Verizon’s GenAI predicts call reasons, enhancing customer retention and service efficiency.
U.S. telecom giant Verizon is leveraging GenAI to enhance customer loyalty. By predicting why customers call, the company can now determine 80% of call reasons and connect them with suitable agents. This helps prevent 100,000 customer defections this year.
Handling 170 million calls annually, Verizon’s GenAI identifies call reasons accurately, allowing 60,000 call agents to provide targeted support. “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,” said CEO Hans Vestberg. Additionally, GenAI-backed initiatives have been launched to improve overall customer service.
Verizon’s use of GenAI extends to personalizing offers during store visits. With about 70 million store visits each year, the technology cuts visit times by seven minutes by tailoring offers immediately. This approach helps reduce churn rates and improve customer retention.
The company operates four GenAI products, managing data within its network for enhanced security. With 1,500 data points on each number, Verizon ensures personalized service while safeguarding customer data. These innovations aim to create a better experience for customers and employees, ultimately boosting revenue. “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,” added Vestberg.