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Standard Life helps more people achieve their financial goals with Salesforce
Standard Life has been helping customers with their life savings for nearly 200 years. Today, it supports more than 4.5 million customers, helping them to manage their life savings so that they and their families can enjoy a better future.
Around 3,000 financial advisers in the UK use Standard Life’s award-winning Wrap and Elevate Platforms to power customer relationships and investments, with £60 billion worth of assets under administration.
“Through our adviser community, we help people manage their life savings so that they and their families can enjoy a better future,” said Duncan Muir, Head of B2B CRM at Standard Life. “With Salesforce, we can make this a reality for more people by engaging with more financial advisers and enhancing the adviser and customer experience as we scale.”
Standard Life boosts sales performance and productivity
Since deploying Salesforce Lightning across the sales operation for its platform business, opportunity conversion rates with financial advisers have increased by 20%. “With Lightning, we can now interact with the right people at the right time and in the right way,” explained Muir. “Salesforce has made the team more inquisitive about what actions and information could help to strengthen and grow their relationship with a financial adviser.”
As well as being more informed, the Standard Life platform sales team are also more productive. “We’ve saved around four hours per week per person, which has created 10% of additional capacity,” said Muir. “We’ve also reduced manual interventions by 50% by accelerating the analysis and execution of our sales activities.”
A continuous flow of information drives better outcomes
The Lightning implementation is just one element of a much bigger CRM evolution at Standard Life, which will help to support future business growth. “We want to move away from the linear approach where the sales team just input data into a system and don’t get much back. With Salesforce, we’ve created a continuous loop of information, which helps improve engagement and outcomes,” explained Muir.
Standard Life’s CRM evolution through Lightning involved restructuring data to gain richer insights, re-engineering processes, and enhancing the user experience. “We have been using Sales Cloud since 2009 and needed to re-energise engagement,” said Muir. “The Lightning upgrade has been a great success, with 70% of our user working group reporting an improvement just three weeks after go live.”
Personalised dashboards empower sales team
From account managers to enablement consultants, every member of the 100-strong platform sales team now has a personalised Lightning dashboard, which highlights daily tasks, upcoming appointments, and performance targets. This information can also be accessed remotely via the Salesforce Mobile App.
“We’ve been able to sweep multiple disparate data sources into a single solution,” explained Muir. “The information captured in Sales Cloud helps to shape meetings with financial advisers and provides our management team with visibility of how opportunities are progressing through the funnel.”
Richer insights unlock hidden opportunities
New visualisation tools and prospect categories have helped to increase how many opportunities are being tracked and nurtured. “Just because a financial adviser is not seen as an opportunity to discuss our solutions today doesn’t mean there won’t be an opportunity tomorrow,” said Muir. “By capturing information on their motivators and blockers, we can better understand their needs and deliver solutions which support their business and customer relationships more accurately.”
Standard Life’s trailblazing approach to opportunity management has already delivered results: 30% of financial advisers that had previously been crossed off the prospect list have now become live opportunities. The motivations and blockers provide Standard Life’s marketing team with rich insights that they can use to better understand financial advisers’ needs and drive more timely and relevant engagement to ensure people get the right support when they need it.
“With CRM data, we can put sales and marketing on an even keel,” explained Muir. By empowering its marketing team to take the lead on some financial adviser interactions, Standard Life saw a 400% increase in opportunities with a 10% conversion rate.