Verizon Communications Inc. (NYSE:VZ) is utilizing generative AI to retain 100,000 customers by predicting call reasons, connecting them with the right agents, and reducing store visit times, CEO Hans Vestberg announced on Tuesday.
With around 170 million calls annually, Verizon can now determine the purpose of customer calls 80% of the time using GenAI, Vestberg said. “I have 60,000 call agents and can match your call with the right agent,” he added, aiming to retain 100,000 customers.
Earlier this year, Verizon introduced several GenAI-powered customer service initiatives. Other companies, like Swedish fintech Klarna, have also employed GenAI to reduce response times and cut costs.
“We already have four generative AI products in commercial use,” Vestberg stated at the Future Talent Summit in Stockholm. “We have 1,500 data points on each telephone number. We don’t expose the data to anybody else. We run all our data and large language models inside our network.”
Verizon, which reports about 70 million store visits annually, can now personalize offers for customers upon arrival, cutting store visit times by approximately seven minutes. The company had about 145 million wireless retail connections in 2023, with a churn rate around 1%.
“We believe this year we can have less churn,” Vestberg noted. “It’s an experience for you, for my employee, and ultimately I’ll make some more money.”
Featured Image: Megapixl© Imdan
