Latest news with #Project624
CNET
26-06-2025
- Business
- CNET
Verizon Is Enlisting Google's AI to Resolve Support Calls on the First Try
Verizon's cryptic Project 624 flew under the radar until this week, when the carrier announced a new customer service program built on Google Gemini AI technology that's intended to resolve issues on first contact. If it works as intended, subscribers should be able to avoid the time-sucking support slog that is often a hallmark of modern troubleshooting. Sowmyanarayan Sampath, CEO of Verizon's consumer group, laid out changes to the customer experience that went live Tuesday, which include a team dedicated to satisfying customers in their first call (called the Customer Champion team) and improvements to the My Verizon app that leverage Google Gemini AI technology. There's also expanded live customer agent hours and 24/7 live chat and a larger footprint of physical Verizon stores. The company will also offer more perks and giveaways. In an open letter laying out the carrier's new customer service initiative, the consumer group CEO also included a direct email address, for customers to contact him. 5% [of customers with issues] go into a doom loop, and they are the most dissatisfied. It's a very rough journey for them. We see it, and it's not fair on them. Sowmyanarayan Sampath, Verizon consumer group CEO But before we get into the specifics of what's new, I wondered if the announcements were a direct reaction to the most recent quarter in which the company lost nearly 300,000 customers in the first quarter of 2025. Is the carrier boosting customer service to win back more subscribers? "That's a very fair question," Sampath said. "The answer is quite straight: Every first quarter we lose customers, that's the seasonality of the business. So this has nothing to do with our first quarter of business. This has to do with the two, three year transformation that we are in the middle of." He explained that improving customer experience is the next step after his prior efforts to revamp Verizon's sales infrastructure and price plans. Verizon may be the first carrier to get AI in its customer service platforms, but it's not the only one thinking of including it. Last September, T-Mobile announced that it was partnering with OpenAI to include a new artificial intelligence offering to help customers, which would launch sometime in 2025. Whether Verizon's system will get a leg up depends on what it's got in store for helping subscribers get their essential questions answered. Harnessing AI to create Customer Champions Customer service for any industry is difficult, but that's compounded for large mobile players like Verizon that provide connectivity for millions of customers across large swathes of area and technological hardware. And because phones have gained outsized importance in our lives, having something go wrong with one's link to the outside world can ratchet up frustration. "I get a lot of emails from customers every day, and they're not pretty," said Sampath. He estimates that 80% of the time, customers get their issue resolved on the first call. About 15% have to call again, maybe twice. "The last 5% go into a doom loop, and they are the most dissatisfied. It's a very rough journey for them. We see it, and it's not fair on them." To try to avoid that loop, Verizon is launching its so-called Customer Champion team that uses Verizon-customized Google Gemini 2.0 models to process calls, identify solutions and keep the customer updated throughout the resolution process. It's an approach inherited from systems Verizon has been using for its enterprise customers. "We've been doing that for a few months now in pilot [programs], and 90% of the time we solve issues the first time around," he said. As the program proceeds, he hopes to get that number up to 95 or 96%. A new version of the My Verizon app includes AI-based support improvements. Verizon Google Gemini is also an important part of an update to the My Verizon app. The AI-powered Verizon Assistant has been built with input from Google engineers and embedded with Verizon-specific context. As a practical example, the technology can enable Verizon to deal with problems proactively. "If your phone is lost in transit, I know it because FedEx told me it didn't get delivered," he said. "Why do I need you to call me and let me know your phone got lost?" In such a case, Verizon uses AI to identify the problem, automatically open a case and get back to the customer with a plan to resolve it. Sampath explained that Verizon essentially creates a small language model for each case, and compared that to the large language models (LLMs) that have more visibility in the industry right now. The small, bespoke models don't have general knowledge around life. "I don't need to know what the Romans did," he said. "I need to know why my bill went up. And we go ahead and do exactly that." LLMs, however, are not always known for their accuracy. Sampath said that a year and a half ago they were seeing a 30%-40% error rate, but that has now improved to "well north of 90% accuracy. And when it's inaccurate, it's only mildly inaccurate because of the way we do it. We don't get crazy answers on [it]." Expanding live customer support and store footprint With this surge in using AI to handle customer issues, I naturally wanted to know if that would negatively affect Verizon staffing. If Verizon's Gemini model can deal with most requests, does that take humans out of the loop and off the payroll? "We've used AI to basically take cognitive workload off our employees so that they can focus their bandwidth and headspace on listening to customers