In one of our blogs, we discussed the difference between Digital Enablement and Digital  Transformation. Today we will focus on Digital Enablement in Financial Services and how it has evolved in the year 2023. Any growing organisation that wants to flourish should have employee engagement, satisfaction and evolving needs of the customers to support on top of their minds. Hence to fulfil these goals, financial services organisations are exploring and implementing tools and processes that can streamline and automate processes along with sales enablement.

Let’s understand how the scenarios are changing and shaping the world of the financial services industry.

On average, 40% of organisations improved operational efficiency with the implementation of a digital model.

(Source: Brainsell)

Selling and work preferences have shifted towards virtual- Virtual selling and working are here to stay even though the conditions of the pandemic have subsided. Many believe successful sales strategies must find the balance between virtual and face-to-face approaches. Even though a lot of workforces are working virtually, some of them have been back to the office where it requires improved collaboration quality, ability to communicate, body language etc. Virtual interactions are best for building engagement and connection but some prospects and clients expect face-to-face meets (like customer preference to consult an agent/advisor before buying an insurance policy). So, this is where digital enablement comes into effect allowing these different sales channels/teams to keep that continuous engagement and communication alive while also opening gateways to better sales opportunities.

Skills and insights for successful sales interaction- With the implementation of digital capabilities another important aspect becomes the ability to convey empathetically, collaborate effectively and get relevant insights. When the approach shifts to virtual, it is important to provide standard training and coaching to the relevant teams (in the case of financial services it can be, agents, advisors, sellers, distributors etc.) and ensure they have an understanding of the products and services they will be communicating to the customers. They need to develop competencies to deliver work satisfaction, as well as, customer satisfaction.

Investment in modern solutions/technologies- Modern digital enablement tools are helping financial organisations ensure that their client-facing teams are enabled, up-to-date and well-acquainted with knowledge and skills. Many financial organisations are still reviewing to identify the best platforms that can scale along with them. SalesPanda’s sales enablement and acceleration platform designed a digital office concept keeping financial services companies in mind. We are enabling over 1,00,000 partners with digital enablement to strengthen their customer engagement process, boost productivity and drive better sales opportunities to keep the sales cycle moving consistently.

Seamless and transformative experience- Digital transformation is not just about end customers, it goes beyond that and this is where digital enablement plays a key role. It not only focuses on customer experience but also empowers employees and partner networks. Without satisfied, well-trained and happy employees and partners, achieving a superior customer experience can be very challenging. Hence, it is important to amplify the partner and employee experience by improving visibility, faster decision-making capabilities and easy access to information with effective digital enablement.

More digital means more competition and organisations that are not better prepared than their competitors will likely see their customers do business elsewhere. Are you interested in exploring more on how digital enablement can help with sales acceleration and how SalesPanda can help resolve the pain point? Write to us at marketing@salespanda.com or visit our website and contact us.