Verizon Uses AI to Boost Customer Loyalty

On Tuesday, CEO Hans Vestberg announced that U.S. telecom company Verizon is leveraging generative AI to retain 100,000 customers this year by predicting call reasons, connecting them with appropriate agents, and minimizing store visit times

According to him, the organization handles approximately 170 million inquiries annually, and GenAI has enabled it to ascertain the reason for 80% of them.

“I have 60,000 call agents, and I am aware of their strengths, so I can ensure that your call is directed to the appropriate agent,” he continued.

He stated that this would result in 100,000 consumers remaining with Verizon.

Verizon initiated numerous initiatives that were supported by GenAI earlier this year, emphasizing customer service.

GenAI has been implemented by other organizations, including the Swedish fintech firm Klarna, to reduce the time required to respond to consumer inquiries and reduce expenses.

Vestberg stated at the Future Talent Summit in Stockholm, “We have four generative AI products in commercial use.”

“We have 1,500 data points on each telephone number,” said the representative.

“We do not disclose the data to any other entity.” We execute our data and large language models within our network rather than externally.

He stated that Verizon can personalize any offer immediately upon a customer’s visit, reducing the average store visit time by approximately seven minutes.

The company conducts approximately 70 million store visits annually.

In 2023, it reported approximately 145 million wireless retail connections. The company’s attrition rate, which is the percentage of customers who ceased using its services, was approximately 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,” according to Vestberg.