Increase your sales team’s productivity and funnel conversions with Salesken - BFSI Case Study

Background:

With the advent of covid, NBC bank was in the process of re-orienting its entire banking strategy. The physical banking in branches was riddled with inefficiencies over travel time, lack of experts who could address customer queries over very specific products and long sales cycles.  Meanwhile, the customer behavior trend was moving away from bank in person visits to phone banking or internet banking.  To navigate these changes and fix the sales inefficiencies, NBC bank set up a virtual customer banking team that would do both cold calls for new customers as well as service calls to existing customers. Eventually, this team scaled to about 10,000 relationship managers (“RMs” i.e. sellers).  

The overall funnel conversions were less than 1% and NBC bank wanted to improve the overall productivity of the RMs.  At that point of time, NBC bank used Microsoft Dynamics as the CRM and Genesys as their dialer.  

Salesken Goal:

NBC bank engaged Salesken to:

a) Improve RM productivity through call analytics on gaps in the RM customer conversations and

b) provide real time assistance through live cues

Salesken Deployment:

Salesken was integrated with Genesys to pull dual channel live audio streams from the dialer and was also integrated with Microsoft Dynamics to get lead information.  Salesken was hosted on Microsoft Azure and a browser extension based cue box was deployed that would pop up open on the desktop during the call.  A mobile version of the Salesken app was also deployed with Salesken’s own telephony, where the cues would pop-up on the phone.  

Calls were received and analyzed in real time and cues were deployed that would help assist NBC bank sellers in real-time.  

Salesken post call intelligence (for diagnosis of the sales pitch gaps):

Salesken initially started the engagement with 300 users and analyzed the calls for 1 month.  The key analytic findings, that were presented during the customer success review meetings revealed the following:

Salesken Script intelligence (related to NBC bank pitch):

Salesken’s sales AI models analyzed NBC bank RM’s pitch on various dimensions relevant to the pitch:

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65% of the calls were selling the wrong product to the customers and not engaging the customers on the stated intent.

70% of calls did not handle objections successfully. There were big gaps, especially on competitor or product related objections

Salesken Selling Best practices (on soft aspects of NBCs pitch):

NBC bank’s sales calls were also analyzed on soft elements of selling.

97% of the calls had no consultative selling from the RMs.  

83% of calls had scored 0 on empathy at any time during the call.

NBC Conclusions and actions post Salesken analysis:

Looking at the Salesken Analysis NBC bank concluded the following:

1. The “relationship components” of selling had been highly compromised on their sales calls and decided to make the tone the calls more consultative and more empathetic  

2. Urgency was a key dimension to closing more deals and introduced discounts and offers

3. NBC bank observed that product knowledge was poor across the board.

4. A complete rehaul of the script was undertaken to be in line with successful calls.

5. Salesken real time cues were launched with over 7500 cues

Cues were delivered at an average rate of 8 cues per call.  RMs could be auto cued or custom cued depending on the areas they wanted assistance on. 85% of the RMs chose assistance on product cues and objection handling cues.

Impact on Sales productivity/ ROI

The impact on NBC bank’s sales conversation was quite dramatic.  

• The sales team improved their productivity by over 200% in the first quarter and around 25% over the period of last 2 years.  
• Funnels conversions improved from 1% to 3% for the initial cohort of 300 sellers.  

As an outcome of these dramatic improvements, NBC bank signed up a 3 year contract with Salesken for 10,000 RMs which has been fully delivered. Real time cues are an integral part of the sellers onboarding training and workflow.  

The improvements in the seller's conversation pre and post Salesken were as below:

Salesken analytics was integrated into the bank's analytics. Customer intent data was used by product teams to enhance their product recommendation.

Salesken continues to support NBC bank and since then replicated this use case across 3 other banks, multiple insurance and SaaS customers. Salesken has processed several 100s of millions minutes of conversation data into successful customer engagements and revenue.