Sales Enablement Doesn’t Have to be Difficult for Financial Services Firms – Here’s Why and How to Implement
By Alyssa Drury
Across the financial services industry, banks and investment managers — and everyone in between — are looking to improve their tech stack as part of their commitment to digital transformation. And while exactly what that means can differ depending on the size and maturity of your business, there is one universal truth that is undeniable: Better technology is essential for improving your clients’ — and your client-facing teams’ — overall experience.
These days, the push to use technology to drive client retention has never been greater. According to research from Accenture, for example, 90 percent of financial services firms have a long-term plan in place for technology innovation. Often, the underlying goal behind that plan is to find ways to increase customer satisfaction levels and reduce churn. Underscoring the point, 93 percent of the financial services companies with a digital strategy say that their primary focus is on improving the customer experience.
While most firms know that change is both imminent and business critical, they are not always sure where to start. In fact, some firms are reluctant to change as digital transformation seems like too large and disruptive of a task. The reality, however, is that it doesn’t have to be that way.
Consider one of the most important changes you can make: adopting a sales enablement platform. Doing so has the potential to create massive efficiencies. As a result, not only is it easier for your client-facing teams to create highly personalized content, they’re also freed up to spend more time with existing clients and attracting new ones instead of spending the average 30 hours a month searching for and creating client-facing materials. Meanwhile, as long as you’re partnering with the right provider, implementation is a straightforward and relatively seamless process, especially compared to the benefits it brings.
Why change, why now?
Embracing digital transformation is the key to remaining competitive. Adopting a sales enablement solution is one of the best ways to help ensure that you’re improving your firm’s operational efficiency, while giving your clients the personalized attention and experiences that they expect. However, the benefits don’t end there. Organizations that implement sales enablement solutions typically see a:
- 350% increase in content usage
- 275% boost in conversions
- 65% uptick in revenue generated by new reps[sources]
Not only that, Aberdeen has found that organizations with a sales enablement platform experience a 13.7% annual increase in deal size. In the wealth management industry specifically, firms that use sales enablement can create pitch books 83% faster than those without a sales enablement solution. Meanwhile, other financial institutions have used it to free up capacity so that they could develop hundreds of additional investment plans representing millions of potential new assets. Results like these can be game-changing, and demonstrate why, in the age of digital transformation, adopting sales enablement is mission-critical.
Now that we’ve looked at why adopting sales enablement is an important part of digital transformation, let’s consider what the process entails.