LAB Group announces connected on-boarding
LABform’s growing Financial Services and Fintech user base now allows movement of customer data between organisations to facilitate an exceptional user experience for investors.
LAB Group provides LABform, a KYC, AML and Compliance Software-as-a-Service platform that facilitates omni-channel and multi-lingual customer on-boarding, electronic signing and international identity verification to over 40 Australian Financial Services Licensees and organisations in the United Kingdom and China. LABform also supports white label and adviser distribution of its investor on-boarding capability to support the introducing broker, authorised representative and dealer group networks.
LAB Group has been working with a number of established financial services organisations and emerging robo-advice Fintech businesses to leverage LABform’s ability to move customer data between organisations using the LABform service.
In a typical investor registration scenario for financial services, multiple accounts need to be created with upstream providers and systems for components such as the trading and cash settlement accounts. Normally this means that no matter how effective the licensee’s customer acquisition solution is, the investor ends up needing to engage the other provides separately. There are also bottlenecks where systems that make up the components of the offering are not integrated into the on-boarding process.
Connecting instances of LABform has solved this problem as it allows investor data to integrate into other organisation’s on-boarding processes. LABform also has connectivity into industry leading CRM, Trading, Portfolio Management and Back Office system providers so the data can flow to achieve a straight through account opening process with instant funding.
LAB Group announced and demonstrated its “Connected On-boarding” LABform solution at the Afiniation Fintech Showcase event in Sydney in September and since then has been activity connecting LABform instances to streamline on-boarding which has been a particularly important capability for robo-advice providers.
Nick Boudrie, LAB Group’s Co-founder and Managing Director said: “In a situation where organisations are paper based or have their own custom built or designed digital on-boarding processes, you really just end up with an electronic version of a paper based problem. LAB Group’s goal is to standardise financial services customer acquisition as much as possible using common and trusted frameworks covering KYC, Electronic Signing, Identity Verification and Integration. Due to LABform’s growing usage, this exciting new capability has emerged to connect organisations through LAB Group’s standardised processes”.
LAB Group has been working with robo-advice business such as Six Park and Republic Wealth Management that are wanting to formulate lean and streamlined solutions on start-up budgets and use upstream providers to facilitate their service. Where speed to market in this space is crucial, LABform Connected On-boarding is providing all this out of the box.