Verint TimeFlex Bot Wins a $4 Million Contract From a Leading Australian Bank

Rhea-AI Summary

Verint (NASDAQ: VRNT) has secured a $4 million contract with a major Australian bank to deploy its Workforce Management (WFM) and AI-powered TimeFlex Bot across 5,000 employees. This new contract signifies the bank's shift from another vendor's WFM solution to Verint's platform. Key benefits of the TimeFlex Bot include unlimited schedule changes, reduced employee attrition and absenteeism, and improved work/life balance for contact center agents. Previously, a multinational insurance company reported saving $2,000 per agent annually and reducing attrition by 30% using TimeFlex Bot.

Positive

• Secured $4 million contract with a leading Australian bank.
• Deployment will cover 5,000 employees.
• Previous customer reported $2,000 annual savings per agent.
• 30% reduction in employee attrition reported by another customer.
• 23% reduction in agent absenteeism.
• 32-point increase in employee Net Promoter Score.
• Contract includes Bundled SaaS deployment over 39 months.

Negative

• Replacement of existing WFM solution indicates potential dissatisfaction with previous vendor.
• High expectations for AI outcomes may pose future performance risks.

Insights

Financial Analyst

Verint's recent $4 million contract with a leading Australian bank to deploy its Workforce Management (WFM) and TimeFlex Bot solutions stands out as a significant win, indicating the company's growing influence in the AI-driven customer experience (CX) automation sector. The fact that the bank decided to replace its existing WFM solution with Verint’s indicates the competitive advantage and effectiveness of Verint's offerings. This move could signal to investors that Verint is successfully capturing market share.

From a financial standpoint, the contract is a positive development for Verint. It provides a stable revenue stream over the next 39 months, allowing the company to forecast its earnings with greater accuracy. Additionally, the contract being part of Verint's second quarter results could have a direct positive impact on the company's quarterly earnings report, potentially leading to a more favorable stock price in the short to medium term.

Rating: 1

Tech Expert

At the core of this contract is Verint's TimeFlex Bot, which highlights the growing impact of artificial intelligence in workforce management. The bot's ability to facilitate unlimited schedule changes, reduce employee attrition and absenteeism and improve work/life balance is a strong selling point. This functionality not only enhances operational efficiency but also improves employee satisfaction, which can be important for customer-facing roles like those in a contact center.

The mention of another client, a multinational insurance company, achieving significant ROI with the TimeFlex Bot underscores the technology's effectiveness and scalability. The 30% reduction in attrition and 23% reduction in absenteeism are impressive metrics that demonstrate tangible benefits. Such results can serve as a compelling case study for future sales, expanding Verint's market penetration.

Rating: 1

Market Research Analyst

The deployment of Verint’s solutions by a major Australian bank is a strategic win that could have broader implications for the company. The integration of the TimeFlex Bot within an existing ecosystem without requiring significant retraining of staff is a valuable proposition. This ease of adoption can be a important differentiator in the market where companies seek to minimize disruption and maximize ROI.

The ability to provide measurable business outcomes such as reduced labor costs and improved employee experiences is likely to resonate well in the market. For retail investors, understanding that the adoption of such technology can lead to substantial cost savings and operational efficiency gains is important. These factors can drive further market acceptance and customer acquisition, bolstering Verint's growth prospects in the long term.

Rating: 1

• Bank to Deploy Verint Workforce Management and Verint TimeFlex Bot Across 5,000 Employees
• Deal Follows a Large Multinational Insurance Company Reporting Strong AI Business Outcomes with Verint TimeFlex, Lowering Employee Attrition by 30 Percent

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The CX Automation Company™, continues to see contract wins and groundbreaking customer results for the new Verint TimeFlex Bot.

Verint TimeFlex Bot Wins a $4 Million Contract From a Leading Australian Bank (Photo: Business Wire)

Verint recently received a $4 million contract with a leading bank in Australia to deploy the Verint Open Platform’s workforce management (WFM) and bot capabilities. The bank has been a long-time Verint customer and is now expanding with Verint to replace a WFM solution from another vendor and introduce the artificial intelligence (AI) powered Verint TimeFlex Bot for its 4,500 agents. Verint TimeFlex Bot will provide the bank’s contact center agents with the flexibility to make unlimited schedule changes to reduce attrition and absenteeism while improving agent work/life balance.

“This contract is testament to our open platform’s unique ability to quickly deliver tangible AI business outcomes,” says Verint’s Jasen Williams, global vice president, corporate marketing. “The bot fits seamlessly into the customer’s existing ecosystem and agents learn how to use the bot within minutes. The result is faster AI business outcomes including improved employee experiences and lower labor costs.”

Customer Achieves Significant ROI with Verint TimeFlex Bot

The new contract win with the Australian bank follows another Verint customer, a leading multinational insurance company, reporting strong AI business outcomes from the TimeFlex Bot. The insurance company was able to save $2,000 per agent per year on average resulting from Verint’s TimeFlex Bot, including:

• 30% reduction in agent attrition
• 23% reduction in agent absenteeism
• 32-point increase in employee Net Promoter Score

The $4 million contract with the Australian bank was in Verint’s second quarter and includes Bundled SaaS deployment of the Verint Open Platform over 39 months.

Visit Verint Open Platform 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.

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/20240515926061/en/

Media Relations

Sue Huss

sue.huss@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

 

Source: Verint

FAQ

What is the value of the Verint contract with the Australian bank?

The contract is valued at $4 million.

How many employees will use the Verint TimeFlex Bot at the Australian bank?

The deployment will cover 5,000 employees.

What are the reported benefits of the Verint TimeFlex Bot?

Reported benefits include unlimited schedule changes, reduced employee attrition and absenteeism, and improved work/life balance.

How much did a multinational insurance company save using the Verint TimeFlex Bot?

The company reported saving $2,000 per agent annually.

What improvements were reported by a multinational insurance company using the TimeFlex Bot?

Improvements included a 30% reduction in agent attrition, a 23% reduction in absenteeism, and a 32-point increase in employee Net Promoter Score.

What is the duration of the Bundled SaaS deployment for the Australian bank?

The deployment is over 39 months.