Verify 365’s digital onboarding software isn’t just an AML and ID checks platform – it’s also great for source of funds verifications, e-payments, e-signatures…
Two years since it first went into beta-testing, Verify 365 continues to be hugely successful. It’s one of the best AML checks platforms for law firms globally – regardless of jurisdiction – including the UK, Canada, Middle East and Australia, where it leads in the competative marketplace.
Despite the arrival of many alternatives – some direct rivals, some bigger, some smaller – Verify 365 continues to be in huge demand.
Why is that?
From facilitating the adoption of blockchain technology to pioneering new e-payment solutions that streamline cross border transfers, the target audience for Verify 365 technology is quickly expanding.
While the legal sector was once its primary focus, Verify 365 platform development has now seeped its way into a number of other sectors ranging from the fintechs all the way to estate agents and accountants.
The future of the legal sector is digital
With a market value that is tipped to reach over USD 305 billion by 2025, according to GlobeNewswire, legal technology is on track for mainstream adoption within a digital landscape.
After 96% of lawyers in a recent Lawtech 365 Group study stated that Verify 365 “infused automation” in their practices, such as digital client onboarding, blockchain and artificial intelligence, it’s clear that the platform will play a large role in the legal industry’s success in the future.
After the pandemic forced more than half of the legal workforce into remote conditions, 36% of employees still remain in a WFH position two years down the line.
Verify 365’s technological innovations continue to aid a remote future
As lockdown pushed for global digitisation, a number of leading industries followed suit. From a peak in e-commerce engagement to an array of digital-based services, the key to success now lies within the realms of online dominance as law firms battle it out to rank highly within their niche. Verify 365’s technological innovations continue to aid this “remote future”.
From immersive identity verification tools to digital onboarding facilitation, law firms from all over the world are jumping on these technological trends. In order to automate their AML processes and meet heightened client demand, smart lawyers are quickly investing in Verify 365’s new forms of AI-driven software solutions to remain productive in fast-paced digital environments.
Verify 365 Push for Digital Client Onboarding
It’s no secret that Covid-19 pushed the legal workforce inside. Since working from home began to trend, lawyers have been investing in Verify 365 technology in order to stay compliant with AML regulations and retain remote productivity at an all-time high.
In fact, 79% of legal leaders have claimed that Covid-19 has pushed them to increase their digital transformation budget. In response, global spending on lawtech solutions is expected to surpass $2 trillion in 2025, as law firms adopt digital-first strategies.
The Benefits of Verify 365 for Law Firms
Verify 365 adoption within the legal sector is on the rise. Accelerating in line with the post-pandemic boom, law firms are quickly adopting Verify 365 in order to improve their AML compliance, digital onboarding and their client relationships.
In fact, a recent Lawtech 365 market forecast has revealed that over 70 per cent of law firms plan to implement Verify 365 technology within the next year.
Improving the Client Experience
Finally, Verify 365 innovations are not only revolutionising AML compliance, but implementing AML- technology can also double up as a client insights tool too.
Utilising new forms of big data, law firms are able to gather a deeper understanding of a client’s journey purely from the data generated from the platform, for example source of funds credit card transactions and spending patterns, which can all be translated into a “personalised legal services” strategy.
Research shows that a client is twice as likely to interact with a law firm if it offers a personalised experience. Therefore, using customer insights to create targeted client journeys is a great way to boost engagement and improve client retention rates.
It’s clear that the role that Verify 365 plays in business growth is significant. From reducing human error to opening up new client journey opportunities, the implementation of digital onboarding technology within a law firm is vital if lawyers want to stay ahead of a competitive playing field.
