How AI is Changing Sales & What That Means for Bankers
by Alex Cole-Murphy, Sales Development Expert with Anthony Cole Training Group
AI is a leading topic in almost every industry publication these days from Forbes to Insurance Journal to American Bankers Association. As it should be since it is revolutionizing most job functions, including banking and business development. AI is another tool that offers many benefits for those finding and building relationships, and staying informed as AI is evolving will be important. A comparison would be the introduction of the internet and the impact it has had on selling. The information that consumers and businesses used to call or visit companies to attain became readily available at the prospect’s desk and at their fingertips. Yet salespeople still exist since the worldwide web came along and do so very successfully. The key here is that salespeople must stay current with how AI can help them in their role of finding and cultivating clients. This article will cover how AI can become a tool for bankers, where it can help identify opportunities and why relationship building skills matter more than ever to compete and be successful. It is very apparent that AI is changing relationship banking.
We recently met with the CEO of a small tech firm who has developed software to help target and focus a banker’s daily outreach activity. Using AI to evaluate current client data, they serve up a daily lead list of prospects with similar qualities in priority order with complete contact information, helping advisors stay focused on prospecting activities that will have the most impact in reaching their goals. Bankers do not need to search around for who they should call, saving considerable time and effort. This tool also minimizes distractions. Think about how easy it is to get on LinkedIn for a purpose and suddenly you are reading posts and looking at connections. All good activities but not as targeted as a custom-built daily calling list. This is one example of how AI is changing relationship banking
The role of Customer Relationship Management Systems (CRMs) has evolved over the years and in today’s world, AI is playing a large part in providing predictive insights from client and industry data. Many CRMs are connected to email automation tools with some level of conversation intelligence meaning it can read actual customer conversations to predict deal outcomes and forecast projections with unprecedented accuracy. This is how AI is changing sales, allowing a company to provide data that helps bankers get smarter and more focused in their business development efforts.
Where AI Helps in the Process of Building Relationships
Let’s break down where AI can help bankers in their daily job. First and foremost, in prospecting with lead scoring and prioritization that identifies warmer leads more apt to respond and engage. AI can also help in follow up with automated reminders for appointments and emailing of information as well as email sequences. These email sequences can be set up to send relevant information to targeted prospects. We recommend being selective with the use of these automated emails as those on the other end may be inclined to unsubscribe, causing a future inability for outreach. Relevancy and trustworthiness are the factors determining cold email success in 2025, as just published in a recent Hunter.io study. So, it is important to make certain that in outreach, whether automated or customized (preferred by most) that your messaging is relevant to the end user. AI can also help the sales process by analyzing calls for coaching purposes and in forecasting, helping banks manage their pipelines with more accuracy and effectiveness.
Why Sales Skills Still Matter
Referencing once again the Hunter.io article: relevancy and trust are the two most important factors when a new banker comes calling. AI cannot build trust or develop relationships or strategize with a business owner on solutions. AI also does not really handle objections as a banker/advisor is able by asking the right questions, uncovering real reasons and severe mental anguish as to why a decision must be made. The power and the value of the sales role is to apply emotional intelligence and relationship building skills along with appropriate AI intelligence. According to the #1 sales evaluation company in the world and our partner, Objective Management Group, one of the 21 core sales competencies is relationship building, which includes quickly developing rapport and building relationships over time. It is these qualities that will drive customers to stay at a company or follow many bankers to new companies if they move. As of today, this cannot be replicated by AI. To illustrate, when a business owner must make a pivotal decision about the business that will alter strategy, revenue and profit for future years, will they turn to AI or the right consultative banker/advisor for resources?
Most people have heard about and explored Chat GBT and other similar AI tools that can help them improve their own communication and self marketing. Relationship managers will benefit by embracing these tools, finding time to understand them and how they can help improve their calling efforts and conversations with prospects and clients. AI is changing sales and is doing so in a positive manner for those bankers who stay informed and embrace these resources to improve results.
learn more about our banking sales training
