Hearsay made a huge announcement last week — on Wednesday, we announced the availability of Hearsay Advisor Actions.
Advisor Actions will change the way your field works, taking mobile productivity to the next level with smart triggers, artificial intelligence and turnkey financial services workflows. Lead conversion, cross-selling, document execution or any other challenge you’re facing can be solved with Hearsay’s patented technology, prompting advisors to compliantly text and make calls in the moments that matter.
Our announcement has generated some buzz in the industry and we’re proud to be featured in the following publications:
Barron’s: Fintech firm Hearsay launches a productivity tool for advisors
ThinkAdvisor: Hearsay’s New Tool Boosts Texting, Mobile Capabilities for Advisors
Wealth Management: Advisor Actions on a Hearsay Trigger
Wall Street Journal Wealth Adviser Briefing: Adviser Efficiency (etc.)
FA Magazine: Hearsay Launches Mobile Phone Solution for Advisors
Financial Advisor IQ: Fintech Firm Unveils Tool for FAs to “Combat Robo Advisor Threat”
Insurance Innovation Reporter: Hearsay Systems Debuts Triggered Advisor Actions for Mobile Work Environment
InsuranceNews: Hearsay Systems Creates Mobile Solution For Advisors
Advisor Actions is completely customizable and drives the outcomes that are critical to taking on some of the biggest challenges you are facing. We’re excited about what this solution means for the future of advisor productivity, increasing revenues and improving the client experience.
Click here to schedule a conversation about how Advisor Actions can start working for you.
Last week at Dreamforce, I heard a compelling story about unifying the customer experience and journey in the Insurance industry. Eran Agrios, Head of Go To Market for Financial Services Cloud at Salesforce, played the role of “Julie”, a State Farm policyholder and brought an experience to life that was exponentially easier than any process I have ever experienced.
Turning a Bad Day Around
The story started with Julie right after she backed into a pole and damaged her car. Instead of putting off an onerous insurance and repair process — as I may or may not have done in the same situation — she logged right into her State Farm mobile app to submit a claim. First, she quickly and easily chat(bot)ted her way through a series of questions to provide the necessary details. Then, the app allowed her to take a photo of the car and the damage it had suffered. Within seconds, she was prompted to go ahead and submit the claim. (Note that behind the scenes, AI had analyzed the photo and compared it to other vehicles, claims and repair costs, and immediately presented Julie with a description and classification for the damage, alongside an estimate for repairs). The claim submission triggered a customer journey where Julie immediately received a text confirmation that her claim was submitted and being processed followed by updates to the claim status each step of the way.
Over at State Farm, Julie’s agent, Craig, was using Salesforce Financial Services Cloud which provided a consolidated view of his business including key metrics, interactions, leads, open claims and policies written. With its Einstein AI capabilities, Craig was alerted that Julie filed a notice of loss claim and received a recommendation to call Julie and check in that same day.
Julie was impressed with the call and her seamless State Farm experience, so she spent enough time chatting with Craig to see that he really understood her household and needs. Sharing news of her coming baby seemed natural as they discussed how coverage was working for her in the various areas of her life. With this additional information, Einstein crunched the data and provided recommendations on additional products Julie is likely to buy, updated her multi-product likelihood score, and gave Craig a whole new set of ‘next best actions’ to take over the next few months.
Creating this type of unified customer experience wasn’t easy for a firm founded 96 years ago, and selling through a network of 19,000 agents throughout the U.S.. It started with a commitment to research and innovation and a decision to embrace disruption. State Farm decided to empower their workforce to be prepared for what comes, starting with the core belief that success comes from constantly looking at things from the customer’s perspective.
The Next-Gen Experience: Turning a Good Day into a Good Month into a Good…
Customers today are more sophisticated than ever before and are exposed to a wide variety of consumer experiences on a daily basis, through various channels. Data, analytics and AI allow for extremely personalized promotions and service, which customers are beginning to expect from the companies they patronize. While 10 years ago, companies expected to compete primarily on product and price, leaders today know that customer experience is often the key battleground. State Farm demonstrates this with the digital tools they’ve built for customers to easily submit claims during the most stressful situations. But one touchpoint alone doesn’t make the next-gen customer experience.
The next-gen customer experience is seamless and personalized, on a day-to-day, week-to-week, year-to-year basis, across digital and offline channels, no matter who in the company is interacting with the customer. People, process and technology transformation is typically required for enterprise financial services firms with legacy systems in place. Automated data capture and synchronization into CRM platforms has enabled State Farm to provide actionable insights to State Farms agents that improves the customer experience and presents agents with opportunities to grow their book of business.