better," Sampath said. "That's the right way for us to go. Look, if I need to take out costs, there are simpler ways for me to do it. I don't need to deploy AI and all the complexity that goes with it. And for us, AI is all about problem solving." As part of this new customer support initiative, Verizon is expanding its live support options in several ways. Representatives will be available from 9 a.m. until midnight (local times) via phone calls, expanded from 8 a.m. until 9 p.m., and during the rest of the clock via live chat. "[Stuff] happens when you least expect it, and I don't want you to have to wait until the morning, because things can change," he said. Verizon store in New York Richard Levine The network of physical Verizon stores also plays a part, because "we want to be in your community," Sampath said. He noted that Verizon is recommitting to the retail experience, having added around 400 new stores in the last couple years and plans to keep expanding the company's brick-and-mortar footprint. Verizon Access rewards platform In today's mobile provider environment, perks have become powerful incentives, with carriers offering extras from conventional add-ons like streaming services and in-flight Wi-Fi to the assortment of giveaways in T-Mobile Tuesdays. On this front, Sampath made a point of differentiating Verizon's offerings from the competition. "Look, we don't give you $3 off your Little Caesars Pizza… you don't get a large popcorn versus a medium popcorn. I'm sure there's good value in that," he said. "We give you bucket-list things you can do," citing examples such as tickets to NFL games, Katy Perry and Beyoncé concerts. Starting today through June 30, Verizon is giving away 35,000 free prizes in drops from its Verizon Access program, "anything from tickets to devices and a bunch of other things to keep our loyalty going."
Phone Arena
25-06-2025
- Business
- Phone Arena
Verizon teams up with Nokia in an effort to build multiple private 5G networks
Verizon Receive the latest Verizon news By subscribing you agree to our terms and conditions and privacy policy Meanwhile, Nokia is on to 6G Are you excited about 6G? Yeah, bring it on! No, not at all. I don't have an opinion at the moment. Yeah, bring it on! 0% No, not at all. 0% I don't have an opinion at the moment. 0% Recommended Stories Grab a free iPhone 13 from Total Wireless! Switch to Total 5G+ Unlimited 3-Month plan or Total 5G Unlimited and get a free iPhone. We may earn a commission if you make a purchase Check Out The Offer After launching Project 624 , an AI-powered initiative using Google's Gemini models and human agents to improve customer service, Verizon is now teaming up with Nokia. The telco and the Finnish company are to work closely together in the near Nokia have reportedly won a contract in Britain – they'll build several private 5G networks at Thames Freeport. This is a designated UK economic zone that offers tax incentives, customs benefits, and simplified regulations to promote trade and business growth. It spans over 1,700 acres and is expected to create more than 20,000 jobs – it includes one of Europe's largest automated ports and is home to Ford's only remaining UK manufacturing upcoming private networks will offer exclusive, high-speed connectivity for industrial use, bypassing the limitations of shared public networks and enabling technologies such as AI, automation, and real-time data processing. In other words, private 5G networks are like having your own personal, superfast and secure internet connection just for your business or site. Unlike public 5G, which is shared with everyone and can slow down during busy times, private 5G gives companies a dedicated connection that stays fast and reliable. This is especially useful for big industrial operations that rely on things like robots, sensors, and real-time data to run smoothly and financial terms were not revealed, the project is positioned as part of a broader multibillion-dollar transformation of the region, supporting Thames new 5G systems will power operations at DP World London Gateway and its logistics park, which together manage over 3 million containers annually, as well as the Port of Tilbury and Ford's Dagenham plant. Nokia will supply all hardware and software, making it the sole technology provider for the 5G has only recently started to become widespread, the industry is already preparing for the arrival of 6G. Nokia has published a detailed timeline that we told you about, indicating that commercial 6G service is expected to launch by the fourth quarter of 2029. This comes after the 3rd Generation Partnership Project (3GPP) recently met in Prague to discuss the technical specifications and architecture for 6G, with formal standards expected to be finalized by 2029 and 6G becoming widely available around highlights that 6G will bring significant advancements, including improved AI capabilities to manage data collection, model inference, and network performance, helping make the entire system more efficient and easier to operate. One key feature of 6G will be better battery life for devices, addressing a common limitation of current smartphones. Additionally, Nokia explains that 6G will require large amounts of radio spectrum but will share much of it with existing 5G networks through a new technology called 5G-6G Multi-RAT Spectrum Sharing (MRSS). This approach allows both networks to operate simultaneously and efficiently without transition from 5G to 6G is expected to be smooth because 5G is already designed to share spectrum dynamically, though MRSS will be even more advanced in managing resources between the two generations.
