LAB Group sees completion rates increase from 10% to 30% to more than 65% which means you miss out on a lot less investors and improve your ROAS.
After application completion, the application rejection or exception rates from client services teams fall dramatically from around 50% to less than 5%. For paper based identification this is reduced by approximately 75% for individuals, 95% for companies and 54% for Trust SMSFs.
Due to an improved and streamlined application process, more investors invest their funds quicker – LAB Group had a Stockbroker reduce their on-boarding timeframes from two weeks to two hours.
Moving towards and improving straight through processes requires investment in continuous investment which our Software as a Service (SaaS) delivers. LAB Group has seen internal builds and the engagement of non-specialist providers run into the millions to get something to market over a long period of time.
Ongoing maintenance costs of non-flexible platforms means higher costs as on-boarding requirements evolve (they do so frequently with AML/CTF rule changes, tax/compliance changes like FATCA, adding product offerings etc.). LAB Group has helped organisations expand the platform across more products quickly and at low cost.
Further to this, LABform has established API connectivity to a number of industry systems (such as Equity settlement systems, CRMs, EPI) which means you get the cost efficiencies by leveraging the connectivity already established and experience.
LAB Group has seen disputes from customers to organisations utilising LABform that have been dismissed due to the highly audited and industry proven methodologies that LABform uses. This has saved on litigation fees and internal costs around resolving disputes. Internal and external audit costs are also reduced due to the efficient and electronic record keeping that LABform provides.
Basic and custom electronic forms or paper processes do not deliver the insights required for continuous improvement and to assess ROI. LABform stores data to allow detailed visibility to achieve this.
LABform is used across a number of areas of financial services and the collective inputs and development on the platform result in a continuously improving solution quicker and cheaper (e.g. FATCA, AML/CTF Rules changes).