Hortz: What applications and results can advisors expect from your Next Best Action & Intelligent Nudges?
McNee: Again, the applications are many — from executing focused engagement campaigns geared for specific personas delivered at the right time through the right channel to also activating a prospect or client to take the “next best action” on their particular journey which may include setting up an account, starting or increasing contributions, adding/buying a financial service.
Some of the practical results reported on using Next Best Action/Intelligent Nudges include:
• Increase engagement by 500% (measured by #sessions per user)
• Increase NPS (Net Promoter Score) by 38%
• Increase product/service conversion from 3% to 31% on focused campaigns vs. traditional generic marketing and educational campaigns.
Hortz: How exactly do you integrate these API tech pieces into an advisor tech stack? What kind of time and technical knowledge is required?
McNee: The Plug and Play solutions are quite simple…With our Conversational AI, it is a simple javascript delivery. Our Next Best Action/Intelligent Nudges are integrated through the advisor’s CRM provider. For example, on Salesforce and Microsoft Dynamics it is now an app in their store.
Hortz: What feedback are you getting in your discussions with advisors on these tools?
McNee: Advisors love it because it is leveraging technology to deliver a personalized guided client experience at scale. They require minimal human involvement yet are specialized to their individual clients.
Hortz: Any other thoughts or recommendations you would like to share with advisors?
McNee: Both Conversational AI and Next Best Action/Intelligent Nudges are easy to use and employ technologies that are proven means to increase meaningful engagement, scale up financial advice capabilities, and help drive positive outcomes for clients.
These tools will rapidly become a next-generation client engagement standard for most industries and businesses. We are committed to be able to provide these technologies to advisors to help them meet the ongoing competitive challenges to the industry.
We invite advisors to learn more about us and our many applications and solutions to different areas in the industry including retirement, workplace financial wellness, wealth management, mortgage and banking.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation, and unique client/community engagement strategies. The institute was launched with the support and foresight of our founding sponsors — Pershing, NASDAQ, Ultimus Fund Solutions, Fidelity, Voya Financial and Charter Financial Publishing (publisher of Financial Advisor magazine). For more information, click here.