Weekly Newsletter - 09.25.2024

BNP Paribas acquires HSBC's German private banking arm and AI boosts sales quota success 3.7x

Author

Zihan Lyu
September 25, 2024

Sales Enablement

Without the right technology, achieving sales goals can feel like an uphill battle. In 2024, many teams are bogged down by outdated tools, leading to wasted time, missed opportunities, and frustration.

Hive Perform's latest mini eBook How to Choose the Right Sales Tech (Without the Headache), is essential for sales enablement leaders looking to streamline their tech stack and drive results without the hassle.

What you'll learn: 

  • The pitfalls of using mismatched or outdated tools and how they hinder sales efficiency.

  • How to assess your current tech stack, identify pain points within your existing Sales tech stack.

  • Key strategies for selecting the right technology that supports your sales objectives and enhances productivity.

Why read it? Gain insights that will help your sales team: 

  • Simplify their workflow with tools that truly support their daily tasks and goals.

  • Reduce time wasted on managing multiple systems, allowing them to focus on closing deals.

  • Create a more effective sales environment where technology empowers rather than hinders performance.

Industry News 📰

BNP Paribas has agreed to buy the private banking operations of HSBC in Germany as it accelerates its expansion drive in a deal that will grow its exposure to wealthy entrepreneurs in Europe’s biggest economy.

Flush with cash from the $16.3bn sale of Bank of the West in the US that closed last year, the Eurozone’s largest bank has been extending in areas such as wealth and asset management. Although not disclosing financial details, the bank is seeking to double its wealth assets under management in Germany to more than €40bn ($44.5bn) with the acquisition, which is set to close next year.

The agreement was unanimously approved by the Boards of Directors of ESL Federal Credit Union and Generations. The P&A Transaction is expected to close late in the second quarter or in the third quarter of 2025, subject to receiving all regulatory approvals, approval by Generations Bancorp's shareholders and other customary closing conditions.

Following the completion of the P&A Transaction and after all of the respective obligations of Generations Bancorp and Generations Bank are settled or otherwise accounted for, Generations Bank will liquidate and Generation Bancorp will distribute its assets to its shareholders (the "dissolution"), likely in two separate payments as described herein.

Industry Insights 🔮

Effective sales training is crucial for success in the banking and finance industry. Tailored programs address unique challenges, enhance adaptability, and leverage technology for interactive learning. Collaboration between HR and L&D teams ensures comprehensive training, while future trends like ethical practices and remote training shape ongoing development.

Gartner's survey reveals that B2B sellers who partner with AI are 3.7 times more likely to meet their quotas. Key competencies include AI partnership, tactical flexibility, and mentalizing. However, 72% of sellers feel overwhelmed by required skills, impacting performance. CSOs should prioritize targeted training and skill adoption.

Todd Caponi, founder of Sales Nerd, emphasizes the power of transparency in sales. His research shows that honesty builds trust and improves sales outcomes. Caponi advocates for transparency by sharing both strengths and weaknesses, which he believes leads to better customer relationships and long-term success in the sales industry.

Generative AI offers transformative potential for wealth managers by streamlining processes and enhancing client interactions. To maximize benefits, firms should focus on upskilling their workforce, integrating AI strategically, and fostering a tech-friendly mindset. Investing in human-centered learning ensures advisors can effectively leverage AI, driving both personal and organizational success.