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7 Ways Relationship Managers Can Leverage AI to Increase Revenue per RM by 5X

Banking today is evolving in an extraordinary time, at an extraordinary rate. Relationship managers (RMs), thus, need to be enabled with extraordinary solutions.

To say digital is prevalent now will be a understatement. 90% of the customers surveyed by McKinsey, a leading research consultancy, including customers 65 years of age or older, now prefer handling financial transactions digitally. Decades of digital acceleration is now happening in months. Digital sales, servicing is being embraced rapidly and remote engagement  channels is finally coming of age, potentially handling 55% of complex customer needs remotely. Enabling the right touch faster is becoming a critical growth driver for banks, both traditional and new age.

Relationship Managers are now being empowered with AI, ML driven Smart RM capabilities that are fast becoming revenue drivers to deliver above-market growth, by transforming approach to customer connection, across channels, anytime, anywhere.

Following are the six ways that AI turns your relationship managers into a super seller with Smart RM:

1. Increase managed client portfolio by 10X

Relationship managers today have better access to communication channels and networks, allowing them to connect with dozens of clients every day. Usually RMs are tasked with handling 50 client portfolios. What if you increase it to 500? Now, supervisors may start complaining about this number being too much to handle for their teams. Handling 50 clients stretches their manual driven activities to the limit, how can they handle 500? This is where AI driven Smart RM capabilities come into play. To see it in action, follow on.

2. AI-driven day planner

Empower your RMs to choreograph a successful workday with AI driven day planner, that has the next best actions to help RMs focus on outcomes. With Smart RM, relationship managers get an AI derived, personalized day plan including priority tasks derived from analyzing parameters including real time missed calls, calls allocated for the day and more. AI/Machine learning (ML) driven data models analyze historical sales, portfolio/product target planning, achievement, call strategy, product coverage ratio and more.

3. AI powered conversation strikers, nudges & personalized offers

Let AI guide your RMs towards deeper engagements with intelligent conversation strikers. The right words at the right time can deliver a big impact at nudging customers towards conversions. Through AI derived conversation strikers, RMs now have the capability to personalize conversations and deliver value. They can build deeper, meaningful relationships with contextual, real time conversations.

AI can coach your RMs on Smart RM platform and deliver target achievement assistance. Your RMs can customize and design playbooks for any sales or service scenarios. Customers served by Smart RMs can get analytical derived, personalized offers to maximize conversions. Smart RM enables real time AI nudges to start an engagement that complements customer lifecycle journeys.

Smart RM Customer 360 screen
4. Understand customers in 100 seconds

Relationship managers can capture and digest complete demographic intelligence, including social, channel usage and more. They get real time product holding information, both at an individual and group level. RMs can understand your customer’s relationship with your bank at a glance with real time insights based on customer life events and recent transactions, service requests, happiness score, sentiment analysis and more. Getting in depth knowledge of customers quickly will enable RMs to be ahead of customer needs and demands, thus delivering a superior customer experience.

5. Deliver a continuous channel experience with Open Communication Platform (OCP)

Banks that can stitch together a continuous channel journeys, seamlessly handing off experience across channels, will have a distinct advantage over the competition. With the combination of Smart RM and Open Communication Platform (OCP), relationship managers can engage serve and sell across modern and traditional channels.
With Open Communication Platform (OCP), relationship managers can connect with customers across the channels of their choice, plug-in new modern and traditional channels including, Whatsapp, Google Business Messenger with easy integrations, while maintaining contextual continuity. Deliver speed and flexibility with minimum processing times, responsiveness, and needs-based service, while lowering operational costs.

6. Enable a smart target, achievement management

Behind every successful relationship manager is an empowered Supervisor. With a Smart RM platform, supervisors can configure detailed, drilled down dashboards and reports. They can analyze call campaign efficiency in real time and take corrective measures. Do real time call campaign efficiency analysis. Intelligent dashboards, reports can help supervisors to measure RM productivity and get planned vs achieved metrics.

7. Execute AI powered, micro segmented digital and dialing campaigns

Relationship managers can create and execute non voice campaigns on modern channels including Whatsapp, Google Business Messenger, Facebook and more. They can define segments, craft personalized messaging or use predefined templates. The Smart RM platform also creates and execute voice calling strategies on visual drag and drop designers. They can auto schedule calling jobs, push datasets to dialer on customizable frequency.

Delivering sustainable, omnichannel experience with AI is easier and faster with an AI-powered Smart RM. Digital Banking disruptors are already embracing AI-driven smart RM capabilities to grow managed customers, increase revenues and accelerate loyalty.