The Core Onboarding and Compliance Challenges LAB Solves
Lack of Industry Standardisation
Regulated entities need to solve similar compliance and onboarding challenges, however onboard customers in fragmented and varied ways creating additional friction for customers.
LAB’s standardised framework can be easily distributed and upgraded over time to scale with our clients’ needs.
Customer Records Re-keyed
Customer records are re-keyed multiple times across the industry due to obstacles in the seamless movement of data.
The LAB Network (LINK) enhances our clients’ origination and distribution capabilities by delivering multi-product and multi-vertical scale through connectivity across different channels, organisations and platforms.
Duplication of Regulatory Processes
Cost-inefficient Ongoing Customer Due Diligence (ODD) and the duplication of customer data.
LAB creates a centralised customer profile that can undergo Ongoing Due Diligence facilitated by interaction with the LAB Network.
Lack of Digitised Complex Onboarding
Institutional and complex onboarding remains largely undigested with manual and time-consuming processes.
LAB drives greater efficiency through flexible digital workflows and automated global verification sources, while case management and reporting tools reduce rework rates, onboarding times and operational costs.
Billions of Outdated Customer Records
Legacy AML and CTF processes are leading to fines and organisations are left with huge remediation burdens to work through.
LAB uses an end-to-end remediation and outreach framework for the re-engagement of customers to validate their records and complete Ongoing Due Diligence (ODD) tasks.
Storage Risk & Vulnerability of Personal Data
Protection and handling of Personally Identifiable Information (PII) and customer data has never been more important.
LAB handles Personally Identifiable Information (PII) and core customer data temporarily. LAB depersonalises information and provides audit data based on an organization rules and needs.
LAB Delivers a Banking Institution a Market Leading Engagement and Distribution Tool, Saving them an Average of $4.2M in Operational Costs per Year Over the Last 5 Years
In partnering with one of Australia’s most recognised and well-respected banking institutions, LAB has dramatically transformed their investor and adviser onboarding process to provide a market leading engagement and distribution tool. Through this engagement, LAB has processed in excess of half-a-million applications saving the organisation an average of $4.2M in operational costs a year over the last 5 years.
Global Managed Funds Provider Saw Completed Monthly Application Volumes Triple
After implementing LAB Group’s Dynamic Onboarding Framework, a global Managed Funds provider saw completed monthly applications nearly triple in volumes, resulting in approximately $9M of additional investments per month.
Whilst significantly increasing their inbound flows, they also drastically reduced their operational processes required for re-working applications, seeing an efficiency gain of 430% and realised cost savings of approximately $5,000 per month in operational effort on top of savings in excess of $182,000 per year on regular processing.
Fund Administrator Reduced their Internal Application Processing Times by Over 80% per Application Across 16 Fund Manager Clients and Over 100 Investment Offerings
A leading fund administrator reduced their internal application processing times by over 80% per application (cost savings of over $100,000) after implementing LAB Group’s Dynamic onboarding framework and straight-through processing into their downstream registry system. By implementing LAB Group’s platform, the fund administrator significantly reduced the double handling of data and the associated risk of manual error across their 16 Fund Manager clients and over 100 investment offerings.
LAB Has Saved the Stockbroking Industry Over $15M To-Date
LAB’s solution as a market leading provider for over 21 Stockbrokers across Australia has helped the industry realise significant efficiencies. Stockbrokers adopting LAB’s platform often see their investor application times reduce by over 76%. In addition to streamlining the onboarding process for investors, stockbrokers are able to realise significant savings through reduced operational costs & processes, saving the industry more than $3M each year (over $15M to-date) due to LAB’s leading integrations, workflow management tools and business logic.
Trading Platform Saves Over $180,000 from Streamlined Onboarding Processes
LAB Group solved a complex onboarding challenge to increase SelfWealth’s electronic identification verification pass rates by over 30%. By rapidly tailoring the dynamic verification rules, LAB Group delivered a seamless onboarding experience to an emerging high-volume customer segment. This resulted in savings of over 250 hours per month or over $180,000 per year from a thought-led strategic change to help streamline their onboarding process.
Case Studies
Changing Insurance Landscapes and Accelerated Digital Transformations
During the Coronavirus pandemic, regulators such as AUSTRAC strongly encouraged financial services companies to adopt digital processes to support a seamless, secure and compliant customer journey. Read how LAB Group rolled out a solution in less than 5 weeks for this large Australian Superannuation and Insurance Fund.
Customised solutions, Online Brokers and Electronic Verification Success
A digital client onboarding process is critical for brokers that want to provide the best possible client experience and drive scalable and cost-effective customer acquisition. Read how LAB Group responded to a 350% surge in demand for one client.
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