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.

Tracking and incenting on referrals to closure is becoming a foundation of many financial institutions’ incentive compensation program. At the heart of this is the growing number of products that branch personnel are being asked to refer to product providers, either inside or outside of the institution.

The easiest way to track referrals to closure with automation is to have a matching id. The most likely candidate for a matching id is phone number together with the product identification. If this is a path that you are considering traveling down, then you may want to evaluate the integrity of that information on your core master files. Otherwise, in front of you is a labor intensive task

Insights on Incentives is brought to you by NSS Corp.