SAN DIEGO — CUSO Financial Services, LP is celebrating the 10th anniversary of its proprietary dataVISION integrated account management system with the release of several new features.
First introduced by CFS, a credit union-owned broker dealer and registered investment adviser in 1998, dataVISION was designed to support financial advisors in the administration and organization of accounts by supplying a "streamlined" process and communication platform, according to the CUSO.
The newest features include an enhanced home page with quick links to online work flow, marketing support, and reporting, and also provide market data, quotes, announcements and personalized messages to registered representatives. "Simplified" updates of account information from dataVISION to CFS' clearing firm through a single-entry screen with automated transmission for all associated accounts have also been introduced.
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Integration of compliance functions including an annual compliance questionnaire and verification and update of an advisor's compliance registration information directly from the platform to the registration department have been added as well.
"The time saved using the single entry system has made it possible for our reps to spend most of their time working with credit union members, rather than on paperwork," said Keith Pipes, executive vice president, finance and financial Services, of $3.8 billion Wescom CU. "Levels of access are tiered so management can schedule whatever reports we need, by branch, and use the data as a business planning tool. Best of all, we are assured that we're staying in compliance and tracking accounts appropriately."
Wescom, which has 56 branches and functions as its own broker/dealer, recently conducted an extensive study of financial management systems. Pipes said dataVISION has also been helpful in audits.
"In an audit, I know a lot of the information and documentation I'll need is all in there," Pipes said. "In short, we've found this program to be an effective, turnkey solution and I've even used it as a recruiting tool. Reps see it and immediately recognize the improvements over what they've used before."
The dataVISION system has evolved and expanded over the years. It includes an order entry platform, calendar, contact history, consolidated customer account tracking information, electronic storage of customer documents and all needed reports. In addition, a member enhancement module, My Portfolio View, can be added by credit unions to allow all member-facing information to be integrated into their home banking Web sites.
More than 110 of CFS' credit-union clients use dataVISION, according to the CUSO.
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