Wachovia Selects Verity for Time-Critical Cross-Enterprise Search
Financial Services Company Expects Verity K2 Enterprise to Increase the Speed of Customer Service Delivery
SUNNYVALE, Calif. - 2005-01-18 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced that Wachovia Corporation (NYSE: WB), the nation's fourth-largest bank holding company based on assets, has implemented Verity® K2 Enterprise (K2E) advanced search, classification and recommendation software to help its customer service centers' phone representatives to quickly locate information and deliver quality service to customers on in-bound calls.
Wachovia has deployed Verity K2E in support of its 14 customer service contact centers, which are located in three time zones, to meet the demands of its growing customer base 24 hours a day. The company's approximately 5,000 representatives, who serve retail, wholesale, brokerage and asset management customers, are using Verity's search and taxonomy technologies to locate information for customers faster and more accurately than in the past. Wachovia leaders believed that the Verity system helps to improve the quality of its customer experience, which is a key focus for the company, an industry leader in customer satisfaction and loyalty. Verity K2E's proven ease of integration with Documentum was also an appeal to Wachovia.
"We handle more than 150 million customer interactions annually at Wachovia's contact centers. Finding and getting the right information quickly to our customers is critical in our 24-hours-a-day environment," said Bret Vincent, director of Learning and Knowledge Management for Wachovia's contact centers. "In addition, the seconds we save searching for information is time that we can spend to better understand what our customers want and expect from us. This allows us to more effectively meet their financial needs each time they interact with us."
Ultimately, many of the Verity software's functionalities will also be applied on Wachovia's corporate intranet site, known as 'Inside Wachovia Exchange'. Wachovia also plans to roll out additional Verity K2E capabilities, including Verity® Collaborative Classifier, which allows distributed taxonomy creation and management to be done in real-time by knowledge engineers and subject matter experts working collaboratively. Verity K2E will be integrated with the Microsoft content management system that underpins Wachovia's corporate intranet.
"At Wachovia, we listen closely to employees about their work productivity needs," said Pete Fields, Wachovia's director of Internal Web Services. "Employees are telling us that one of their top needs is for an improved search function across our intranet. Simply put, they are having a hard time finding the information that they need to serve customers well and to do their jobs effectively. We believe that Verity's products can help us to solve a complex problem - which goes beyond algorithms to include taxonomies, classification and metadata - so that we can provide our employees with advanced search-related capabilities that can help them to quickly access the information they need to perform their jobs at the highest levels."
"Wachovia's selection of Verity K2 Enterprise was made with the strategic analysis one would expect from a leading financial services institution," said Anthony Bettencourt, Verity's president and chief executive officer. "We are pleased to see yet another leading company selects Verity to help better manage its intellectual capital, while realizing significant return-on-investment."
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
About Verity
Headquartered in Sunnyvale, California, Verity provides software that enables organizations to maximize the return on their intellectual capital investment. The company's intellectual capital management (ICM) solutions provide integrated search, classification, recommendation, monitoring and analytics across the real-time flow of enterprise information, along with question and answer interfaces for effective online self-service. Other Verity ICM solutions capture content and drive automated business processes. Verity technology also serves as a core component of more than 260 applications from leading independent software vendors.
Verity software solutions are used by more than 11,500 customers in the private and public sectors. Customers include American Express, AT&T, Bristol-Myers Squibb, Cap Gemini Ernst & Young, Cardinal Health, Cisco Systems, EMC Documentum, Dow Jones, Financial Times, Hewlett-Packard, Lotus, Kaiser Permanente, META Group, SAP, Siemens, the State of California, Stellent, Sybase, and the U.S. Departments of Energy and Justice.
This press release contains forward-looking statements relating to Wachovia's future implementation of additional Verity K2E capabilities on its call center Web site and intranet, as well as the expected benefits Wachovia will receive from utilizing Verity K2E. Actual results are subject to risks and uncertainties, including the risk that integration of the Verity's technologies into Wachovia's Web sites will not occur as anticipated as a result of unforeseen technical difficulties; and Wachovia may choose to implement the Verity capability differently or on a different timeline than Verity or Wachovia currently anticipates. These and other risks relating to Verity and its business and products are set forth under the caption "Risks Relating to Our Operations" in Item 2 of Verity's Form 10-Q filed with the Securities and Exchange Commission on January 7, 2005.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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