There are many complicated challenges that can affect the efficiency of a legal firm; from securely confirming a client’s information to switching between multiple platforms just to complete a simple task. These challenges don’t just become frustrating over time and can put your firm and clients at risk but they significantly reduce the overall efficiency in your firm, leading to a loss in focus and missed opportunities.
Efficiency is a key component of any functioning law firm, conveyancing firm and estate agency. Long and withdrawn processes take time away from focusing on core legal work and matters. Firms and agencies are in need of efficient and effective solutions that can be integrated into other platforms that match their needs and deal with the direct challenges of the legal sector.
Discover in this article how to increase efficiency in your firm so you can focus on the legal work that matters.
The Tasks That Impact Your Firm’s Efficiency
Despite AML and compliance being perceived as the biggest daily challenges, all challenges within law firms and estate agents interlink with the ability to run efficiently.
First and foremost, manual processes are detrimental to a firm’s ability to run efficiently. Completely identify checks, address checks, PEPs and Sanction checks, Source of Funds checks and all the other checks you have to do when onboarding a client don’t just take up a large chunk of your time but run an extremely high risk of non-compliance too. Technology is paving the way for more efficient client onboarding, AML, KYC and KYB checks to provide a more secure, compliant, and quicker way to onboard a client.
Secondly, client support is extremely time-consuming for firms and agencies. Client expectations vary from case to case, but more often than not, clients prefer to be supported every step of the way, especially in cases such as house purchasing/selling. If a firm decides to adopt legal tech support, whether that be for client onboarding or simple identity checks, it can often end up becoming a call centre for clients who are struggling to log in to an app or take a photo of their passport.
Thirdly, data validation. In any firm or agency, the checks that need to be completed throughout a case often incur a large amount of data being collected, checked and stored. For example, a PEPs and Sanctions check, most KYC platforms automatically run this check, but once completed, it presents you with a large amount of unorganised data, which you need to sift through to ensure your client isn’t posing a potential risk. This severely impacts your time and, again, puts you at a compliance risk.
Next, documentation and forms. Finding forms, filling out forms, creating templates, printing forms, and posting forms take a large amount of time out of your day. Although form-filling and documentation almost come as part of the job, it’s a demanding and draining task and impacts efficiency. Again, technology that provides document templates and the sending of online forms can support and save time for firms and clients.
Finally, most firms and agencies have to use several platforms just to complete one simple task, which is probably the most impactful in terms of efficiency. The average conveyancer needs to switch between 15 different platforms each day! Integrations between client onboarding platforms, case management systems, KYC software, and more are paving the way for a simpler, more compliant and more efficient way to onboard clients.
A lack of efficiency can be a significant problem, especially when onboarding clients. Firms and agencies need processes that ensure fast, efficient workflows that meet their needs without having to use multiple platforms.
How to Increase Efficiency In Your Firm With Verify 365
Verify 365 unifies all your needs and combats all those challenges to ensure you are onboarding clients, validating data and completing identity checks and documentation more quickly and efficiently. Within our innovative technology are key features which are tailored towards simplicity and efficiency for the legal sector; these include:
Magic Link – We have recently introduced our magic link which is streamlining the login process for your clients. Within every welcome message and email, we will include the magic link which takes them directly to the Verify 365 app to automatically log in and begin their tasks to complete their verification.
Advanced Data – Our data is stored, secured and protected in the UK. As well as the highest levels of security, our advanced data gives you a comprehensive breakdown of everything you need to know about your client and businesses if required. The clearly laid out data given to you enables you to make effective judgements, including if an individual is sanctioned or politically exposed, the source of their funds and wealth, as well as validating their address.
Document Templates – Another recent new feature incorporated into our platform is the ability to craft document templates by uploading current documents you have and editing them to include further questions and further signatures if required. This feature improves efficiency for two reasons: firstly, you can send the document to mass numbers as opposed to just one client, and secondly, you can incorporate this into the check workflow that you ask your clients to complete.
No Unexplained Downtime – Our technology is proprietary, meaning we created it, and it’s controlled by us, which gives us a significant advantage over our competitors. This is because we can update our technology quicker should any changes be announced by regulation bodies, so our users are never at risk of non-compliance. Secondly, we schedule all system updates outside of working hours and let you know in advance so your work isn’t affected and your daily workflows and efficiency aren’t impacted.
One Unified Platform – Your overall efficiency is boosted with Verify 365 as we offer a complete client onboarding, AML, KYC & KYB platform with additions of eSignature, ePayments, document templates, and much more! With one unified platform, you have everything in one place. But not just that, we have out-of-the-box integrations with leading case management systems, which means you can use our tools without having to leave your CMS.
Simplified Onboarding to Ensure Efficient Processes
As we’ve discovered, several tasks impact the efficiency of firms and agencies in the legal sector and it should be regularly considered how these tasks can be supported by technology.
Verify 365 is supporting firms and agencies across the UK by implementing legal technology, designed by legal experts for the legal sector, ensuring their processes are more efficient as well as fully compliant.
Discover more about Verify 365 and our efficient technology by booking a comprehensive demo with our expert team today.