State Farm considers their ultimate weapon to be their unique combination of technology with the local, personal relationships their State Farm agents have created and continue to build with customers. In the last 18 months, State Farm has modernized 90,000 customer-facing associates on the Salesforce CRM platform alongside modernizing business processes and other technologies, all in the name of improved customer experience. These empowered agents are part of the next-gen, unified customer experience, using tools like Salesforce Financial Services Cloud and its AI-driven Einstein Insights alongside Hearsay’s Advisor Cloud to keep customers engaged with tailored communications at exactly the moments that matter.
Decades of complex processes and legacy systems have been blamed for slowing down digital transformation in the financial services industry. Delivering solutions that unify the customer journey is challenging given the industry ‘spaghetti’ of systems and data. To address customer needs for both their business and personal journeys, firms need to provide a unified client experience across products, channels, and geographies.
During the Dreamforce Financial Services keynote, BBVA demonstrated how they leverage Salesforce Financial Services Cloud (FSC) along with integrations with other systems and data sources to unify the client experience across products, channels, and geographies. While unifying systems and data is challenging, it also presents a unique opportunity for organizations to integrate their best of breed solutions and consolidate an increasing amount data via connectors to drive actionable insights for both advisors and customers.
The Customer View
BBVA shared the story of Alexandro Martin, a customer who had the opportunity to go through the unified customer journey with them across business and personal lines. At the same time Alexandro took ownership of his family’s business, he also received news that his first baby was on the way.
Although Alexandro was ambitious in business, he knew he needed to save for his family too and was able to start immediately with the BBVA mobile app. With a few clicks, he transferred some money from his savings into a new account his for his first baby. Because all relevant information was captured in the mobile application on Alexandro’s financial accounts is integrated with Salesforce FSC, a trigger was created to introduce Alexandro to a wealth management advisor. Alexandro was assigned to an advisor and then prompted by his mobile application to schedule a meeting based on the advisor’s availability.
The Advisor Side
Behind the scenes in FSC, the process described above triggered an Action Plan for the BBVA advisor. Her Action Plan very clearly outlined key customer onboarding tasks, including the appropriate engagement channels for each task. Alexandro’s FSC profile also included all of the financial account and personal information his advisor needed to prepare for their first meeting. Based on discovery in the initial financial planning meeting, the advisor was able to easily create a business referral and FSC routed the referral to the appropriate expert.
Most importantly, Alexandro’s new advisor was able to place him on a customer journey to receive personalized messages about his financial progress at the right time and through the right channel. Data captured from these interactions, as well as additional information provided by Alexandro, will be captured in Salesforce for Einstein to provide improved recommended actions in the future. Furthermore, this data will remain accessible in FSC across all advisors so management can track performance and share best practices in team meetings.
The Next-Gen Customer Experience
Customers from Alexandro’s generation aren’t like their parents; they’re exposed to a wide variety of consumer experiences on a daily basis, through various channels. They expect the type of best-in-class digital experience they get from the leading ecommerce sites, across all of their services: seamless and personalized, on a day-to-day, week-to-week, year-to-year basis. And in a field like wealth management, it has to be taken a step further and extend to offline channels too.
Regulations in the financial services industry call for rigorous processes and technology like AI to manage data and customer engagement. AI and automation, along with a clearly defined strategy for collecting and capturing data from a number of systems and surfacing that data to advisors and customers in a meaningful way to drive intelligent interactions, work to a firm’s benefit in unifying the customer experience as well. This requires integration of required systems to orchestrate workflows and actions, including secure and compliant engagement channels like email, social media and text. Automated data capture and synchronization into CRM platforms has enabled BBVA to provide actionable insights to their advisors that deliver a compelling end-to-end experience for customers and present advisors with opportunities to grow their book of business.
We’re excited to announce that our latest product release is now generally available!
Our 7th release of the year includes brand-new features for the Hearsay Platform, as well as new and improved functionality inside Hearsay Social, Hearsay Sites, and Hearsay Relate. As always, many of our updates to the platform work seamlessly across products. This makes it easy for you to help advisors use multiple digital channels — all from one place.
For the Hearsay Platform:
Advisors waste over two-thirds of their day on manual processes, leaving less time for actual value-added client interactions. With Advisor Actions we can help you solve this challenge.
Enabled by our new Action Card API, custom action cards with prescriptive next steps are created that can guide advisors and agents on how and when to reach out to clients and prospects during moments that matter.
What are some of these moments? Advisor Actions are fully customizable, allowing YOU to define moments of value sourced from any core system. We’ve started to work with customers and identify workflows integral to financial services firms such as:
- Lead Conversion
- Cross-selling activities
- Document execution
- And more
And with every Hearsay activity included in any Advisor Actions workflow featuring built-in compliance and automatically tracked and captured for reporting and analytics, Hearsay is bringing unprecedented transparency and real-time insights into advisors’ activities. Marketing and digital teams can now measure field performance such as advisors’ response times, frequency of touch and channel performance.
