UMB Financial in Kansas City, Mo., has made changes to incentive compensation for its branch employees.
UMB executives discussed the changes during a quarterly call with analysts Wednesday. The initiative was part of a broader, strategic review of branches with relatively low transaction levels – those with fewer 4,000 transactions per month, company officials said.
Under the new compensation system, employees will be rewarded based on the performance of the entire branch. Metrics such as the branch efficiency ratio and customer satisfaction scores will be taken into consideration.
"We've redefined success for branch staff, so it's not about selling 'widgets,'" Stephanie Hague, a spokeswoman for the company, wrote in an email to American Banker.
Hague said the incentive changes were underway before news of Wells Fargo's phony-accounts scandal broke last month. The companywide branch review – branded as 4K – was announced in May.
As part of the review, UMB has also made changes to staffing levels and operating hours.
