Optymyze Facilitates Border Crossings in Banking Giant’s Sales Performance Program
The private and corporate banking divisions of one of the world’s largest banks were utilizing various proprietary SPM systems to manage compensation plans for hundreds of local branches across dozens of countries. Considering the myriad intricacies of international governance and compliance on top of the complications involved with offering more than 300,000 products, the bank was navigating a thorny landscape in the first place. That was exacerbated by the disconnected nature of the company’s existing sales operations solution, which was creating a number of obstacles to growth.
With no centralized access to sales performance data across the many discrete sales operations systems, there was little oversight or consistency. This led to lengthy processing times, subpar data analysis and reporting capabilities, and a lack of auditability. Management was thus impeded in its attempts to develop coaching strategies and update compensation plans in a timely, effective manner.
As a result, it was impossible for the bank’s sales reps to perform optimally; they simply weren’t being given the tools and knowledge to carry out the value-added behaviors the compensation plan designers had intended. This led to salespeople focusing on selling the wrong products, thus degrading the prestige customer experience for which the bank was known.
Optymyze guided the bank through standardizing its business processes and implementing sales compensation management tools across its entire international network of branches, including setting up a central data repository to aggregate the disparate product catalogs.
Organizing this data empowered the company to build out more robust reporting tools for the sales field, meaning reps could now understand their performance and payout at a glance rather than wasting valuable time on shadow accounting.
With the bank’s product offerings unified under a standard set of parameters, Optymyze streamlined the process of bringing new products to market (and discontinuing others) without sacrificing the granularity necessitated by banking across borders. Condensing all the product catalogs into a single database also granted high-level managers access to a trove of information that had previously been unavailable to them.
Empowered by a suite of new, high-level reporting tools, management realized that the bank’s legacy compensation plans were rewarding unintended behaviors and allowing reps to inflate their performance numbers without truly serving their customers. Optymyze helped the bank strategically redesign and properly weight its sales team’s performance indicators. Reps were more fairly compensated, and the company’s revenue grew.
Now that its data-gathering capabilities had been expanded, the bank approached Optymyze about widening the scope of their engagement to include additional analytics. Ultimately, the experts of Optymyze fashioned the newly available data into dynamic territory maps that show performance trends over time, thus enabling even more
precise coaching and growth planning.
Throughout the implementation of all these new systems and reporting capabilities, Optymyze had to keep up with the bank’s highly demanding processing schedule – incorporating all the updated business processes and functionality into the centralized platform while seamlessly adhering to a mandatory 24-hour processing cycle.
Despite changes in plans and the complex, time-sensitive nature of the project, partnering with Optymyze enabled the bank to unify its strategies and processes across borders, scale easily to accommodate growth, and create a sales force that’s both happier and more productive.