6 Ways Sales Funnels Can Boost AI Financial Services

6 Ways Sales Funnels Can Boost AI Financial Services

Artificial Intelligence & Machine Learning

AI has transformed the financial industry. Nevertheless, it isn’t translating into sales for your financial service company. Some customers are reaping the benefits. Others are yet to understand the full impact. Sales funnels can change the scenario.

Sales funnels help boost AI financial services by reaching the target audience with social media ads, influencer marketing, creating unique user experiences, email marketing, and highlighting the benefits of using AI in financial services like quick disbursement of services and fraud prevention.

A sales funnel helps AI-enabled services reach the right people at the right time. A consumer becomes aware of the advancements and how they can benefit from it. It eventually leads to an increase in sales revenue. 

Funnel Ideas to Improve Sales of AI Financial Services

1. Introduction of Financial Services to the Consumer

AI works by harnessing data from several databases. This data enables the financial services to identify the target audience along with services or products that aren’t reaching the right people. 

Design specific ad campaigns according to the target audience. 

There are several ways one can market these services. Social media marketing with dedicated posts and stories helps in creating a presence. 

Engaging and informative videos regarding services like investments, stock trading, saving schemes, fraud protection, credit risk management, etc., can motivate the consumer to indulge further. 

Finance influencers have gained tremendous popularity in the recent past. Collaborating with them will help win the interest of their subscribers. 

Testimonial videos as short-form content like Instagram reels and YouTube shorts help create more awareness about the services.

Ai-assisted copywriting is another great way to get your hands on content that will make a difference to your audience.

The future of copywriting will heavily involve AI. You can either use it to your advantage or get weeded out. 

2. Highlight the Applications of AI in Finance

First, identify the target audience. Then, you can design a unique consumer experience. 

The addition of chatbots is an application of AI to financial services. 

The chatbot should be such that it gives the experience of speaking to a human. The chatbot used by HDFC Bank is called Eva. Naming the bot can make the whole experience seem less synthetic.  

The answer to a query in real-time without speaking to a human or visiting an office can create a positive impact.  

A simple and easy-to-fill lead generation form allows a customer to proceed one step further. 

It provides the necessary information to the service, letting them engage with the customer further regarding their query. This form should be available on the landing page. 

Tap the new consumers by sending personalized offers about their queries. It will prevent drop-offs at this stage. 

The existing consumers can be encouraged to explore other offers and services provided.

For example, a new consumer inquires about purchasing a health insurance policy from the insurance company. 

Send newsletters, promotional emails, and offer documents to help in choosing. 

AI in the banking space helps to determine the creditworthiness of a person based on the data accumulated from several sources, such as customer relationship management (CRM). 

The bank can ascertain consumers who are eligible for loans. 

Send reminder messages and emails to eligible consumers about the loans they are qualified for.   

3. Leveraging AI for Smarter Financial Decisions

AI analyzes consumer data available on several databases. It facilitates identifying eligible users for a service (such as a loan) from the non-eligible ones. 

A financial service such as an insurance company can create a unique offer for the consumer based on their details. 

It allows consumers to evaluate how well the offer aligns with their needs and demands.

AI also performs an in-depth competition analysis that creates an opportunity for financial services, say a bank, to introduce schemes and services that are at par or better than their competitors. 

Highlight these differences in the newsletters to make choosing a particular service, savings scheme, or insurance policy hassle-free. 

AI can perform predictive analysis that helps in revenue forecasting. Its fields of application include stock markets, risk monitoring, etc.

Promote this aspect, as it can predict the behavior of a stock. Consumers can study the markets and make more informed decisions.

Shailen Vandeyar from funnelteacher.com says, “Using AI in finance is like having a crystal ball, but way more believable—it tells you who’s borrowing, who’s spending, and who’s winning without the mystical fog!”

4. Limit Dissociation by Streamlining Financial Processes 

Once the intent to get a particular service, say a life insurance policy, is exhibited, keep the consumer in the loop by presenting them with the subsequent steps to buy the policy.

It is this step where the most drop-offs can happen. The reasons can range from finding a competitor better or abandoning the idea. 

Offer the next steps that maybe the documents required, if a visit to the Insurance company is necessary, processing fee payment, etc., can prevent the loss of clients. 

The consumer then understands the entire process and chooses to make the purchase. The same can be applied to other financial services as well. 

Several reminders, such as emails and messages, can help the consumer decide and act. 

5. AI Assisted Prompt Action Leading to a Better Response

Another aspect that can make a consumer avail a service like taking a loan is quick verification of documents and short disbursement time.

The use of AI  assists these services in the fast analysis of documents. 

Stressing upon quick delivery of services can prove to be a winning point for financial services. 

Not only this, a prompt resolution of queries and redressal of complaints are factors that make a consumer believe in a service. It motivates them to invest their money. 

6. Financial Fraud Prevention to Win Consumer Trust

As credit card and transaction fraud have increased, the financial services industry has prioritized consumer safety. 

AI helps create models that recognize repeated patterns of fraud. 

Financial services, especially the banking sector, must market this development to strengthen their relationship with the consumer.

 It will lead to the development of the trust of the consumer in the service.

My article on ‘The Growing Role Of Data Science And AI In Financial Planning’ further talks about risk prediction and management.

Prompt redressal of queries after availing of the service also allows the consumer to build trust. 

Loyalty programs and swift dole out of follow-up services attach the consumer to that financial service company for subsequent requests. 

Analysis for Achieving Better Results

It is important to remember that in each stage of the funnel, a thorough analysis of what is working and what isn’t is necessary. 

There may be leaks at different stages,i.e., people may be engaging with ads but not showing the desire to avail or dropping off just before the verification process.

Analytics tools are available to identify these metrics.

Identify these problems with a fine-tooth comb to find solutions and increase revenue.

6 Ways Sales Funnels Can Boost AI Financial Services