How AI Is Transforming Sales Enablement in Financial Services

In 2024, no technology has captured the business world’s attention quite like generative AI (GenAI). Once met with skepticism, AI in sales enablement is now transforming companies. From streamlining sales training to accelerating business development, its impact is undeniable. And as businesses continue to recognize its value, its influence shows no sign of slowing down.

The findings from the 2024 Allego Research Report underscore this shift, revealing how AI is reshaping sales enablement strategies across various sectors. In particular, companies are using AI in sales to drive efficiency, increase sales effectiveness, and enhance growth opportunities.

While many industries are adopting AI, financial services firms are at the forefront. According to Allego’s report, 60% of financial services organizations already use AI, with 73% planning to increase their investment in the coming year.

Financial services enablement leaders have high hopes and clear goals for their AI investments. The report found that they aim to improve sales efficiency (57%), improve sales effectiveness and confidence (57%), and cut costs through automation (53%).

Top Benefits of AI in Sales Enablement for Financial Services Firms

It’s more than just hopeful thinking. Financial services firms are seeing remarkable improvements thanks to the adoption of AI in sales enablement. With tools that enhance every stage of the sales process, companies in this industry are reaping the rewards of faster, smarter, and more efficient operations.

Key benefits include:

• Time saved through efficiency: Over 33% of financial services firms report significant improvements in operational efficiency thanks to AI. By automating repetitive tasks such as data entry and scheduling, sellers spend more time engaging directly with clients—resulting in faster deal closures and deeper client relationships.

Example: Imagine a financial services firm that uses AI to automate meeting scheduling and follow-up emails. Previously, the firm’s advisors and brokers would spend hours organizing client meetings and manually sending reminders. Now, AI tools handle these tasks automatically, ensuring timely communications without manual input. This gives sellers more time to prepare for client meetings, leading to higher-quality interactions and a better chance to close deals. Over time, this efficiency compounds, enabling teams to manage larger pipelines without sacrificing personal attention.

• Enhanced sales rep knowledge and confidence: Nearly 33% of firms have seen a noticeable increase in their sellers’ knowledge and preparation. AI-powered tools such as sales coaching and conversation intelligence provide real-time feedback and personalized coaching, enabling advisors, wholesalers, and brokers to sharpen their skills on the go. With continuous refinement of their sales strategies, sellers enter client meetings more prepared, leading to more confident and effective sales conversations.

Example: One firm implemented an AI-driven sales coaching system that analyzes sales calls and provides immediate feedback to the sales team. Instead of waiting for quarterly training sessions, brokers can now receive daily tips on how to improve their presentations, objection handling, and closing techniques. A seller who might have struggled with explaining a complex financial product can now receive real-time advice on simplifying their explanation, boosting both confidence and performance in their next client meeting. This ongoing support accelerates skill development, helping sellers feel more prepared in high-stakes sales scenarios.

• Faster deal closure: Forty-three percent of firms report that AI has shortened their sales cycles. By automating routine processes, providing predictive analytics, and identifying the most effective next steps, AI reduces friction in the sales process. Sales teams can move prospects through the pipeline more efficiently, cutting down on back-and-forth and accelerating the path to closing deals.

Example: A financial services firm could use AI to analyze historical deal data and pinpoint common bottlenecks in the sales process. The AI could identify that deals often stall after the initial proposal stage, mainly due to a lack of timely follow-up. In response, the firm could deploy an AI-driven follow-up system that automatically reminds its advisors and brokers to check in with prospects at key decision points. As a result, deals that previously took six months to close could be completed faster.

• Increased sales renewals and upselling opportunities: AI-driven analytics allow firms to better understand customer behavior and anticipate future needs. This data enables more personalized interactions with clients, improving both renewals and upselling efforts. In fact, 30% of firms have seen growth in these areas, driven by AI’s ability to tailor outreach and product recommendations to each client’s unique journey.