Yahoo
25-06-2025
- Business
- Yahoo
Verizon unveils AI-powered customer overhaul 'Project 624'
-- Verizon Communications Inc (NYSE:VZ). unveiled a multi-pronged overhaul of its consumer services Monday, debuting a suite of artificial intelligence-driven tools, retail expansions, and live agent support aimed at reshaping its customer experience. Dubbed the company's most significant transformation in years, the initiative, called 'Project 624,' underscores Verizon's push to add personalization and reduce customer churn across its massive user base. The launch includes a dedicated 'Customer Champion' support system powered by Google's AI models, a revamped MyVerizon app with greater personalization, and 24/7 live chat support. Verizon also touted physical store growth, adding nearly 400 retail locations over the last two years, placing 93% of the U.S. population within 30 minutes of a store. "Today marks another significant step in our ongoing consumer business transformation journey that began two years ago," said Hans Vestberg, Verizon Chairman and CEO. 'We are setting a new standard for customer innovation by focusing on both people and technology, using the most advanced AI to make the customer experience simpler, faster, and more rewarding.' As part of the rollout, Verizon launched a summer rewards campaign through MyAccess, its customer rewards platform, giving away 35,000 prizes including concert tickets to events featuring Beyoncé and Lady Gaga, as well as branded gift cards. On the network side, the company reaffirmed its position as the operator of the largest and fastest 5G network in the country, with continued investment into mobile and fixed wireless services. While the company highlighted the transformation as industry-leading, investor reactions were mixed. Sam McHugh of BNP Paribas (OTC:BNPQY) Exane reiterated an 'Outperform' rating and $51 price target but noted that many of the moves may be 'small incremental changes and not hugely disruptive to the wider industry." McHugh described the updates as more 'hygiene factors' than game-changing innovations, particularly in light of Verizon's 2025 growth aspirations. 'While none of these factors appear to be a huge game changer, the fine margins of Verizon's 'better than 2024' net add guide means that even small changes could help reduce churn in the back half of 2025,' he wrote. Still, the enhanced offerings could provide tighter customer retention capabilities and align with Verizon's broader goal to emphasize service revenue, EBITDA, and free cash flow ahead of raw subscriber additions. As the telecom sector grapples with a plateaued U.S. market, targeted pricing tweaks and digital enhancements may provide a path to modest growth without sacrificing financial discipline. Related articles Verizon unveils AI-powered customer overhaul 'Project 624' OpenAI designs rival to Office and Workspace, The Information reports Gross predicts little bull market for stocks, bear for bonds Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-06-2025
- Business
- Yahoo
Morgan Stanley names Chewy its top pick for the $40bn vet clinics opportunity
-- Morgan Stanley sees the U.S. veterinary clinic market as a roughly $40 billion opportunity and has named Chewy (NYSE:CHWY) its top stock pick to capitalize on it. The bank launched a dedicated model for Chewy's vet clinic expansion, estimating that every 100 clinics could add around $50 million in EBITDA and generate $500 million to $800 million in enterprise value (EV) before considering broader brand benefits. 'Vet clinics are a ~$40B total addressable market (TAM) where we believe CHWY has a path to win,' analysts led by Nathan Feather wrote, citing Chewy's strong brand, large customer base, and established pet health infrastructure. Chewy's existing health business already generates over $3 billion in sales and includes the largest U.S. pet pharmacy. Morgan Stanley notes that 55% of surveyed pet owners are likely to consider Chewy clinics, rising to 80% among people under 35. Morgan Stanley models a base case where Chewy grows to about 100 clinics by 2030, contributing an estimated $290 million in revenue and $47 million in EBITDA. In its bull case, the company could scale to 275 clinics over the same period, generating $842 million in revenue and $126 million in EBITDA. The Wall Street firm raised its bull-case valuation from $68 to $75 per share. Each clinic is projected to contribute approximately $2.4 million in annual revenue and $500,000 in EBITDA at maturity. 