Insights on Incentives has as its sole purpose the facilitation of thought and discussion on the subject of incentive compensation for banks and credit unions.  Once a month NSS will be sending out an e-mail with one insight on the area of incentive compensation.  The insights will come from our research, discussion with customers and finally, those of you who decide to offer an insight on this important sales management issue.

The issue of identifying whether an account is established with new versus existing money has intensified in our discussions with many of our bank and credit union clients. The question is an obvious one. Are we growing wallet share as we open accounts or are we just shuffling the deck. And still another dimension of the subject is paying different commissions on new versus existing money.

The real sticking point with this issue is identifying new versus existing money on your sales. How hard is this to do? If you are not looking at this metric right now you can bet you will at some point. Therefore, start looking at your new account opening process to determine how you can classify the opening amounts for tracking purposes. This may mean a discussion with your core and/or platform vendor. This could take some time to sort out. Start working this issue now.

Insights on Incentives is brought to you by NSS Corp.