Travel Services Company Deploys Verint AI-Powered Self-Service, Driving $10 Million Annual Savings

Rhea-AI Summary

Verint announced that a major U.S. travel services company implemented their AI-powered Intelligent Voice Assistant (IVA) to replace legacy telephony IVR systems. The implementation led to a significant increase in self-service containment, rising from 10% to 50% of telephony traffic within the first month. This improvement resulted in $10 million in annual savings. The company handles 4 million calls annually and the new IVA system provides enhanced intent recognition and integrations with back-end systems like CRM and location services to better handle customer inquiries.

Positive

• Achieved $10 million in annual savings
• Increased self-service containment from 10% to 50% in first month
• Successfully handling large call volume of 4 million calls annually

Negative

• None.

Insights

Financial Analyst

The implementation of Verint's AI-powered IVA solution demonstrates significant financial impact with $10 million in annual savings for their travel services client. The dramatic increase in self-service containment from 10% to 50% in just one month represents a remarkable efficiency improvement, handling 2 million calls annually through automation that previously required human intervention.

With a market cap of $1.58 billion, this successful case study could drive additional enterprise adoption of Verint's AI solutions. The ROI metrics are particularly compelling - achieving $10 million in savings from a single implementation suggests strong potential for revenue growth and margin expansion as more clients adopt their IVA technology. This development positions Verint well in the competitive CX automation market, especially as companies seek cost-effective solutions for customer service optimization.

Verint Intelligent Virtual Assistant Increases Containment from 10% to 50% in One Month

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The CX Automation Company™, today announced that a major U.S. travel services company deployed Verint AI-powered Intelligent Voice Assistant (IVA) to replace their legacy telephony IVR (Interactive Voice Response) solution and achieved strong AI business outcomes. The company increased containment in self-service from 10% to 50% of their telephony traffic within the first month, driving $10 million in annual savings.

The company was using a legacy touch-tone IVR for self-service across 4 million calls annually. Verint IVA delivered best-of-breed intent recognition as well as integrations to back-end systems, such as CRM and location services, to accurately respond to customer questions. As a result, call containment within the self-service channel significantly increased.

“Verint IVA is revolutionizing the approach to telephony self-service,” says Verint’s Heather Richards, vice president, Go-to-Market Strategy. “By improving intent recognition and providing seamless integration with CRM and other specialized services, brands can significantly increase self-service containment, driving millions of dollars in savings and elevating their customer experience.”

Visit Verint Intelligent Virtual Assistant 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, Now™ 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.

VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241119556713/en/

Media Relations

Sue Huss

sue.huss@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

Source: Verint

FAQ

How much annual savings did the travel company achieve with Verint's IVA system (VRNT)?

The travel company achieved $10 million in annual savings after implementing Verint's Intelligent Voice Assistant (IVA) system.

What improvement in containment rate did Verint's IVA (VRNT) achieve for the travel company?

Verint's IVA increased the self-service containment rate from 10% to 50% within the first month of implementation.

How many calls does the travel company handle annually using Verint's IVA (VRNT)?

The travel company handles 4 million calls annually using Verint's Intelligent Voice Assistant system.