Want to learn more? Schedule time with our team to see how Advisor Actions can drive critical outcomes for your business.
Insights is Hearsay’s new reporting and analytics experience. Through robust dashboards and real-time reports, you can quickly quantify program performance and take a data-driven approach to optimizing it. Insights presents your data in a highly visual, easy-to-consume format so that it’s simple for you to see what’s working well, where there’s opportunity to improve and, of course, share these insights with your colleagues.
Ahead of a broad release in December of this year, today’s beta launch gives admins at participating organizations access to a subset of Insights functionality.
For Hearsay Social & Hearsay Sites:
New Hearsay Content Campaign – Millennials & Money
One of our most popular Hearsay Content Channels, Millennials & Money, is now available as a dynamic campaign. Hearsay automatically creates this campaign for you to review in draft mode, and includes 1 new post per week designed to help your advisors attract and retain millennial clients. Hearsay now offers three Hearsay Content Campaigns including Tech Trends, Healthy Living and, of course, Millennials & Money.
Note: To review available or discuss potential new Hearsay Content Campaigns, please engage with your Customer Success Manager.
For Hearsay Social:
1-to-1 Outreach – Click Through Tracking for Non-Showcase URLs
1-to-1 Outreach now captures more engagement data than ever before. With this release, Hearsay now tracks clicks on links in the email body AND the showcase link of 1-to-1 Outreach. This makes it easy for advisors to reach out to the right person at the right time, and it helps you improve your content strategy over time. It even provides CRM admins and field leaders deeper insight into the effectiveness of their advisor-client outreach strategy.
For Hearsay Relate:
Multi-ring helps advisory teams make sure client calls don’t go unanswered — without a complicated staffing plan. The feature allows multiple phone numbers to be added to an advisor’s workspace, so when a client calls the advisor, each phone number rings simultaneously. Once someone (the advisor, the assistant, etc) answers the call, the call is connected and no one else is able to answer it.
The Contact Uploader makes it easier than ever for advisors to import business contacts in Hearsay Relate. Simply “drag and drop” a spreadsheet (using the template provided) and Hearsay instantly imports each of the contacts and syncs it with the web and mobile app.
Because the digital world as we know it today is so new, there is bound to be miseducation out there about it. Just as superstitions and stories about monsters and boogeymen thrive amongst communities that are scared of the unknown because they don’t understand it, professionals might see digital media (especially social media) in the same way. However, just because it’s unknown and scary doesn’t mean we can’t break it apart, understand it, and even work with it.
Halloween is just a few weeks away so in the spirit of spookiness, here are three digital superstitions that have been debunked.
“Social media takes too much time.”
FALSE. If you automate and prioritize your social efforts, social media should take up no time at all.
In a survey of our users in 2017, we heard that the average advisor wants to spend about 5-10 minutes a week managing their digital marketing activities. That makes sense when you see that over 70% of all content posted is re-posted from the library. In an effort to make that 10 minutes better spent on digital marketing behaviors that truly differentiate your practices, we built Dynamic Campaigns to provide critical automation around sharing timely and relevant content. Instead of spending time re-posting from the content library, you can spend 5 min writing one great, personalized, and relevant post for your clients and prospects. The rest of the content can go out on your behalf automatically by subscribing to the right mix of campaigns provided by your corporate marketing teams.
For custom content, we highly recommend you make them really personal – posts that you can’t get from a dynamic campaign once a week. Your one custom post a week should be something that can only come from you or your firm. This helps build your brand as a personable and human one. You become a professional that clients and prospects can relate to. It might take a few more minutes than simply subscribing to a campaign, but it’s well worth the time in the long run.
“There’s no way to measure success.”
FALSE. There are many ways you can measure your success on social media.
For starters, the social networks each have their own data and analytics tools. On Facebook, you have Audience Insights. On Twitter, there’s Twitter Analytics and on LinkedIn there’s LinkedIn Analytics.
Facebook Analytics provides you with an overview of various demographics of who has liked your Facebook Page. In addition, every time you run an advertisement, you have access to a wide variety of performance metrics.
Twitter Analytics provides you with a real-time look at the people that are most relevant to you, such as followers or people who have engaged with your Tweets. It gives you the ability to learn about your audience’s demographics, interests, lifestyle and purchase behaviors. Leverage these insights to create the most relevant messages and help you identify new audiences to reach out to.
To access the audience insights dashboard from the Analytics dropdown on ads.Twitter.com, select Audience Insights. You can also access the analytics insights dashboard via analytics.twitter.com by selecting Followers.
With a basic LinkedIn account you are provided with limited insights into who has viewed your profile, how many profile views you’ve had, and the number of views your post has gotten. You’re also provided robust Insights related to long-form posts.
