Verizon unveils new AI tools to transform customer experience
Verizon has introduced new AI tools designed to enhance customer experience by leveraging human-assisted GenAI technology. These tools aim to simplify business interactions, reduce the cognitive load on employees, and foster meaningful customer relationships.
The new tools include a Personal Research Assistant that enables employees to answer 95% of inquiries accurately and a 'Fast Pass' system that intelligently pairs customers with the best-suited representatives.
Additionally, Verizon's AI-driven Personal Shopper/Problem Solver and 'Segment of Me' initiatives offer personalized recommendations and quicker transactions, reducing customer churn and increasing engagement.
Verizon reported $134 billion in revenue for 2023, supported by its advanced and reliable technology and communication services.
- New AI tools simplify customer interactions and reduce employee cognitive load.
- Employees can now answer 95% of customer inquiries accurately.
- 'Fast Pass' system improves customer service by pairing them with the best representatives.
- Personal Shopper/Problem Solver reduces customer transaction time by 2-4 minutes.
- 'Segment of Me' initiative increases customer engagement and reduces churn.
- New AI tools contribute to improved customer satisfaction across sales and service channels.
- No concrete financial benefits or cost savings from new AI tools were reported.
- The press release does not provide specific metrics on cost or ROI for implementing the new AI technology.
- Potential risks include reliance on AI technology, which may face technical issues or glitches.
- Employee adaptation to new tools might require additional training and resources, increasing short-term operational costs.
Insights
Verizon's deployment of new GenAI (Generative Artificial Intelligence) tools promises to transform the customer experience through advanced technology. By leveraging AI to assist human representatives, Verizon aims to reduce the cognitive load on employees and streamline customer interactions.
AI's matchmaking capabilities, such as the ‘Fast Pass,’ pair customers with representatives best suited to address their specific needs. This approach reduces the time spent on resolving issues, thereby increasing customer satisfaction. The implementation of AI as a ‘Personal Research Assistant’ helps employees access vast amounts of information quickly, which enhances the accuracy and relevance of their responses.
In simple terms, this means that customers will likely experience faster service, more accurate answers and personalized recommendations. However, it also introduces challenges such as the need for continuous updates and maintenance of the AI systems to ensure they remain effective. Moreover, there's always the risk of over-reliance on AI, which could potentially lead to service issues if the system malfunctions.
Overall, these tools signify progress in customer service technology, potentially setting a new industry standard. Employees will be more efficient and customers will experience more tailored and expedient service.
From a market perspective, Verizon's introduction of GenAI tools could offer significant competitive advantages. By improving customer satisfaction and reducing churn, Verizon may see better customer retention rates. This can directly correlate to increased revenue and market share as happy customers are more likely to remain loyal and recommend the service.
The use of AI in enhancing customer interactions aligns with broader industry trends towards automation and personalization. As companies increasingly adopt these technologies, Verizon's early implementation could position it as a market leader, differentiating it from competitors. However, the effectiveness of these tools will need to be closely monitored. The real test will be whether sustained improvements in customer satisfaction translate into measurable financial benefits over time.
Additionally, the cost of developing and maintaining these AI systems must be balanced against the anticipated revenue gains. Investors should keep an eye on future earnings reports to gauge how these innovations impact Verizon's bottom line.
In summary, while there are costs involved, the potential for enhanced customer loyalty and market positioning makes this a promising development for Verizon.
New human-assisted GenAI technology offers more transparency, saves time and simplifies tasks for employees helping customers
NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) -- Verizon is enhancing the customer experience through new GenAI tools that are reimagining and improving the way the company serves its customers. In recent months, Verizon has been developing – and deploying – industry-leading, human-assisted GenAI applications to simplify experiences and help make every interaction a positive one.
These new tools make it simple to do business with Verizon and help reduce the cognitive load on store and customer service partners. These tools are designed with human in the loop - to work alongside our customers and frontlines as a personal “guide” to get to the best answers and offers available. Most importantly, these tools allow Verizon representatives on the frontlines to build meaningful relationships with customers, because every interaction matters. New tools include:
Seamless experiences
- Personal Research Assistant: Verizon’s personal assistant technology is helping our frontline teams review thousands of resources to provide employees with the information they need to assist customers quickly and accurately, and personalized based on their unique needs. The improvements are already evident. Employees are now able to answer nearly all (
95% ) of customer inquiries, and our answer accuracy rate continues to increase. - “Fast Pass” to resolution: To help save customers’ valuable time, Verizon is using AI to intelligently pair them with the best available customer care representative to meet their specific needs. AI’s match-making advantage for our support teams helps improve the experience by making the best human connection. This means that if a customer is calling about a specific question related to their international service, that customer will be paired with our best expert on international travel options, rather than a generalist. AND, that representative will see them through to a positive resolution.
Best-in-class digital and in-store experiences
- Personal Shopper/Problem Solver: Working alongside employees as a customer’s personal shopper and problem solver, Verizon is using AI to instantly analyze a customer’s profile and help employees get a head start on who the customer is and why they may be calling. This allows them to provide answers, offers, experiences and products that speak to the customers’ needs with ease, accuracy and efficiency. With the personal shopper and problem solver working in the background, Verizon has already cut the customer transaction time down by two to four minutes.
- “Segment of Me:” AI is helping us treat each customer in a highly personalized manner by providing unique offers and products that are tailored exclusively for them – what we call a “segment of me.” From new plans, product offers, service upgrades and more, AI is accurately and proactively identifying what a customer may be looking for and enabling agile, consistent experiences no matter where they shop. With this type of proactive work, Verizon has increased the engagement with our customers and lowered churn.
“We’re on a journey to provide a premium experience during every interaction because we know it matters to our customers,” said Brian Higgins, Chief Customer Experience Officer, Verizon Consumer. “We connect roughly
Teams are already starting to see meaningful increases in customer satisfaction and improved engagement across all sales and service channels, from fixing pain points and providing signature experiences, to creating best-in-class digital channels, and driving simplicity and transparency across all touch points.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of
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Media contact:
Marnie Baddock
marnie.baddock@verizon.com
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