July 24, 2014

Tablets for Mobile Sales

In a recent article published by BAI, author Mike Ottiger stated Financial institutions are finding that utilizing the tablet can provide a big boost to the sales process. 

With tablet shipments set to outpace both laptops and desktops next year, it’s clear that consumers are fully embracing this relatively new technology in their everyday lives. For the same reasons consumers are drawn to tablets for personal use – portability, usability and accessibility – financial institutions are increasingly using the devices as a sales and service tool.

As consumers grow accustomed to the visually appealing, interactive experience offered by digital technology, tablets and mobile sales solutions are leading a paradigm shift away from the paper-based sales process. Tablets can have a particularly transformative effect on the sales engagement process, which has traditionally involved slideshow presentations and pulling brochures out of a briefcase.

Old Story

The story financial institutions are telling is an old one – a deposit is still a deposit, after all – but tablets help organizations focus on that split second when we can fully engage with the prospect sitting next to us.

Carrying only a tablet, bank personnel, representing commercial, small business, retail, lending, insurance or wealth units, are now able to walk into a prospect’s home or office to introduce their organization and its products. This leads to a more consultative, collaborative,  personal sales experience and facilitates shoulder-to-shoulder conversations, which can be enhanced with interactive video, return-on-investment and pricing calculators, product or case study materials, and information-sharing via email. Leading solutions can be customized with a financial institution’s unique brand, copy, graphics and interactive tools that help clients understand the business impact of buying decisions.

When customers are ready to buy, on-screen contract presentment and signing capabilities with integration to existing sales management, onboarding and core systems help close the deal with ease. Copies of the executed purchase agreement and supporting documents, along with pertinent documents like fact sheets and whitepapers, can be emailed to the new client as a follow-up after the meeting – all from the tablet.

Given this efficiency and convenience, why are some financial institutions hesitant to deploy and integrate tablets into enterprise-wide processes?

Security concerns may arise from a lack of understanding of what type of information – if any – is stored on tablets. In the sales engagement process, for instance, no proprietary or customer-specific information resides on the tablet and leading solutions use security tools already in place at financial institutions to govern access and wipe devices, if needed.

Banks may also initially be reluctant to distribute and manage yet another device, until they realize that tablets facilitate mobile access which, in turn, helps to generate sales and increase productivity. Depending on an employee’s role – and how and when a device is used – a tablet may even be able to replace a laptop.

Connectivity between tablet applications and the multiple systems required to operate a bank or credit union may also be a concern. Selecting an open mobile sales solution facilitates information-sharing between systems while enlisting the help of a financial services-focused technology provider can help ensure systems interface and Information Technology (IT) issues are avoided or minimized. Keep in mind that, depending on the functionality selected, a mobile sales solution may not even need connectivity to a bank’s system.

Once a buying decision is made, an integrated mobile sales solution accelerates the new account onboarding process, removes obstacles and pain points for new clients and helps financial institutions provide an excellent customer experience. On-screen contract signing capabilities and a seamless hand-off to operations eliminates extra steps – from repeat customer visits to the creation of hard copies and re-keying of data – and perhaps most importantly, makes closing the deal and opening a new account as effortless as possible. Additionally, bringing consistency to sales presentations and training helps solidify the brand and voice of the organization and strengthens compliance with a defined and auditable process flow.

Customer engagement, from the all-important first impression to ongoing interactions in and out of the branch, will define an organization and its level of success. A reinvention of the customer experience begins with a reinvention of the sales process.

Mr. Ottiger is senior product manager for the Financial & Risk Management Solutions division of Brookfield, Wisc.-based Fiserv. He can be reached at mike.ottiger@fiserv.com.

Editors Note: By adding BANCWire to the list of services your financial institution offers you are able to leverage a new group of customers, that may not want to come to the branch, or merely do not have time to but are more then willing to use the app in order to help family abroad. 

Original Article: http://www.bai.org/bankingstrategies/Distribution-Channels/Mobile/Tablets-for-Mobile-Sales?ca=INSERT_CUSTOM01&mkt_tok=3RkMMJWWfF9wsRolu6TMZKXonjHpfsX54u0lWqSg38431UFwdcjKPmjr1YEET8V0aPyQAgobGp5I5FEMS7XYTqtit6AKXQ%3D%3D

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