Branch associates' motivation and incentive compensation plans in retail banking: Navigating environmental and business model changes

in partnership with

Primeum

Logo of Primeum

Founded in 1994, Primeum is a company dedicated on Motivation through Incentive Compensation. Our ambition is...

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Digital Reinvention
16/11/2023 Study

In a strategic partnership, Qorus has collaborated with enterprise incentive management firm Primeum to conduct an in-depth analysis of the challenges and opportunities facing retail banking models. The resulting report offers a comprehensive exploration of the dynamic landscape within the financial services industry.

Navigating global financial landscape: Challenges, insights, and digital strategies

The report offers a worldwide view of the financial services sector, tackling major challenges like declining profit margins, the rise of disruptive entities, and evolving customer expectations. Qorus and Primeum provide valuable insights into the current global banking landscape, showcasing widely adopted best practices. Additionally, the report delves into how retail banks strategically navigate the digital transformation by segmenting clients based on financial needs and utilizing digital channels to address the demands of transactional clients. It explores strategic adaptations, including shifts toward proximity, diversification, and disinvestment, in response to evolving customer behaviors and expectations.

Evolving approaches to incentive compensation: Keeping teams motivated

The report uncovers the transformative impact of new trends on sales incentive systems and the increasing focus on consultancy within the retail banking sector. It explores how banks are adopting hybrid approaches, utilizing both branch networks and digital platforms, to evaluate and reward employee performance. The challenges and solutions in reallocating staff to meet the demands of evolving banking models are also examined.

Incentivizing quality and quantity: A holistic approach

Dive into the intricacies of incentive compensation models, where traditional approaches often pit quantitative and qualitative metrics against each other. The report explores alternative models that balance both aspects, drawing inspiration from successful implementations in industries such as logistics and travel. It provides an understanding of how these models foster a holistic approach to performance measurement and incentivization.

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