Leading Financial Services Company Deploys Verint AI-Powered Bots to Fully Automate 80 Percent of Customer Interaction Traffic
Verint (NASDAQ: VRNT) has announced that a leading consumer financial services firm is utilizing Verint's Intelligent Virtual Assistant (IVA) to automate 80% of customer interactions, handling approximately 14 million voice and digital interactions annually. This deployment has reportedly increased operational efficiency, expanded service hours, lowered costs, and improved customer experience. The IVA was initially launched on digital chat channels, achieving an 80% containment rate, and later expanded to internal helpdesk and customer-facing voice channels. According to Heather Richards, Verint's VP of go-to-market strategy, Verint IVA's scalable design and AI-driven machine learning capabilities contribute to its strong performance.
- Verint IVA handles 14 million customer service interactions annually.
- 80% of customer interactions are automated without human intervention.
- Deployment has increased agent capacity and expanded service hours.
- The firm reports reduced operational costs and improved customer experience.
- Initial deployment on digital chat channels achieved an 80% containment rate.
- Verint IVA uses machine learning to continuously improve performance.
- Scalable design allows for quick and small deployments with immediate benefits.
- No specific financial data or revenue impacts from this deployment were disclosed.
Insights
Verint's Intelligent Virtual Assistant (IVA) leveraging AI to automate 80 percent of customer interactions is a landmark achievement. This represents a significant shift in customer service operations, which traditionally relied on human agents. By handling approximately 14 million interactions annually, Verint's IVA is increasing efficiency and reducing operational costs for financial services firms.
The application of AI in automating customer interactions not only enhances service hours but also scales agent capacity, allowing human resources to focus on more complex tasks. This could potentially influence other firms in the industry to adopt similar technologies, thus setting a new standard in customer service automation.
However, it's important to consider the potential drawbacks. While the technology increases efficiency, it might lead to job displacement for customer service agents. Additionally, there's always a risk of system errors or the AI not handling specific customer issues adequately, which could lead to customer dissatisfaction. Firms need to have robust fallback mechanisms and continuous monitoring to ensure seamless customer experiences.
From a financial perspective, the deployment of Verint's IVA can significantly reduce operating costs for the consumer financial services firm. By automating a substantial portion of customer interactions, the firm can save on labor costs, which can then be redirected towards other strategic initiatives. Moreover, the enhanced customer experience can lead to increased customer loyalty, potentially boosting revenue in the long run.
It's also noteworthy that this move could positively impact Verint's stock (NASDAQ: VRNT) as the successful implementation of their AI technologies could lead to increased demand for their products. Investors might see this as an indication of Verint's strong market position and technological prowess, potentially driving stock prices higher.
However, it's important to monitor if the technology continues to deliver the promised benefits over time. Any decline in performance or customer satisfaction could adversely affect the firm's financial stability and stock performance.
Verint IVA Automates 14 Million Voice and Digital Interactions Annually
The firm reports experiencing significant financial and operational benefits as Verint IVA handles approximately 14 million customer service interactions annually and successfully resolves approximately 80 percent of customer interactions without transferring to a human agent.
The firm initially deployed Verint IVA on their digital chat channel where they reported containment rates quickly rose to 80 percent. They subsequently added internal helpdesk channels and customer facing voice channels to the Verint IVA deployment. Today, Verint AI-powered bots embedded in Verint IVA enable the firm to increase agent capacity, expand service hours, lower operating costs, and elevate the customer experience.
“Verint IVA delivers industry leading performance across voice and digital channels. Its scalable design enables brands to start with a small and quick deployment and immediately reap the benefits of AI business outcomes,” said Heather Richards, Verint’s vice president of go-to-market strategy. “Verint IVA consistently improves its performance by using AI machine learning and the comprehensive behavioral data hub available in the Verint Open Platform.”
Verint IVA includes multiple AI-powered bots working together to achieve industry leading containment rates and is part of a large team of specialized bots available within the Verint Open Platform.
Visit Verint IVA to learn more.
About Verint
Verint® (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world’s most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise.
Verint, The CX Automation Company™, is proud to be Certified™ by Great Place To Work®. Learn more at Verint.com.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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Media Relations
Sue Huss
sue.huss@verint.com
Investor Relations
Matthew Frankel
matthew.frankel@verint.com
Source: Verint
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