62 nd Annual Retail & Small Business Banking Conference Using Retail Incentives to Drive Growth

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1 62 nd Annual Retail & Small Business Banking Conference Using Retail Incentives to Drive Growth April 11, 2013

2 What We ll Be Covering Today What s Going on Right Now in Retail Banking? Expected Trends Restructuring Your Sales Force To Drive Success Using Incentives to Reward Success and Drive Profitability Case Studies Berkshire Bank and Evans Bank 1

3 Setting the Stage What s Going on Right Now In Retail Banking? 2012 was more profitable for banking industry Fewer customers walking into the branches Decline in average new revenues generated per sales rep Customer preferences are shifting to digital channels Alternative channels are now the primary channels Most customer transactions occur outside the branch via electronic alternatives Sustainable revenue growth is a challenge New regulations have affected revenue sources (e.g. Durbin Amendment) Banks facing pressure to redesign retail banking model to reduce costs and increase profitability 2

4 What Does the Future Hold? Expected Trends More intense customer analytics What are the right offers to the right customers through the right channels? Focus on high value customer interactions making the most of more limited interactions How best to engage and cross-sell to customers when face-to-face interactions are few and far between? Use of multi-channel approach to drive revenue growth and crossselling Website, contact center, online banking, mobile New role of contact center no longer just providing customer service but also responsible for sales More focus on engagement and cross-selling, not individual transactions New metrics focused on conversion of walk-in traffic & appointments per day Increased solicitation outside of the branch 3

5 How Can Revenue Growth Be Achieved? Keys To Success: Your Retail Sales Force Examine market density, consumer/small business demand, and competitive positioning within your branch network What is the local market potential and expected revenue stream from new product sales in these areas? Adjust staffing of branches to ensure success do the right roles exist? Universal Banker versus standard teller/csr Is the Branch Manager a player? Or a coach? Redeploy sales resources to where they will be most successful and add the most value to the branch network Revise sales goals and incentive frameworks to align with performance expectations and various sales roles within the branches 4

6 How Can Revenue Growth Be Achieved? Keys To Success: Your Retail Incentive Program Retail sales / referral plans are prevalent and have similar objectives but not all are designed effectively Customer Acquisition Customer Retention Cross-selling Effective incentive plans translate broad strategic and profit objectives into goals and desired outcomes Ensure the rewards are measuring right behaviors and results Ensure level of incentives is appropriate based upon revenue / profitability being generated ( Return on Investment ) Important to differentiate between employees impacting sales and those who are simply referring Incentive frameworks for Managers may look different than individual contributors Performance metrics and goals may vary based upon position 5

7 Types of Retail Incentive Plans Unit-Based or Widget Incentive Plans Unit-Based or Widget plans reward for New deposit accounts Product / Service Fee Income Add-on Features To Current / New Accounts (direct deposit, debit card, activated bill pay) Referrals to other divisions Debit cards Retail Loan Sales - # of loans Retail Loan Sales dollar value New consumer & business checking accounts DDA / Savings / MM net avg deposits (customer retention) Cross-selling ratio Controllable Expenses Charge-Offs CIP Errors Debit cards Activated Bill Pay Referrals Cross-Selling Ratio Mystery Shopping Score Dollar value or point value awarded for each product added / sold and typically vary by product Either strategic focus / market plan or profit margin drives the payout amount for each product 6

8 Types of Retail Incentive Plans Balanced Scorecard Incentive Plans Focuses on sales & customer service Allows for different types of goals (bank, region, team/branch, individual) and weightings Assign target incentive opportunity (as percent of base salary) and range (threshold to maximum) Ability to provide higher upside for revenue goals (e.g. fee income, net deposit growth) Can focus on monthly, quarterly or annual goals Plan Gate / Trigger Example: Assumes Regional Branch Manager with $100,000 base salary and 20% incentive target opportunity ($20,000) Performance Measure Weighting Threshold (50% of target) Incentive Payout Opportunity Target Stretch (150% of target) Bank Performance Net Income or ROA 20% $2,000 $4,000 $6,000 Deposit Net Growth Overall Region Performance 30% $3,000 $6,000 $9,000 Loan Production Overall Region Performance 30% $3,000 $6,000 $9,000 Fee Income Overall Region Performance 10% $1,000 $2,000 $3,000 Cross-Sell Ratio Overall Region Performance 10% $1,000 $2,000 $3,000 TOTAL $10,000 $20,000 $30,000 7

9 Final Thoughts Don t forget about recognition awards Quarterly meetings to award top performers Branch Manager of the Year award Luncheon with the CEO (for top quarterly performers) Communication is key! Plan should be clear and easy to understand Senior management should play active role in communication of plan Simple plan document summarizing plan Plan Administration and Tracking Goals may need to adjusted during year but make sure plan administrators (i.e. Human Resources) are notified of changes All plans should be evaluated annually to ensure they are still meeting strategic objectives of the division and payouts are reasonable in light of expected revenue generation 8

10 About PM&P Kristine Oliver is a Vice President in the banking industry practice at Pearl Meyer & Partners which has a significant focus on providing compensation consulting services within the community banking industry across the United States, but particularly in the Northeast. For more information about regarding banking compensation consulting services, please visit Kristine Oliver Vice President For twenty years Pearl Meyer & Partners ( has served as a trusted independent advisor to Boards and their senior management in the areas of compensation strategy and program design, compliance and reporting, and committee structure, policies and procedures. The firm provides comprehensive solutions to complex compensation challenges for companies across all industries ranging from the Fortune 500 to smaller private companies and not-for-profits, as well as emerging high-growth companies. These organizations rely on Pearl Meyer & Partners to develop programs that align rewards with long-term business goals to create value for all stakeholders: shareholders, executives, and employees. The firm maintains offices in New York, Atlanta, Boston, Charlotte, Chicago, Houston, San Francisco, San Jose, London and Los Angeles. 9

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