New survey highlights AI’s influence on financial services firms, shifts in financial advisors’ tech stacks, and the resulting impact on 2025 budget projections

SAN DIEGO: Seismic, the global leader in enablement, today released the findings of its Revenue Enablement in Financial Services: 2024 Global Findings & Insights report, which surveyed financial services industry leaders to explore how AI advancements are transforming client-facing teams such as advisors, bankers, relationship managers, and wholesalers. Despite requiring higher investment, findings reveal the industry’s early embrace of AI-powered tools has already led to stronger client relationships, increased revenue and assets under management (AUM), and overall productivity of client-facing teams across marketing, sales, enablement, and client services.

Over the past year, companies across the financial services industry have evolved strategies and incorporated AI to address ever-changing client expectations and better achieve top business goals. To keep up with these shifts, companies are doubling down on enablement tools, as 87% say their company plans to increase their investments in enablement technology by an average of 36% going into 2025. But the payoff will almost certainly be worth it, as nearly all (98%) of industry leaders believe integrating AI into their strategies will drive a 52% increase in revenue over the next five years.

“Changing client expectations and preferences, coupled with the promise of newer technologies such as generative AI, are reshaping the ways financial services companies operate,” said Kerry Ryan, CPWA® , Senior Director of Financial Services Industry Marketing, Seismic. “Our new study highlights the undeniable impact that the fusion of AI and go-to-market strategy has on boosting the bottom line. Adopting the right solutions empowers client-facing teams to adapt to evolving client demands, ensuring they can foster the deep, lasting relationships our industry is known for.”

Additional key findings include:

Companies are adapting to better support AI

• Over half (62%) of financial services firms are already using AI-powered tools in their enablement processes, compared to just 46% in other industries. This AI adoption rate is likely to only increase as a majority of leaders across financial services (93%) agree that AI will transform their industry within the next five years.
• As part of this transformation, AI is expected to optimize key industry functions across sales (61%), marketing (61%), strategy and operations (49%), risk and compliance (43%), coaching and training (39%), and legal and audit (33%) teams.
• As a result, firms are focusing on developing AI skill sets across their teams, with 93% saying they have prioritized AI literacy for their teams and 85% believing AI literacy will be an essential skill for client-facing professionals.

Enablement’s responsibilities and investments are on the rise

• While 94% of financial services industry leaders already use enablement technology at work, respondents are looking to expand investments to support critical functions like managing rapid organizational changes (65%) and keeping up with changing customer expectations (59%).
• Continued innovation in enablement — specifically around AI — is a major driver for nearly all respondents (98%) who are increasing their investment in enablement technology going into 2025.
• Ultimately, investing in enablement technology pays for itself, as 93% of respondents say their company is upping its enablement investment after seeing an increased ability to show clear ROI from enablement initiatives.

Technology buy-in is an uphill battle

• While 92% of leaders in the financial services industry have advocated for new technologies at their organization, respondents continue to struggle to get the necessary buy-in from their team (58%) and company executives (54%).
• The root cause of these challenges can be linked back to generational differences (70%), a lack of cross-functional insight (45%), and a misunderstanding of the purposes of AI from an executive (40%) and management level (48%).
• Despite these challenges, 90% of respondents have prioritized their workforce's digital development and upskilling as these technologies become interwoven into their daily functions.

For more findings from Revenue Enablement in Financial Services: 2024 Global Findings & Insights, head to the Seismic Blog or download the full report here. Learn more about how Seismic works with 400+ financial services firms by visiting our website.

METHODOLOGY

Seismic conducted the ’Revenue Enablement in Financial Services: 2024 Global Findings & Insights’ survey online between July 23 and August 9, 2024. The study reflects the opinions of 101 full-time employees at the manager level or above working in the financial services industry, including in Wealth Management, Insurance, Asset Management, and Banking in the United States. The survey was conducted at 95% confidence with a +/- 10% margin of error.

About Seismic

Seismic is the global leader in enablement, helping organizations engage customers, enable teams, and ignite revenue growth. The Seismic Enablement CloudTM is the most powerful, unified enablement platform that equips customer-facing teams with the right skills, content, tools, and insights to grow and win. From the world’s largest enterprises to startups and small businesses, more than 2,000 organizations around the globe trust Seismic for their enablement needs. Seismic is headquartered in San Diego with offices across North America, Europe, and Australia.

To learn more, visit Seismic.com and follow us on LinkedIn, X (formerly Twitter) and Instagram.

Fonte: Business Wire