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Verizon ‘must shift to a customer-first focus,’ new CEO says
Yahoo Finance· 2025-10-29 12:46
Core Insights - Verizon is prioritizing customer experience to reduce churn and enhance customer loyalty, aiming to optimize the lifetime value of its customer base [3][6] - The company reported significant improvements in wireless retail postpaid phone net losses, decreasing from 356,000 in Q1 2025 to just 7,000 in Q3 2025 [3] - Friction in customer interactions is identified as a major reason for customer attrition, and the company plans to eliminate these friction points to improve retention [4] Customer Experience Initiatives - The new CEO, Dan Schulman, emphasizes a shift to a customer-first focus to capture growth opportunities and strengthen customer loyalty [6] - Verizon has previously invested in AI technologies to enhance customer experience, including tools like MyPlan and Fast Pass [4] - Schulman indicated that the company is only beginning to explore AI's potential in improving customer satisfaction, with proactive issue detection being a possible application [5] Strategic Direction - The company aims to build the best overall value proposition and customer experience in the industry, moving beyond just network reliability [4][6] - Schulman stated that Verizon will work to simplify offers and eliminate processes that detract from customer experience [6] - The commitment to significantly elevate customer service across multiple dimensions is a key focus for the company moving forward [6]