and AI-powered personal shoppers to provide personalized recommendations and simplify transactions. These tools have increased customer satisfaction and engagement across channels.
The introduction of generative AI is expected to have a significant impact on Verizon's business metrics: the company reported approximately 145 million wireless retail connections in 2023, with a churn rate of around 1%.
With the new AI tools, Verizon hopes to reduce that churn rate. “We believe we can get a lower churn rate this year, which means more money for our customers, more money for our employees, and ultimately more money for myself,” Vestberg said.
When it comes to data security, Vestberg guarantees that the company will not expose any data to others and runs all data and large language models within a secure network.
Improving efficiency in major industries with AI
Similarly, Abu Dhabi’s International Holdings (IHC), the largest operating asset holder, appointed virtual AI company Aiden Insight as a board observer earlier this year to help run the UAE’s largest listed company.
Meanwhile, British low-cost airline EasyJet has begun using AI to optimize its operations, particularly through a generative AI tool called Jetstream, which helps manage flight schedules, crew allocations and improve customer experience, leading to increased operational efficiency and service quality.
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