Verify 365 commissioned Advantage Consulting to uncover the tangible benefits of automating client onboarding with our AML biometric onboarding solution for law firms and conveyancers.
What benefits can we gain by automating client onboarding with Verify 365?
As a software vendor specialising in solutions and tools that facilitate the digitisation of key processes for the legal sector, Verify 365 are often asked this question by solicitors, conveyancers and estate agents that want to invest in digital transformation journeys using Verify 365 technology.
More specifically, law firms usually ask us what kind of return on investment (ROI) they can expect from choosing Verify 365.
In order to provide concrete answers, we need to focus on a number of relevant data points. While estimating the costs of such a deployment is not particularly difficult as the parameters are well known, when it comes to quantifying the benefits and calculating the ROI, we wanted to have more insight into the outcomes that solicitors practices in England can achieve when they actively use our Verify 365 Automated Digital Onboarding Solution.
As this is a critical ask, we decided to commission a comprehensive analysis on the impacts of automating client onboarding with Verify 365 in the legal sector through a neutral industry expert both to gain valuable learnings and to eliminate potential bias.
To do this, we chose Advantage Consulting, a leading legal sector advisory firm, to conduct this study using their renowned “Lawtech Economic Impact” methodology, which serves as the foundational framework for firms’ investment decisions.
To quantify the impact of Verify 365 Digital Onboarding Software, Advantage Consulting interviewed five Verify 365 customers that deployed the solution, assessing their situations before implementation, and collecting facts and figures on their experiences after the deployment of automated onboarding processes for comparison.
While the law firms in question are quite different when it comes to their size, the number of employees, the cities they operate in, and the types of clients they serve, Advantage Consulting reported that they observed similar outcomes across all solicitors’ practices as a result of deploying Verify 365 Digital Onboarding Solution for Law Firms.
Outcome 1: Verify 365 reduced client onboarding time by an average of 90%
Perhaps the most striking impact of automating client onboarding processes for legal entities using Verify 365 was the drastic reduction of onboarding time by an average of 90%, even with all requisite activities in respect of Solicitors Regulation Authority and HM Land Registry AML regulatory compliance included.
This result of faster onboarding was made possible because the automation of processes helped to significantly reduce not only errors but also back-and-forth between the client and the firm.
“Before we implemented Verify 365, our paralegals and receptionists were responsible for verifying ID documents by taking a scan in the back office and just guessing if it looks real from the top of their heads, but now the new Verify 365 system is taking care of it from start to finish, including biometric identity checks, address checks, source of funds checks, and PEPs and sanctions checks, and all this is done instantly, saving us time and money.”
Raminder Uberoi, Starck Uberoi Solicitors, London
By using Verify 365, the fee earners were able to better focus on the individual clients and their legal needs, which resulted not only in a 45% higher satisfaction rate, but also in an average of 10% increased profit margin per new client.
Outcome 2: Verify 365 significantly increased efficiency in the operations of law firms
Advantage Consulting identified significant increase in efficiency in the operations of solicitors firms using Verify 365, demonstrated in particular by the fact that, while these lawyers had to deal with a significantly higher workload in their back-office and compliance departments over time, they did not have to hire additional support staff.
All these quantified benefits have had a direct impact on the bottom-line of law firms.
As Advantage Consulting’s findings highlight, automating and digitising client onboarding is a critical revenue driver for conveyancing firms and solicitors practices, both in the short and long term, since increased profit margins massively drive client lifetime value.
Using the insights they garnered on the quantified benefits and costs of implementing automated client onboarding, Advantage Consulting also created a financial model where they designated a payback period of 6 months and a return on investment of 525% over 12 months, representing a seriously solid business case for implementing Verify 365.
If you would like more details on the benefits of automating client onboarding for your law firm or conveyancing practice with Verify 365, please get in touch with us.