A software developer says it can free salespeople at bank broker-dealers to do more selling by cutting the time they spend doing paperwork.
Streampoint Financial Systems Inc., based in Boulder, Colo., has designed a system that determines what documents are needed for a securities transaction and generates the completed forms. A compliance feature alerts representatives to potential problems such as investor suitability.
The service, called Investment Streampoint, lets banks tap into an intranet - updated quarterly - that contains form templates and regulatory and product information. "Most broker-dealers spend 25% to 50% of their time on administrative issues," said Mark R. Winz, Streampoint's president and chief executive officer. Streampoint aims to cut that in half, which gives representatives more time for selling, Mr. Winz said.
Investment Streampoint costs $750 per broker up-front, plus a monthly fee of $75 per broker; discounts are available for large programs. With an annual cost of $900 per broker, even a few additional sales pay for the program, Mr. Winz said.
Bank technology consultant M. Arthur Gillis likened Investment Streampoint to loan origination software, which is now standard in banks.
"It doesn't leave anything to chance," said Mr. Gillis, who is the president of Computer Based Solutions Inc. in Dallas. And once customer information is plugged in, the software "takes over and does all the grunt work," he said.
AFS Brokerage Inc., a third-party marketer in Englewood, Colo., will be the first to offer the service, beginning in April. Streampoint has also signed agreements with the brokerage subsidiaries of Columbus, Ohio-based Huntington Bancshares, Bridgeport, Conn.-based People's Bank, and Bank Plus Corp. of Los Angeles.
"Our business is growing faster than our back office can keep up with it," said Rob Comfort, who heads Huntington's brokerage and investment division. The software "will free up our salespeople so they're not so bogged down in paperwork."