The modern banking industry is a fast-moving, globalized marketplace where
companies must be vigilant about controlling costs, enhancing performance
and gaining competitive insight. In order to rise above these compensation challenges, financial institutions are turning to Iconixx. Iconixx empowers organizations to lower administration costs, align desired sales behavior with corporate goals and track and analyze incentive spend.
1. Incent Perform Grow
The modern banking industry is a fast-moving, globalized marketplace where
companies must be vigilant about controlling costs, enhancing performance
and gaining competitive insight. Over the past number of years, the industry
has undergone rapid change driven by:
COMPETITION
New players such as insurance firms, retail companies and other organizations are providing
financial services and competing directly with banks.
These changes affect banks’ competitive strategies and the ongoing need to stay innovative, flexible and
responsive to customer and market demands. Going forward, banks need to tackle a number of systemic
issues that challenge effective incentive compensation management. In particular, they need:
CONSOLIDATION
Mergers and acquisitions have increased, and banking companies must realign their sales
strategies with new corporate objectives.
REGULATION
In the wake of the 2008 global financial crisis, regulatory agencies have imposed greater
transparency and capital requirements on banks.
EFFICIENCY
Management demands better visibility and oversight to drive desired behaviors while controlling
compensation and administrative costs.
Increased Visibility,
Enhanced Control
and Reduced Cost of
Administration
ICONIXX FOR
BANKING
2. AUTOMATION FOR COMPENSATION PLANNING
Iconixx reduces the cost of overpayments, while making it easy to design, build, and manage complex
sales compensation plans. Compensation teams dramatically increase their productivity from not having
to administer plans and calculations through disparate applications and spreadsheets. Iconixx provides
enhanced efficiency to streamline processes for managing compensation, thereby giving salespeople
more time on the floor, doing what matters most – selling.
CUSTOMIZED REPORTING
Iconixx provides visibility to enable strategic decision-making and support audit or compliance
requirements. With sophisticated modeling capabilities, financial institutions can reliably forecast the
impact of variable pay programs prior to implementation. Business users can report on any sales metric
they need in order to compare performance against pay and analyze plan effectiveness. Moreover,
Iconixx eliminates the need for technical expertise or additional systems integration. All plan or pay
adjustments, user activity, and data changes are tracked and logged to ensure traceability for audit
purposes.
INTEGRATED INTERNAL WORKFLOW
Financial institutions rely on disparate processes, decentralized systems and a range of distribution
channels. Iconixx improves internal processes by offering accessibility, flexibility and security through a
centralized, easy-to-use platform. Iconixx adapts to the plan metrics, definitions or structures that are
unique to each business. This flexibility empowers banks to create variable pay programs that drive
performance and profitability. Organizations have much better control over their pay-for-performance
programs and can motivate the right behavior using profit-based incentives.
Iconixx Features
INCREASED VISIBILITY & CONTROL
Financial institutions need the ability to report on compensation metrics. Proper insight demands not
only reliable visibility into variable pay, but also the capacity to trace commission payments back to the
source. For banks this is a critical audit requirement, since they must be able to demonstrate how much
each employee is paid for every product and service sold. Spreadsheet based ICM systems do not
provide this visibility or control.
IMPROVED FLEXIBILITY
The restructuring and consolidation of banking institutions has led to a realignment of the sales and
services teams with new priorities and goals. But unfortunately, technology has not accommodated to
meet these changing expectations. Banking leadership is therefore unable to implement the required
changes in the pay plans and cannot reliably hold individuals accountable for the needed outcomes.
In order to rise above these compensation challenges, financial institutions
are turning to Iconixx. Iconixx empowers organizations to lower
administration costs, align desired sales behavior with corporate goals and
track and analyze incentive spend.
LOWER COST OF ADMINISTRATION
The administration of calculating incentives and processing exceptions can be a costly undertaking.
Manual and spreadsheet based systems typically used by banks are error prone and slow to
manage, which can lead to payment disputes. It is no surprise that financial institutions are facing
increased administration costs relative to their complex compensation plans and mounting reporting
requirements.
www.iconixx.com3420 Executive Center Drive STE 250 Austin, TX 78731
877-ICONIXX
Iconixx
Features
• Quick
implementation
of compensation
plans
• Audit commission
payments &
adjustments
• Plan modeling &
forecasting
• Efficient dispute
resolution
• Electronic plan
approvals & sign-
offs
• Centralized
dashboard
for plan
documentation
Business
Benefits
• Drive profit-
based incentives
• Reduce costs
from commission
overpayments
• Increased
visibility and
control
• Improved
flexibility