Tracking Systems for Basic Incentives
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First things, first! Maximizing employee usage is the key!

A variety of tracking systems are available! Just make sure your choice will accomplish the main objective. Standalone systems work fine, but they do not attach to the core processor --- although that may not matter. An excel spread sheet will work. If you do not have an MCIF/CRM system, it might be a good idea to evaluate a few. MCIF (Marketing Customer Information Files) can provide your bank with house-holding, customer and household profitability and a myriad of other data mining gems that can do wonders for improving the bank’s financial measurements. Obviously, make sure the MCIF has the tracking component. While you are evaluating, take a look at CRM (Customer Relationship Management). CRM and MCIF are a dynamic combination for improving results in marketing, customer retention, business development and other bank growth strategies to enhance profitability. Back to the main thing --- tracking! A strong recommendation! Get a third-party to help you identify your needs and recommend the most efficient tracking system to measure results!

What do you need? What works? What does not work?

Regional and National banks have been working on their “culture”, including tracking, for decades. They have the money and the human resources to make technology work for them. Most community banks have relied upon the local hometown “nice and friendly” culture and local lending decisions to compete with the big boys. The customer experience culture, incentives and tracking world is relatively new to most community banks and many have not seen the light, yet! Competitors quietly appreciate the banks that haven’t focused on the employee performance arena!

As it relates to tracking incentives and referrals, nothing matters unless the employees understand that performance improvement and teamwork are critical to serving the customer. Employee buy-in is an absolute! And, serving customers in a manner that truly exceeds their expectations (every time) is THE mission! Measuring results is not an option! However, if Susie and Jim are not going to use your system, the party is over. And, employees will have a real distaste for being guinea pigs. Therefore, find a system that is easy and has proven to be effective. Call the testimonials. Have direct questions noting employee success, usage and the overall bank’s success! Remember, the end objective is to have employees perform at a higher level, measure it and reward them. Here’s a dirty little secret! The average participation of community banks with an incentive plan for the staff is 21%! So, please understand, incentives alone are not a panacea! When you get it right, you should expect the incentive payroll to demonstrate over 60% participation. Within a year, maybe two, you should graduate to 75% and that’s about it! But, keep it there! The financial reward to the bank huge!

For more information call John Cotton or Lisa McDaniel at 800-943-9638, or email us at: