Despite widespread adoption of automation for other functions in the banks and financial institutions, incentive and compensation largely remain a manual process.
About 76% of banks are still using a combination of spreadsheets, e-mail, manual processes, or homegrown systems to manage incentive and compensation payouts.
And we have observed, 95% of the times there exists an error while manually computing compensation.
There are thousands of agencies like DSA’s, Collection, Payout, Verification, and Marketing Agencies and on-role and off-role employees that banks and other financial institutions pay substantial commissions to on a periodic basis.
However, spreadsheets or legacy applications are not designed to handle complexities of modern incentive payouts and are also not efficient to manage operational, financial, and audit risks.
Banks and financial institutions who have adopted incentive compensation management solutions say that automation has made a positive contribution to their ability to manage compensation effectively. Outdated methods of spreadsheets and emails simply do not offer these sophisticated capabilities, hence time to embrace automation!
ACT21 Softwares – Hyperform (Payout and computation automation system), is an intuitive and adaptive solution for all your Incentive computation and management requirements, which can take in your headaches for the end-to-end payout process and keep your relationship with your partners concrete strong. This solution will give your bank/ financial institution an edge in the market.
We have made some refreshing new advancements made to our existing incentive compensation automation solution previously known as iNCENTIVO. It is now called HYPERFORM – A Sales Performance Booster that is tailored to meet the kingpin revenue goals of the banking and financial institutions.
Hyperform is a powerful, agile and easy-to-use incentive compensation automation solution. Its pre-built components make building and changing policy plans simpler and enable rapid implementation.
The most power-packed Graphic Rule Engine is the soul of this solution. The graphic modeler provides a zero-code graphical modeling of Payout Policies. This allows introduction and implementation of new compensation plans, with minimal lead-time to meet changing strategies. It enables Payout Policies to be separately developed from the application logic in order to make them transparent and easy to change.
The highly configurable workflow enables users to make changes in the approval hierarchy and generate automated alerts and responses in seconds. This shortens the time taken to make a disbursement, reducing it from months to days.
The implementation of HYPERFORM requires no change in the core banking systems. It seamlessly integrates with the existing technology ecosystem such as core-banking and payroll systems and by implementing Hyperform banks and financial institutions can increase ROI on incentive and compensation payouts (strategy) by curtailing risk, fostering efficiency, hiking data accuracy and eliminating errors.
Mail us at abhishek.roy@act21softwares.com for a quick demo of the world’s only incentive compensation automation solution designed exclusively to meet the needs of banks and financial institutions.