Retail Banking
Retail banks require strong controls to manage data, compensation, reporting, workflow, and planning processes. Without a solution to manage incentive compensation and performance management processes across their branch, telesales, internet, and other channels, banks risk processes that are inaccurate and not auditable, non-compliance with industry regulations, and lack of insight into organizational performance.
Challenges
When banks lack a comprehensive solution to manage the operational aspects of their sales channels, they are unable to:
- design and manage variable compensation components, including incentive compensation, contests, and bonuses, and respond to changing banking practices
- collect, combine, and validate data, including new and up-sold account transactions, referrals, customer satisfaction, and team sales information from multiple sources without risking data integrity, accuracy, or security
- effectively present profitability, revenue, gross margins, and other performance metrics to executives, branch managers, financial advisors, loan officers, and bank tellers
- efficiently administer processes across different roles and sales channels that involve submitting, routing, reviewing, approving, and communicating information
- easily manage sales goals, territories, and channels in a way that ensures strategic alignment
Capabilities
Synygy’s solution for the retail banking industry enables companies to:
- support all levels of compensation plan complexity, manage plans for multiple roles at the same time, including branch managers, financial advisors, loan officers, and more, and rapidly adapt to evolving organizational needs
- integrate, validate, and manage data, including branch, telesales, internet, and other channel demographics and transactions from multiple sources into a single, auditable, and secure location
- communicate sales performance, referrals, customer retention, and other information through clear, meaningful reports, analyses, dashboards, alerts, and analytics
- automate manual processes including inquiry and dispute, hierarchy, territory, branch, and referral management
- set, adjust, approve, and communicate individual, team, branch, and other sales channel quotas and objectives, and manage alignments from a single web portal
Synygy’s solution for the retail banking industry includes:
- Incentive Compensation and Bonus Management
- Rewards Management
- Data Repository and Data Process Management
- Data Security Management
- Dispute and Inquiry Management
- Referral Management
- Reporting and Analytics Needs Assessment and Design
- Territory, Channel, and Branch Management
- Quotas and Objectives Management
- and more