'In total, we think one clinic can turn ~$1.5M-2.0M of cash in to ~$5M-8M of enterprise value… a ~2.5-5x return,' the report said. Morgan Stanley believes M&A may be the key to faster scaling for Chewy, with the company capable of funding about 100 clinic openings per year through just 1% of its annual revenue in capital expenditures. 'Given its large existing customer base and halo benefits, we believe CHWY could buy clinics at a premium and still be immediately accretive,' the report continued. The analysts also highlight the highly fragmented nature of the vet industry—where the top five players account for less than 15% of the market—as an opportunity for roll-ups. While Chewy has only opened eight clinics so far, the analysts view the segment as a long-term structural growth lever. 'We make CHWY our Top Pick and raise our Bull Case. Clinics are an added lever to an already strong core story with improving share gains and expanding margin," they concluded. Morgan Stanley maintains an Overweight rating on Chewy in its base case, with a price target of $50. Related articles Morgan Stanley names Chewy its top pick for the $40bn vet clinics opportunity Verizon unveils AI-powered customer overhaul 'Project 624' Fed's Powell signals patience on rate cuts amid economic stability Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNET
24-06-2025
- Business
- CNET
Verizon's Project 624 Is an AI-Powered Customer Service Initiative
In April, Verizon's CEO of its consumer group, Sowmyanarayan Sampath, dropped a cryptic teaser on his LinkedIn Page: "Project 624. All about the customer. Coming soon." And then… nothing more about it, until today. Now we know that 624 represents the date, June 24, and the project is an ambitious customer service program intended to make it so subscribers can resolve issues by contacting Verizon just once. And yes, AI is involved, but don't roll your eyes just yet. In a call with Sampath just before revealing Project 624's details, he laid out changes to the customer experience that went live today. They include a team dedicated to satisfying customers in their first call (called the Customer Champion team) and improvements to the myVerizon app that leverage Google Gemini AI technology; expanded live customer agent hours and 24/7 live chat; a larger footprint of physical Verizon stores; and more perks and giveaways. In an open letter laying out the carrier's new customer service initiative published today, the consumer group CEO also included a direct email address, for customers to contact him. But before we get into the specifics of what's new, I wondered if today's announcements were a direct reaction to the most recent quarter in which the company lost nearly 300,000 customers in the first quarter of 2025. Is the carrier boosting customer service to win back more subscribers? "That's a very fair question," Sampath said. "The answer is quite straight: Every first quarter we lose customers, that's the seasonality of the business. So this has nothing to do with our first quarter of business. This has to do with the two, three year transformation that we are in the middle of." He explained that improving customer experience is the next step after his prior efforts to revamp Verizon's sales infrastructure and price plans. Verizon may be the first carrier to get AI in its customer service platforms, but it's not the only one thinking of including it. Last September, T-Mobile announced that it was partnering with OpenAI to include a new artificial intelligence offering to help customers, which would launch sometime in 2025. Whether Verizon's system will get a leg up depends on what it's got in store for helping subscribers get their essential questions answered. Harnessing AI to create Customer Champions Customer service for any industry is difficult, but that's compounded for large mobile players like Verizon that provide connectivity for millions of customers across large swathes of area and technological hardware. And because phones have gained outsized importance in our lives, having something go wrong with one's link to the outside world can ratchet up frustration. "I get a lot of emails from customers every day, and they're not pretty," said Sampath. He estimates that 80% of the time, customers get their issue resolved on the first call. About 