“Scheduled posts aren’t as effective.”
FALSE. They can be every bit as effective as their more inefficient, manual counterparts.
There is a commonly held belief that social media accounts purposefully limit the reach of content posted through third-party apps, probably in an effort to keep spam content low.
Besides an official statement from Facebook’s Matt Trainer back in 2011, this myth is still a pervasive one. However, several experiments have been run the past few years from online sources, such as Agorapulse in 2017. They found that there was little difference between the way 3rd Party App content and native app content performed.
What might be fueling this myth is actually user error. Folks who schedule content through 3rd Party Apps might be posting lower quality content in general or posting the exact same post across all social networks, which can affect engagement rates and reach. Just be sure that you’re still mindful of the content you post and where you post it, and your content should do great regardless!
10 More Digital Superstitions
Learn about ten more digital superstitions in our upcoming customer education webinar, Digital Superstitions: Let’s Debunk 13 Social, Digital, and Personal Brand Myths. In this live and Halloween-themed best practices webinar, advisors will hear directly from Hearsay’s Customer Education Executive Chris Beck about the truths behind some of the scary and spooky myths regarding your social, digital and personal brand efforts. Join us Tuesday October 16, 2018: 8am PST/ 11am EST / 4pm GMT or watch the recorded version.
- Email Marketing, Social Media and You
- New Survey: Top Advisors Gain Nearly $8M in AUM Through Strategic Social Media Use
Artificial Intelligence (AI) has arrived in financial services. In fact, in a recent study by PricewaterhouseCoopers (PwC) over half of the executives surveyed report they have already implemented AI into some aspect of their business. But after a few days at Dreamforce listening to financial services firms, it’s clear much of the AI implemented so far is experimentation. And while there’s a long way to go to uncover its full potential, the appetite for using AI to grow client relationships — and revenue — is huge.
AI-Driven Smart Workflows
During their session “Beyond CRM, how AI is changing selling forever”, PwC partner Darshan Chandarana identified a few AI technologies that are being used in the market right now to drive growth — Machine Learning (ML), Natural Language Processing (NLP) and Smart Workflows.
AI-driven Smart Workflows, in particular, were highlighted in various sessions throughout the Financial Services-focused Dreamforce track. Workflows are designed to integrate tasks performed by groups of humans and machines (e.g., key business process such as cross-selling) and, as with Salesforce’s newly unveiled Action Plans for Financial Services Cloud, they are built to trigger alerts to advisors that it’s time to take recommended next-best actions to grow client relationships. Companies like Wells Fargo and Transamerica discussed plans to use the Salesforce Action Plans workflows with the goal of reducing the administrative burden on their advisors and agents.
Hearsay introduced our own complementary Smart Workflow solution at Dreamforce too, Advisor Actions, which drive outcomes critical to our customers’ businesses through prescriptive guidance, automation and tracking. By triggering any workflow from any core system, Advisor Actions enables us to partner with our customers to take on the biggest challenges facing their businesses. Every advisor-client activity is captured for full transparency and accountability, giving leadership real-time insight into their field’s activities within their CRM, marketing technology, or any core system.
Drive Sales, Customer Loyalty and Advisor Productivity
AI in the form of Smart Workflows can help sales prioritize important tasks that are specialized to the way they operate and how they sell. And thanks to your team’s ability to reach out with consistent messaging at just the right time, in those moments that matter, your customers’ experience is improved too. For example, Hearsay’s Advisor Actions guides agents and advisors through critical workflows, such as how to quickly, efficiently, and effectively follow up on a lead which is great for both advisor productivity and the customer’s experience with your firm.
By automating and guiding your teams through these essential, repeatable tasks, AI and Advisor Actions can reduce the administrative burden on your field. As it stands, only a very small percentage of an advisor’s time is spent in front of clients. If you can save even a fraction of the remaining administrative work by harnessing the power of AI-driven Smart Workflows like Hearsay’s Advisor Actions Lead Conversion Solution, you’ve effectively grown the capacity of your salesforce without spending a penny.
As a sales leader, this impacts not only your revenue number but also where you can focus your time. By eliminating the need to chase your field for data entry (advisor-client interaction data is automatically captured) or reducing the need to manage spreadsheets tracking performance, AI and automation can help you turn into what you’re hired to be: a leader and coach to your field.
Take the First Step
The good news is that you don’t need to start from scratch or overhaul your entire sales process. The first step is coming up with your use case, finding pockets of value in your business that will benefit from the use of AI and automation. At Hearsay, we partner with our customers to discover actionable workflows and then scope and build an implementation plan to automate it out across your field. To see how we’re pushing the boundaries with some of the world’s largest financial services firms, contact us to schedule a demo of Advisor Actions now.