Verizon, a massive US telecom company, is using generative AI to stop 100,000 customers from abandoning service, according to an announcement from CEO Hans Vestberg.
CEO Hans Vestberg announced on Tuesday that Verizon (VZ.N.), a U.S. telecom giant, is utilizing generative AI to prevent 100,000 customers from canceling service this year by predicting the reason for a call, matching them with an appropriate agent, and cutting down on the amount of time consumers spend in-store.
According to him, the business receives over 170 million calls annually and, thanks to GenAI, can now ascertain the reason behind 80% of those conversations. According to him, this would mean 100,000 customers sticking with Verizon. “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,” he continued.
Verizon introduced a number of GenAI-backed customer service-focused projects earlier this year. Other businesses, like the Swedish financial firm Klarna, have been utilizing GenAI to open new tabs and reduce response times for customer service while also saving money.
Vestberg declared, “We already have four generative AI products in commercial use,” during the Future Talent Summit held in Stockholm.
“We have 1,500 data points on each telephone number,” he stated. “We don’t make the data available to outside parties. Large language models and all of our data are processed internally, not outside, by us.
Verizon can personalize each offer as soon as a consumer visits, saving the company about seven minutes per store visit. The company receives about 70 million retail visits annually, according to him.
In 2023, it reported 145 million retail wireless connections. The percentage of consumers who ceased utilizing the company’s services, or churn rate, remained relatively constant at 1%.
“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,” Vestberg stated.
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