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How to Apply AI to Drive Sales & Loyalty in Financial Services

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.


William Warren

William Warren is part of Hearsay's product marketing team, focusing on bringing a financial services perspective to our advisor-client engagement platform.

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