Why your firm needs digital client onboarding
Adaptability and resilience are two of the greatest assets businesses and individuals have had to display in recent times. Change has been inevitable, technology has been the greatest facilitator for keeping transactions moving, and after a lull during the national and regional lockdowns we saw the biggest property boom in a decade. 2020 was a wildly unusual year.
The conveyancing landscape looks different. From the acceptance of digital signatures for witnessed deeds and the announcement of a digital identity standard from HMLR to the adoption of new cloud technologies to keep teams connected from home. Technology has empowered firms and given them the ability to thrive, both now and into the future.
There have been several approaches to embracing legal technology, with one of the best being firms maximising the systems they already had in place by fully utilising their existing integrations. By taking a holistic approach towards technology use within your firm, you can tap into opportunities that not only improve efficiency but also provide a single source of truth through centralised information.
Data visibility has been crucial throughout the last year. With teams based remotely, platforms that offer insight into workloads across the firm can help decision making and improve risk management by automating compliance. Firms now expect the same visibility throughout the client onboarding process. Often a fragmented process that demands bank-grade security and a seamless ‘Know Your Client’ experience, electronic client onboarding creates a huge opportunity to improve processes and enrich digital trust.
Digital client onboarding is a game-changer
Moving along the same trajectory towards the move to digital, onboarding will be a key space for growth, development and evolution over the coming year. eCOS, InfoTrack's digital client onboarding solution, gives firms access to a virtual front office. What does this mean? Everything you need to bring new clients onboard to start a transaction, in one place, online. Connecting essential forms, KYC tools, and more, electronically, will not only increase transaction speeds, it will also enhance the customer experience. We've had firms onboard their clients in under 15 minutes with eCOS, a phenomenal feat in reducing a process that can take up to two weeks!
Services were forced to become digital in 2020, a change that should not revert once life resembles some sense of normalcy even as the world begins to reopen around us. Home movers have been delighted by firms that have offered digital alternatives such as online form filling, electronic signatures and apps that provide key stage updates. To continue with this action and bring client onboarding in alignment with the other areas of conveyancing that have seen a digital upgrade will be essential for futureproofing firms.
The last remaining major component in conveyancing that is overdue a digital injection, electronic client onboarding will have a lasting impact on supporting the reduction of transaction times. In a period when firms are at breaking point with caseloads increasing exponentially, embracing a virtual front office will be the solution that ties the entire digital conveyancing process together.