Seymour Solicitors are the longest-standing law firm in Coventry and Warwickshire, having served the county and surrounding areas since 1730. A firm of integrity, and friendly solicitors that provide their clients with a modern, personal service tailored specifically to their needs. The firm recognised during the pandemic, a real need to have an onboarding solution that wasn’t so reliant on paperwork or manual processes. The legal and commercial experience within the firm meant they quickly anticipated that things were changing and they needed to adapt. One of the key features of Verify 365 that Seymours was particularly interested in learning more about was Open Banking digital bank statements.
Due diligence, time-consuming manual processes, and client relationships
The challenge for Seymours was receiving copies of original bank statements from clients. As a Conveyancing legal practice, verifying the client’s financial data is required when representing buyers and previously, this was provided by clients who had to either pay for the bank to send them out or print the statements themselves. The clients would then need to travel to the office or send them by email. Seymours acknowledged this was taking a lot of the fee earner time and often required chasing the clients to complete this.
From a compliance perspective, they realized the authenticity of the documents was often uncertain. Simply put, how could they be sure the statement copies provided were genuine? Finding the balance of carrying out the required due diligence, time-consuming manual processes, and maintaining a good client relationship meant they needed to find a new way of onboarding.
Digital client onboarding solution for competitive advantage
Seymours Solicitors partnered with Verify 365 to streamline the AML and client onboarding journey. They wanted to be able to instantly retrieve the financial information from the client alongside the ID and address check. With remote working and social distancing, they saw this as the perfect opportunity to maintain a competitive advantage.
Open Banking to reduce fraud and provide faster financial insight
“We were excited to try out the new system and see how much faster it could carry out the AML checks. Previously, it took around 2 weeks to complete the onboarding process which included ID checks, source of funds, and getting the three months bank statements. We noticed the time to complete these tasks reduced dramatically using Verify 365. We particularly liked how the system gave clients the option to do this at their convenience, so they could do this in the evening or on weekends and this led to quicker onboarding and better client experiences”.
Implementing Verify 365 means that Seymours Solicitors is able to build a streamlined process for establishing trust with their clients from the outset of the transaction and protect their law firm, and stay compliant without compromising great client service.
If you would like a faster way to complete AML and ID checks. Get in touch for a demo and free trial on Open Banking digital statements. Get in touch at info@verify365,co,uk or book a demo here