Incentive Compensation Management for Financial Industry
Eliminate calculation inefficiencies, meet regulatory requirements and motivate your sales reps with the best-in-class ICM software.
At its core, financial institutions are sales and service organizations. Incentive Compensation Management programs play a critical role in the firm’s success by ensuring the sales force is highly motivated to meet both the organization’s and client’s goals.
Challenges Faced By Financial Institutions
- ♦Data Inaccuracy: Many banks and financial institutions still rely on old methods such as manual entry of sales transactions and self-reporting. The use of manual entry and legacy IT systems increase the chances of human error, leading to wasted time in verification and decreased trust with the sales reps.
- ♦Complicated compensation logic: The compensation payment decisions are based on a complicated system of variables. Manual calculations of these commission payments over time account for teaming agreements and client divide along the sales groups.
- ♦Complex crediting rules: The crediting rules often involve incentives and compensation split between several payees. Financial institutions also change crediting rules regarding the products regularly, making it hard for the sales agent to keep track.
- ♦Future orientation of commission payments: The compensation methods are also subject to modification considering the long-term nature of financial products. This deterred compensation structure forces the sales rep to perform their task, keeping an eye on the long-term outcomes.
- ♦Poor visibility of sales comp: The complex sales compensation rules, especially those that span a long period, are not easy to track for steady motivation, sales reps need real-time visibility into their compensation.
- ♦Inefficient compensation modelling: Financial organizations still use manual modeling methods for yearly strategic sales compensation planning. These methods are prone to great errors considering the dynamic landscape of the financial industry.
- ♦Multiple sales groups: Financial institutions typically have multiple sales divisions and their compensation requirement and logic. The IT departments are burdened by keeping up with many ICM models, thereby lacking a streamlined compensation management.
The Solution is ICM Automation
In the financial industry, your customer’s needs are quickly changing, and with increasing regulatory scrutiny, you have an arduous task of keeping up with the variables. Hiring and retaining great talent also becomes tougher with slow digital transformation. It’s time to automate!
Kennect’s Incentive Compensation Management (ICM) platform streamlines the compensation process in the dynamic financial industry. It eliminates the time and resources wasted on manual compensation calculation and takes the load off the operations teams.
Leverage the power of data to make accurate forecast models for your incentive compensation management. Motivate your sales reps to perform at their best by eliminating errors in comp calculations and offering real-time visibility into their performance.
Why Choose Kennect?
Kennect’s intuitive ICM platform is built for all. With user-friendly features built into every click, your sales force can get to work with minimal onboarding time. Everybody stays on the same page as they can glean insights into their performance concerning set targets.
Eliminate errors and boost accuracy. Accuracy in terms of numbers is at the heart of financial institutions. By automating your commission calculations, we take over the struggle of sales transactions entry, reporting, and commission calculation. The detailed records instantly improve transparency and help with compliance checks and audits.
Real-time performance tracking. With Kennect you have instant access to real-time data and visualizations. Glean insights into your sales performance, identify trends, and nudge sales executives to improve when needed.
With Kennect, you unleash the power of automation to streamline compensation management. With the gains in performance, you will have teams of motivated sales executives and a list of happy clients.