Client Onboarding Software is becoming more prominent in the legal sector. Law firms are beginning to adopt innovative technology to streamline processes, enhance the due diligence process, and ensure compliance with regulatory guidelines. These technologies are changing the legal landscape, and lawyers are certainly reaping the short-term and long-term benefits.

However, choosing the right technology to implement can be a difficult decision, and there are key things to ensure when implementing the right software for your firm.

In this special feature, we analyse key factors to consider and what not to do when attempting to implement client onboarding software into your processes.

Client Onboarding Software – Risk and Compliance

A major factor when looking to implement client onboarding software into your processes is risk and compliance. These are two essential focal points within law firms, given their potential to cause adverse effects on your firm if not monitored and managed effectively.

You should never implement client onboarding processes that put you, your firm, or your client at risk. Depending on the severity of a particular situation, this could lead to fines, sanctions, and even closures. Client onboarding software is there to ensure you are practising compliantly within the regulatory guidelines, safeguarding both your firm and your client.

Compliance is an ongoing challenge that all legal firms face, and implementing client onboarding software into processes can ease those concerns, especially given that Verify 365 is crafted for lawyers by lawyers. This ensures everything you do is done compliantly. Our award-winning DynamicID technology enables law firms to complete all the necessary due diligence steps and establish both KYBs and KYCs.

What’s more, our onboarding software eliminates risk while also ensuring you are fully updated if one of your client’s status changes. With ongoing monitoring, our technology can identify any Politically Exposed Person (PEP), any person facing sanctions, and any person currently dealing with unwanted media attention. This monitoring ensures you are alerted to any changes and can take steps to further protect your firm.

Essential Data Protection

Another important element when considering what client onboarding software to implement is data protection and security. With cybercrime and hacking a significant concern, it is essential to protect both your firm’s and client’s data.

Don’t slack on data protection and security measures, given the enormous risk of neglecting something vitally important. Any data breaches can have serious repercussions, so ensure all your data is shared, sorted and stored in a protected and secure way. With criminal networks finding more elaborate ways to collect data, it is essential you are alert and have the best software out there to enhance security measures.

All data submitted on the Verify 365 platform is protected and stored in the UK to ensure the highest levels of protection and security.

Ensure Efficiency

When considering what client onboarding software to implement, you want any technology to work for you. This strive for efficiency is a key factor of client onboarding software. Ultimately, technology is there to make a positive impact and streamline your processes so you can focus on legal matters and core work.

Having slow and withdrawn onboarding processes will affect the growth of your firm but also not guarantee you are practising compliantly. Long and withdrawn processes can have a detrimental effect on the amount of time taken to onboard an individual and can make the whole identification and due diligence process much longer than it needs to be.

Implementing a client onboarding platform that creates a seamless workflow will enable your firm to practice more efficiently. Not only does efficiency improve, but onboarding clients is much faster and makes the process much easier for you and your clients, eradicating the manual, paper trial in the process.

Verify 365 ensures you can create seamless workflows, onboard clients faster and improve overall efficiency, enabling you to expand and grow.

Keep Things Simple for Your Clients

Simplicity is the key to success. Client onboarding software needs to be easy and simple to use, not just for your clients but for you and your staff. Software that is simple but also meets your needs and requirements.

Overcomplicating your processes can be confusing for everyone involved, cause unnecessary concern, and halt the progress of your firm. You want to ensure your client onboarding processes are as simple and clear as possible. Simple steps when completing necessary identity checks and utilising the potential technology you choose to implement.

Verify 365 is simple and effective. Implementing Verify 365 into your onboarding processes ensures you can onboard and identify your client in a few simple steps. Our end-user app makes the process much smoother and easier for your clients, who only need to follow the steps shown on the screen from logging in and completing the checks from there.

There are always many factors to consider when implementing client onboarding software into your processes, but ultimately, it has to work for you and your firm. Simple, efficient, effective technology that transforms your processes and ensures you are practising compliantly and have the ability to grow.