Conveyancing data provider Search Acumen has announced the integration of ChatGPT into its existing portal in an effort to “fast-track the property transaction process”.
The proptech firm is inviting select firms to participate in beta testing of the artificial intelligence (AI) chatbot’s integration into their system.
They say the software, developed by OpenAI, “will be positioned to rapidly automate parts of the conveyancing process”, something they describe as an industry-first.
Utilising machine learning (ML), ChatGPT has already been trained to use vast volumes of Search Acumen’s land and property data and is “poised to answer both a selection of pre-formed questions for ease, as well as bespoke complex and varied conveyancer queries in an instant”.
“Its use will provide solutions to long-standing industry challenges for conveyancers,” said Search Acumen:
“In a property transaction market where conveyancers are under increasing workload pressures, as caseloads mount while staff are squeezed, such innovation for the industry is likely to be welcomed as a key tool in reducing human error, as well as saving crucial time and money.
Search Acumen research calculated that the average firm stands to save 115 hours a month through automation, while the sector as a whole stands to save over eight million hours each year through end-to-end digitisation, allowing lawyers to focus on what they do best.”
This comes just days after conveyancing firm Bird & Co conducted analysis of the chatbot’s capacity to answer basic first-time buyer enquiries related to conveyancing. The firm described the answers as “very basic” and “factually incorrect”.
Andrew Lloyd, Managing Director at Search Acumen, said:
“The integration of ChatGPT opens a gateway to further modernisation and technological advancement. It’s time saving abilities for crunching data and reports in an instant should not be underestimated by lawyers. We are encouraging firms to get in touch if they would like to be involved in beta testing at this stage, ensuring conveyancers stay at the heart of what we do.”
Lloyd described the chatbot’s use in automating tasks that do not require the application of nuance as “invaluable”. However, he stated that more complex tasks continue to “require expertise that cannot be replicated by a machine”:
“It’s unlikely 20 years of sector knowledge, nor the ability to negotiate, will ever be truly replicated. It will be businesses that embrace technology and use it to meet consumer expectations that will prosper over others. For this reason, we truly believe ChatGPT is an excellent complement to conveyancers, who will always be central to our vision for innovation.”
