In this issue…
- In Case You Missed It… 2020
- Insight 2020 – VolCorp’s First Educational Summit a Success
- V-Portfolio – A Look Back
V-Portfolio – A Look Back
When we look back, there will be many reasons why the year 2020 stands out in our memory. This article chooses to look at one of the positive achievements. Let me begin by saying this is a bittersweet article since it is being written for the last VolVoice, and therefore, an end to something that has brought many wonderful articles over the years. In the past, the VolVoice would have been a place to advertise and announce the launch of new products and platforms, and so it is only fitting to end it with an update on one of the best creations to come out of the collaborative minds of the staff here at VolCorp.
V-Portfolio began as an idea in 2013. Our thought was simple, any broker dealer that didn’t offer peripheral bond accounting and online access would likely begin to lose clients to the shops that offered the extra services that would make investing more manageable. It has always been our philosophy that offering competitive brokerage services would mean our members could buy investments that were appropriate for credit unions from trusted reps, thereby enabling all of our members to take advantage of the extensive experience in investment management that benefits VolCorp internally. It began with bond accounting.
Bond accounting was being handled internally with the aid of somewhat antiquated software by a team that needed to focus more on the general ledger and member transactions. We decided to update our software and develop a strong system for the accounting of investment transactions that would be scalable, and thus could be offered to our members. We wanted a superior product that would be robust in abilities and features, and fully available to both our members as well as our internal staff and management. Along with that came the introduction of BondEdge analytic services to both aid in management of our portfolio, as well as building a powerful analytical package of reports to be provided to members that had bond portfolios.
The purpose of the bond accounting was to make it easier to invest and report on those investments. If you only buy certs, now you can buy bonds. If you buy bonds, now you can buy more complex bonds. If you only want new issue bonds for accounting purposes, now you can buy secondary pieces at premiums and discounts that will be amortized and reported automatically for your financials. Ever wanted to be able to buy mortgage-backed securities…we just made that easier. Best of all, you can transfer investment figures from our reports directly into your call report.
BondEdge has been a fantastic addition to our suite of services, and a product that if just for us, we would likely not utilize due to the cost of the platform. When considering the benefit to members, it became a no brainer and a welcome addition to the peripheral services offered to our investing members. The guesswork is gone, the precision is here. You can focus on the why and what, not the how. This lets you make the most of your investable cash, puts your member’s money to better use, and helps you sleep at night. We cannot control the markets, but we can control how we operate in them, and this is like artificial intelligence for the reporting and accounting of all investments…bet you wish you had this for lending!
These new services were only part of the new vision. We still needed a modern access point enabling members to see trade activity, obtain reports, and gain access to available investments instantly. In 2015, the V-Portfolio platform was born. In it came the first ever, credit union only, online investment platform that offered instant access to bonds, certificates, portfolio reports, and capital markets. By the end of 2014, we had nearly 30 reports being produced per member each month that would later be compiled into the complete accounting package that is used by nearly every one of our current bond clients.
Fast forward to today. More than 85% of all trade activity this year has been from online trades by members through the platform. We went from 14 accounting clients in the first year to 47 member-clients today. Here is a better reason to attach notoriety to 2020; year to date we have produced 361 accounting packets (each containing nearly 30 different portfolio accounting reports), 759 total accounting reports and packets, 361 analytic reports packets, 53 ALM reports, and provided 45 pre-purchases analytic reports self-produced in real time by our members, via the online platform.
Our whole team built this for you. It has the signature of every one of our staff at VolCorp on it, because every line of code is written carefully so as to not let them down…we would not let this platform diminish the quality of service offered by every soul on the VolCorp roster. V-Portfolio is on its 5th version with enhancements currently in development for the 6th iteration to be released soon. Members can access ALM reports, trades made with our team, monthly accounting and analytic reports, request special offerings, view current portfolio holdings with daily market pricing, see graphical representations of their current investment ladder and portfolio composition, view KPIs in real-time, and even run their own pre-purchase analysis. All of this is free to our members. If you ever wondered what it felt like to win big, this is it. This is not just a free car, it’s a free top-of-the-line luxury performance vehicle. All the power you need with all the comfort and ease of use that you want. This wasn’t built to make us look good, it was built to make you look good.
While we might be a little sad to write our last investment related article for the VolVoice, we are excited for the next iteration to begin. This isn’t goodbye, it’s just the start of what’s next.