Since 2020, organisations across the globe have had to deal with changes brought on by the COVID pandemic. It has fundamentally changed the way we work and forced many organisations to rethink the way business is conducted.
Studies in the past have found legal and conveyancing practitioners to be culturally risk-averse and tech’ laggards, however the disruptions brought on by COVID-19 has forced the industry out of its comfort zone, and we’re seeing growth when it comes to digital transformation.
Digital transformation is an essential step into a new reality where conveyancing firms can easily amplify value to their clients, boost efficiencies and improve team well-being – all at the same time.
Why should you prioritise and embrace digital transformation?
Clients nowadays are becoming accustomed to the benefits of this new, remote way of working, and more and more firms are prioritising innovation since 2020. We are seeing increased consumer demand put pressure on firms to adapt or face the realistic alternative of perishing.
In 2019, Price Waterhouse Cooper’s Annual Law Firms’ Survey found that embracing technology is a huge consideration for law firms and that 80% consider it to be their key challenge over the next 2-3 years.
In addition, in August 2020, Security Specialists Thirdfort, conducted research and surveyed 155 professionals in the legal industry about the adoption of technology within conveyancing. Their survey revealed that 92% of firms agreed that digitalisation was a priority for the future of the conveyancing industry.
Technology solutions for consideration at your firm
Whilst we are seeing the legal and conveyancing industry embrace technology, there are more solutions that should be considered for implementation. From the virtual witnessing of wills being sanctioned, to Government-issued guidelines for firms to switch to remote working, the pandemic has forced firms to adapt to new ideas and solutions to keep their business functioning.
Although COVID-19 is not necessarily the sole driving force behind the uptake in technology, it has certainly been a clear consideration for firms when deciding which areas of their business require more urgent digitalisation.
Findings by Thirdfort have also reported that conveyancers are turning to technology to deal with the growing backlog of house purchases as the post-lockdown housing boom continues to gather pace.
If you’re finding yourself in a similar position, here are two solutions your firm can implement to increase efficiencies and gain a competitive edge.
As firms transition from paper-based processes to become digitised and potentially automated, new technologies are being harnessed to transform the buyer and seller experience by changing how services are delivered by practitioners.
With many firms facing reduced capability to meet with their clients due to working from home and social distancing rules, GlobalX introduced VirtualVOI expanding our Verification of Identity offerings.
VirtualVOI is an online verification platform that facilitates online VOI meetings and is effective and secure in verifying the identity of their clients. The remote solution uses facial biometric verification technology to compare facial features of a client photograph against clients’ identity documents, delivering an efficient and powerful virtual alternative as more firms move to working from home conditions to comply with social distancing measures.
Self-isolation and social distancing are on the rise, and in some cases being enforced, meaning there’s an increased need for utilisation of digital technologies. This extends to digital signing to ensure transactions aren’t delayed.
One area that has undergone an unprecedented surge in the adoption and utilisation of digital signatures is the property industry. We’re seeing membership organisations like the Real Estate Institutes (REI) and PEXA modernise contract processes and forms enabling practitioners to electronically sign and exchange contracts and documents in just a few clicks.
GlobalX’s digital signing tool SignMe enables lawyers, conveyancers and their clients to electronically sign and exchange contracts and documents in just a few clicks. This process removes the need for a “middleman” – such as a courier who would typically deliver contracts – or for clients to come to a practitioner’s office which contravenes the current advice to socially distance ourselves as much as possible. Digital signatures also enables clients to complete their due diligence at their own pace and sign documents at times that are most convenient for them.
It appears clear that while COVID-19 has been the matter on the legal and conveyancing industry’s mind of late, the benefits for increased efficiency in addition to remote working capabilities is still the siren-call of digital solutions for firms. It is without a doubt the changes brought on by COVID-19 will not be going away anytime soon – and it is during these times that digital solutions are a “must have” to ensure normality and consistency across firms.
Free digital tools to support your business
To support your business during this time, GlobalX are pleased to offer our latest solutions, VirtualVOI and SignMe, completely free of charge until 31 October 2021.
Whether you need documents signed electronically, or a solution to verify the identity of your clients for property transactions without having to meet, we can help you efficiently service your customers during this time.
Take advantage of this offer here.
If you would like to learn more about VirtualVOI or SignMe, contact us on 1300 885 662 or visit https://globalx.com.au.