Accuracy of search data, the threat of cyber crime and changes to money laundering compliance have been deemed as some of the most pressing concerns for conveyancers in the modern climate.
According to OneSearch Direct’s ‘Conveyancing Industry 2020’ survey, 61% of all respondents were very concerned by the growth and power of cyber criminals and ID theft, with 83% of all respondents concerned or very concerned.
Similarly, over half (56%) of all conveyancing stakeholder respondents were very concerned by the proliferation of money laundering and corruption. Over 80% were at least concerned by money laundering in the property sector.
Respondents (51%) are also very concerned with SRA rules and complying with regulatory changes.
However, the fear of knowledge gaps or being left behind by technology does not appear to be a pressing concern in the current climate, with over half of respondents only moderately or not concerned with proptech and AI knowledge gaps.
When it comes to a search provider, the majority of legal service professionals in conveyancing are looking for accuracy of data.
Second on the list of requirements in a search provider is the speed of delivery with a quick turnaround time a vital component to a successful search provider.
The cost of the search appears fourth on the list, ahead of ease of interpretation, level of customer service, high professional indemnity cover and leads.
Lidia Quinlan, Head of Sales, OneSearch Direct, said:
“The results are fascinating. Although many of the answers are in line with what we were expecting, the survey shed light on insights that may not have been otherwise obvious. For example, turnaround times for search providers came out as one of the key requirements, well over price.
“The disparity around case management is interesting and we’ll continue this conversation with our clients to get more in-depth feedback. It also appears conveyancers either aren’t too concerned with PropTech right now, or they don’t yet have all the information needed to make firmer decisions around what it means to their firm. We will watch with interest on that one.”