15% have to call again, maybe twice. "The last 5% go into a doom loop, and they are the most dissatisfied. It's a very rough journey for them. We see it, and it's not fair on them." To try to avoid that loop, Verizon is launching its so-called Customer Champion team that uses a Verizon-customized implementation of Google Gemini 2.0 models to process calls, identify solutions and keep the customer updated throughout the resolution process. It's an approach inherited from systems Verizon has been using for its enterprise customers. "We've been doing that for a few months now in pilot [programs], and 90% of the time we solve issues the first time around," he said. As the program proceeds, he hopes to get that number up to 95 or 96%. A new version of the myVerizon app includes AI-based support improvements. Verizon Google Gemini is also an important part of an update to the myVerizon app. The AI-powered Verizon Assistant has been built with input from Google engineers and embedded with Verizon-specific context. As a practical example, the technology can enable Verizon to deal with problems proactively. "If your phone is lost in transit, I know it because FedEx told me it didn't get delivered," he said. "Why do I need you to call me and let me know your phone got lost?" In such a case, Verizon uses AI to identify the problem, automatically open a case and get back to the customer with a plan to resolve it. Sampath explained that Verizon essentially creates a small language model for each case, and compared that to the large language models (LLMs) that have more visibility in the industry right now. The small, bespoke models don't have general knowledge around life. "I don't need to know what the Romans did," he said. "I need to know why my bill went up. And we go ahead and do exactly that." LLMs, however, are not always known for their accuracy. Sampath said that a year and a half ago they were seeing a 30%-40% error rate, but that has now improved to "well north of 90% accuracy. And when it's inaccurate, it's only mildly inaccurate because of the way we do it. We don't get crazy answers on [it]." Expanding live customer support and store footprint With this surge in using AI to handle customer issues, I naturally wanted to know if that would negatively affect Verizon staffing. If Verizon's Gemini model can deal with most requests, does that take humans out of the loop and off the payroll? "We've used AI to basically take cognitive workload off our employees so that they can focus their bandwidth and headspace on listening to customers better," Sampath said. "That's the right way for us to go. Look, if I need to take out costs, there are simpler ways for me to do it. I don't need to deploy AI and all the complexity that goes with it. And for us, AI is all about problem solving." As part of this new customer support initiative, Verizon is expanding its live support options in several ways. Representatives will be available from 9 a.m. until midnight (local times) via phone calls, expanded from 8 a.m. until 9 p.m., and during the rest of the clock via live chat. "[Stuff] happens when you least expect it, and I don't want you to have to wait until the morning, because things can change," he said. Verizon store in New York Richard Levine The network of physical Verizon stores also plays a part, because "we want to be in your community," Sampath said. He noted that Verizon is recommitting to the retail experience, having added around 400 new stores in the last couple years and plans to keep expanding the company's brick-and-mortar footprint. Verizon Access rewards platform In today's mobile provider environment, perks have become powerful incentives, with carriers offering extras from conventional add-ons like streaming services and in-flight Wi-Fi to the assortment of giveaways in T-Mobile Tuesdays. On this front, Sampath made a point of differentiating Verizon's offerings from the competition. "Look, we don't give you $3 off your Little Caesars Pizza… you don't get a large popcorn versus a medium popcorn. I'm sure there's good value in that," he said. "We give you bucket-list things you can do," citing examples such as tickets to NFL games, Katy Perry and Beyonce concerts. Starting today through June 30, Verizon is giving away 35,000 free prizes in drops from its Verizon Access program, "anything from tickets to devices and a bunch of other things to keep our loyalty going."
