Sales and Financial Services: How AI is Changing the Rules

Money. Artificial intelligence. Customer relationships.

Think those are disconnected subjects? Think again.

Artificial intelligence has expanded business possibilities in many ways, and one vertical making the most of new AI capabilities is the financial industry. But let’s be clear: AI doesn’t necessarily mean a robot voice guiding you through new technological landscapes. In fact, you probably already use some form of AI on a regular basis. It could be an algorithm that finds network contacts for your social media network, or answers questions while you shop for a new car.

So it isn’t too surprising that the financial services industry are partnering fintech advances with great customer service. After all, financial services are built on trust. The client-advisor relationship goes deeper than a retail transaction; it involves advice that can affect someone’s retirement and old age, their children’s education, and other personal developments. Now, just like in other industries, financial advisors are looking to artificial intelligence to create innovative new sales pathways that can boost client fulfillment and increase productivity.

Which brings us to Salesforce Einstein. As an integral part of the client relationship, Einstein turns your favorite CRM tool even smarter. Einstein can steer smarter wealth management, insurance decisions and consumer banking for customers – by empowering their advisors with deeper insights.

Here are 3 ways Einstein is changing the face of financial services.

Easy insights, the virtual way. One common challenge in finance is making intelligent use of relevant client information. What are the client’s financial goals? How many accounts do they have and where are they? Einstein can put all of that information at a wealth advisor’s fingertips in one convenient summary. Managers can also segment clients to deliver targeted strategies, focus on important top accounts and maintain engagement with all of their clients – without doing hours of research.

Customer-centric advice. Too many advisors rely on the strategies or investments they’re already familiar with – a habit that’s easy for them, but not always best for their clients. If their comfort zone recommendations don’t align with the customer’s needs and interests, neither is going to be successful. In fact, retail bankers can have such a vast consumer base that they recommend the same products across the board whether they’re helpful or not. That kind of generic approach can quickly alienate customers.

Einstein uses intelligent recommendation engines that pull customer data patterns to devise personalized strategies. Even when advisors lack a close relationship with their customers, they can identify the products that are valuable to each account.

An accurate crystal ball. There’s been intense focus on predictive analytics lately. Now financial services is using Einstein’s automated case deflection to predict the future. Or, in the finance version, answer insurance policyholder questions before they call the contact center. Cases can be automatically classified according to a collection of data and then intelligently routed to the right department or advisor. Instead of spending time getting up to speed, agents know the best actions in advance when their customers purchase a new home or car.

Client relationships matter in every industry – but acquiring the right insights and understanding effective long-term strategies is vital for financial services. Einstein helps uncover client insights, make strategic recommendations and generate predictions that help customers feel they’re in expert hands. By automating core processes, advisors dedicate the time saved to focusing on deepening the customer relationship.

So yes, artificial intelligence may not seem like much of a factor when it comes to a solid financial services relationship – but by opening a conduit to financial expertise, Einstein is helping both clients and advisors find new ways to succeed.