Example: A firm could use AI to analyze customer engagement patterns and during the process discover that clients nearing the end of their contracts are most likely to churn. The AI system could flag these clients and recommend specific offers to increase their likelihood of renewal, based on previous buying behavior and preferences. Simultaneously, AI tools could suggest additional financial products that align with the clients’ long-term goals, making upselling a natural part of the conversation.

Challenges Using AI for Financial Services Sales

Despite the significant benefits, financial services firms are encountering some hurdles as they integrate AI into their enablement strategies. One of the most pressing challenges is the cost of implementation. Nearly 47% of firms report concerns about the high costs associated with AI technology and achieving a clear return on investment. While AI promises efficiency, the initial investment can be daunting, especially for firms with tight budgets.

Another critical issue is privacy and security. In an industry where protecting client data is paramount, 37% of firms are cautious about the risks AI poses to data privacy and security. The integration of AI often involves handling vast amounts of sensitive data, and any breach or mishandling could have severe consequences. This concern makes firms hesitant to fully embrace AI without robust safeguards in place.

Scalability also presents a challenge for many organizations. Thirty-seven percent of firms struggle to scale their AI solutions across departments or larger teams. While AI tools may work well in small, focused teams, expanding their use across the entire organization requires significant planning, resources, and coordination. Ensuring that AI works seamlessly with existing processes and systems adds another layer of complexity.

Firms also face obstacles with change management and system integration. Implementing AI often requires a cultural shift, and 33% of firms report difficulties in managing this change. Resistance from staff, who may be wary of AI replacing their roles or altering their day-to-day tasks, can slow down adoption. Additionally, integrating AI with existing legacy systems is no small feat. Many firms find that their older systems aren’t compatible with the latest AI technology, creating further roadblocks.

Despite these difficulties, the long-term prospects for AI in sales enablement remain bright for financial services firms, offering tremendous opportunity for those willing to overcome the initial roadblocks.

The Future of Enablement at Financial Services Firms

As firms continue to invest in AI tools, the technology will evolve from a helpful addition to a mission-critical asset. According to Allego’s research, 71% of financial services leaders believe AI will become essential to their enablement strategies within the next two years. This shift signals a future where AI not only streamlines operations but also becomes a key driver of growth.

For example, GenAI will play a pivotal role in personalizing the client experience. As AI tools become more sophisticated, financial services firms will be able to leverage deeper data insights to craft highly tailored interactions. This will allow firms to anticipate customer needs, deliver relevant solutions, and build stronger, trust-based relationships. Clients will expect this level of personalization, and GenAI will make it possible to deliver it at scale.

We can also expect AI to accelerate decision-making across all levels of the organization. By processing massive amounts of data in real-time, AI will give firms the ability to make faster, more informed choices. Whether it’s identifying new business opportunities, predicting market trends, or improving sales strategies, AI will empower firms to stay agile and competitive in a rapidly changing landscape.

Additionally, AI-powered automation will redefine the roles of sales and enablement teams. With AI handling routine tasks such as lead qualification, data analysis, and customer follow-ups, these teams will be free to focus on higher-value activities. This shift will lead to increased productivity and a more strategic use of human resources, allowing firms to do more with less.

However, as noted before, the journey won’t be without its challenges. Firms will need to continue investing in training and reskilling their workforce to ensure employees are comfortable working alongside AI. Plus, change management and system integration will remain critical as firms scale their AI initiatives. But those who overcome these obstacles will find themselves on the cutting edge, poised to deliver exceptional value to their clients.

The future of AI in financial services is not just about keeping pace with technology—it’s about staying ahead in an increasingly competitive landscape. As AI transitions from a luxury to a necessity, firms that act now will set themselves apart, driving greater efficiency, deeper client relationships, and more personalized solutions. They will also position themselves as leaders in innovation, delivering unmatched value to their clients.

Unlock the Full Potential of AI in Enablement

Financial services firms that embrace AI will find themselves ahead of the curve, setting new standards for innovation and growth. Explore more insights from Allego’s full 2024 research report to see how your organization can leverage AI to transform its sales enablement strategy. Download the report.