InfoTrack: The case for digital 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; we really have seen it all.
From the acceptance of digital signatures for witnessed deeds to the adoption of new cloud technologies to keep teams connected from home, the conveyancing landscape looks different. Technology has empowered firms and given them the ability to thrive, now and beyond.
We’ve seen firms maximize the systems they already had in place by fully utilizing their existing integrations. By taking a holistic approach towards technology use within your firm, you can tap into opportunities that not only generate greater efficiency but also provide a single source of truth.
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 huge opportunity to improve processes and solidify digital trust.
Following the same path towards the move to digital, onboarding will be a key space for growth, development and evolution over the coming year. Digital client onboarding gives firms access to a virtual front office. Connecting essential forms, KYC tools, and more, electronically, will not only increase transaction speeds, it will also enhance the customer experience.
Services were forced to become digital in 2020, a change that should not revert once life resembles some sense of normalcy. Home movers have been delighted by firms who 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.
