Verint Wins $4 Million Contract to Increase CX Automation for a Top Five U.S. Bank

Rhea-AI Summary

Verint (NASDAQ: VRNT) announced securing a $4 million multi-year contract from a top five U.S. bank to enhance customer experience (CX) automation in their contact center using the Verint Open Platform. The contract will cover 5,000 agents out of the bank's 40,000 agents, with an option for further expansion. Discussions are also underway regarding the implementation of AI-powered bots, which are not included in the current contract.

Dan Bodner, Verint's CEO, expressed confidence in the company's ability to support large brands in modernizing their contact centers and driving AI business outcomes. The initiative aims to improve CX by leveraging advanced AI solutions offered by Verint.

Positive

• $4 million multi-year contract secured.
• Contract covers 5,000 agents with an option for expansion.
• Potential deployment of AI-powered bots under discussion.
• Top five U.S. bank as a client.
• Opportunity to modernize contact centers and improve CX.

Negative

• Contract covers only one-eighth of the bank's workforce.
• AI-powered bots are not included in the existing contract.

Insights

Financial Analyst

The $4 million contract secured by Verint from a top five U.S. bank to enhance customer experience (CX) automation is significant. This contract represents a notable expansion of Verint's footprint in the financial sector. For context, this contract covers 12.5% of the bank's contact center workforce, indicating a potential for significant future growth if the solution proves effective.

Revenue Impact: The multi-year nature of this contract ensures a steady revenue stream for Verint, which can positively impact its financial statements. Considering Verint's annual revenue of around 900 million, this contract alone represents a modest but meaningful addition, contributing positively to their growth trajectory.

Market Position: Successfully integrating Verint's solutions in a major bank can serve as a credible case study, potentially attracting more clients from the banking sector. Financial institutions are heavily investing in technology to enhance efficiency and customer satisfaction, making this a lucrative area for Verint.

Expansion Potential: The contract includes a fully negotiated option to expand services and ongoing discussions about deploying additional AI-powered bots are promising. If executed, these could lead to additional revenue streams, further solidifying Verint's position in the market.

Tech Expert

Verint's Open Platform is at the forefront of CX automation technology, providing flexibility and scalability. This platform's deployment in a top five U.S. bank signifies its robustness and ability to handle complex, large-scale operations.

Technology Advantages: Being an open platform, it can integrate with existing systems without requiring significant overhauls, which is a critical deciding factor for large enterprises like banks. This capability reduces implementation time and costs, offering a smoother transition to enhanced automation.

AI-Powered Bots: The discussions around deploying AI-powered bots are particularly noteworthy. These bots can streamline interactions, reduce wait times and improve overall customer satisfaction by handling a variety of tasks autonomously. The inclusion of AI also positions Verint favorably in the tech-driven future of customer service.

Market Research Analyst

The contract with a top five U.S. bank highlights a growing trend towards increased automation in the financial services sector. This move aligns with broader industry shifts as financial institutions seek to leverage technology to enhance operational efficiency and customer engagement.

Industry Trend: There is a clear industry shift towards adopting AI and automation technologies. This contract places Verint ahead of the curve, showcasing their solutions in action within a high-profile client.

Competitive Landscape: Verint's success in securing this contract may disrupt the competitive landscape, prompting other tech providers to innovate and step up their offerings. This can lead to more competitive pricing and better solutions for consumers in the long run.

Impact on Future Contracts: The success of this deployment could influence other banks to consider Verint's solutions, especially if they see tangible improvements in customer satisfaction and operational efficiency. This can potentially lead to more contracts and wider market adoption.

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The CX Automation Company™, announced today that a top five U.S. bank chose the Verint Open Platform to increase CX automation in their contact center.

Verint was awarded a multi-year contract for $4 million for multiple Verint Open Platform applications across 5,000 agents. The bank has 40,000 agents overall in their contact centers across multiple business units, and the awarded contract covers one-eighth of their workforce, with a fully negotiated option in the contract to expand. In addition, Verint and the bank are discussing potential deployment of several AI-powered bots which are not included in the existing contract scope.

“We are pleased to be selected by one of the top five U.S. banks to modernize their contact centers. We are uniquely positioned to help large brands increase CX automation at their own pace with our differentiated open platform,” says Verint’s Dan Bodner, chairman and chief executive officer. “We look forward to working with the bank to increase adoption across their workforce and expand the use of the Verint Platform with AI-powered bots to drive significant AI business outcomes.”

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/20240522001763/en/

Media Relations

Sue Huss

sue.huss@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

Source: Verint

FAQ

What company won a $4 million contract to increase CX automation for a U.S. bank?

Verint (NASDAQ: VRNT) won the contract.

How many agents will the Verint Open Platform cover in the new contract?

The contract will cover 5,000 agents out of the bank's 40,000 agents.

Is there an option to expand the Verint contract with the U.S. bank?

Yes, the contract includes a fully negotiated option for expansion.

Are AI-powered bots included in Verint's current contract with the U.S. bank?

No, AI-powered bots are not included in the current contract but are under discussion.

What is the significance of Verint's new contract with a top five U.S. bank?

The contract signifies an opportunity for Verint to enhance CX automation and modernize the bank's contact centers, potentially expanding the use of AI solutions.