Verizon Utilizes GenAI to Retain 100,000 Subscribers
Verizon Utilizes GenAI to Retain 100,000 Subscribers
Verizon Utilizes GenAI to Retain 100,000 Subscribers
News summary

Verizon, led by CEO Hans Vestberg, is leveraging generative AI (GenAI) to prevent 100,000 customers from leaving its service by predicting reasons for calls, matching customers with suitable agents, and optimizing store visits. With over 170 million calls annually, GenAI can determine call purposes 80% of the time, enhancing service quality and efficiency. This move aims to reduce Verizon's 1% churn rate among 145 million wireless retail connections and personalize offers during 70 million yearly store visits. Vestberg emphasized data privacy and the internal processing of over 1,500 data points per number. The strategic adoption of GenAI in customer service reflects a broader trend towards AI-driven improvements across industries, with companies like Klarna also benefiting from AI to enhance operations and customer experience.

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