Customer churn is of paramount concern in the growing telecom industry. For major telecom service providers (with annual revenues in the tens of billions), even a comparatively small 1% monthly customer churn rate can equate to major financial losses. Telecom companies thus need to proactively identify and address the concerns of high-risk customers. 

Reducing the customer churn rate is crucial in telecom’s competitive landscape where most consumers prefer to stick with a single provider. Let’s look at how Onix is addressing customer churn with AI-powered predictive analytics.

The Onix solution: AI-powered churn prediction

Developed by the Onix team, the innovative AI-powered Churn Prediction Model is designed to tackle this industry problem. Seamlessly integrated with Google Cloud’s Contact Center AI Platform (CCAIP), this AI solution analyzes various customer data points to identify customers with a high likelihood of churning. 

Typically, this model analyzes crucial data points, including:

• Customer account details like subscription type and tenure.
• The customer’s usage patterns such as call and data volume.
• History of interactions with customer service and billing.
• Current telecom network performance in the customer’s location. 

With these crucial factors, this AI solution can subtly identify the customers that are most likely to leave – and communicate these insights to contact center agents through Google’s CCAI platform. These real-time insights empower customer service agents to gain a comprehensive understanding of the customer’s concerns. Thus, they can now make personalized offers and promotions specifically for high-risk customers. 

Onix’s predictive AI model is designed to proactively address potential churn and retain valuable subscribers.

Business impact

By identifying the high-risk customers, telecom companies can take preemptive measures to address their specific concerns and reduce the overall churn rate. While the business impact can vary based on prevailing market cycles and the effectiveness of the promotional offers, telecom companies can make significant annual savings even with a modest reduction in their churn rate. For instance, leading telecom players can add millions of dollars to their bottom line revenue with a mere 1% decrease in churn, which can in turn deliver them an advantage in a competitive industry.

Looking ahead:

As more telecom companies modernize their contact centers, the AI-enabled Churn Prediction Model will emerge as a key tool in their customer retention strategies. At Onix, we are committed to developing cutting-edge telecom solutions that address this industry’s specific challenges including customer churn.

Are you curious to see the power of AI-enabled predictive analytics in action? Explore our demonstration dashboard at https://churnprediction-617768185136.us-west1.run.app/analytic

Ready to use AI technology to reduce your churn rate? Contact us today for a custom evaluation of your existing processes.