The recent CA Conference was unashamedly focused on how the conveyancing process, and conveyancing firms, are moving in, and into, the ‘digital age’ and it was pretty clear there is widespread agreement that conveyancing work not only requires that move, but it is an absolute necessity.
Which, I understand, is easier to write than deliver, particularly when you have an industry made up of thousands of participants, many of them very small and/or carrying out a limited amount of conveyancing work each and every year, with resource and budget issues to match.
Our favourite cliché that ‘you can only work as fast as the slowest conveyancer in the chain’ is an oldie, but a goodie, because it’s true. It is particularly pertinent as well when, as Conference also pointed out, firms have been trying to deal with significant ‘scope creep’ for a number of years now.
We all know that responsibility upon responsibility continues to be heaped upon the conveyancer, which is partly why we see completion times moving further out, and with that increased timescale, a greater chance of fall-through which impacts every single stakeholder in the process.
It’s why we continue to highlight the ways and means by which ‘scope creep’ can be tackled by firms, and why we want to use technology to deliver a much more transparent and certain process, not just for firms and other professional stakeholders, but of course, for the end consumer.
At the conference, we had a considerable number of technology firms as active participants, speaking on the stage during presentations on ‘Future Vision Digital Conveyancing’ or ‘Digitisation and Automation’ or ‘Digital Signatures/Source of Funds’ plus of course the Conference highlighted the wider work that is going on via the Digital Property Steering Group, the Open Property Data Association, the Home Buying & Selling Group, etc.
I have no doubt that, to some delegates, it may well have felt slightly overwhelming, but it is also clear from talking to many firms just how important these sessions were, how they provided clarity on what is available and the potential benefits, and how they are increasingly necessary to adopt.
Of course, there’s not just commercial benefits to being early adopters of tech solutions which improve efficiency for firms and the customer experience, but we must also think about the inherent and heightened risk that conveyancers face in today’s market, particularly given that ‘scope creep’ highlighted above.
It was interesting to hear at Conference from Edward Donne at Howden during the ‘Digitisation and Automation session’ as he outlined the ongoing challenge firms have faced with regards to PI insurance and its rising costs, in an environment where insurers have not always been able to provide cover for every single market participant.
As Edward pointed out, there is a technology dividend to be secured here also, and it comes in the form of lower PI premiums with insurers recognising the scope these solutions can offer, particularly in areas such as combatting fraud, namely ID fraud through digital means, plus of course utilising technology to ensure individuals are who they say they are, proof of funds is established, payment pathways are secure, etc.
Now, of course, at the same time we have to acknowledge the cost involved in this, plus the resource and training required, not forgetting the myriad of solutions available to firms.
As suppliers would even acknowledge themselves, there are a lot of tech platforms, off the shelf software options, enabling APIs, etc to choose from right now, let alone what is coming to market in the months and years ahead. Plus, as we know, this is an area where things can change fast, and what might have appeared to be the go-to option a few years back, may be looking clunky and out of date right now.
It is a difficult path to travel and we suspect some firms are bamboozled by what is available, making even an initial conversation difficult, especially with all these different options available. That should not stop you from having those conversations though.
And this is where we as your trade body – and indeed the providers themselves, particularly the CA Affiliate members – can provide support and guidance to help you make that decision. Indeed, part of what we were trying to do at this year’s Conference was highlight the variety of options available, and allow firms to meet up with those providers so they can begin the discussion.
Plus, of course, the CA is an open forum, and few firms keep themselves to themselves, so to speak. Open conversations about the options other firms have chosen, whether they work in the way they intended them to, how they might be improved, even cost and outlay, are the norm, and this is healthy and can help firms make the right decisions about what is best for their firm, their budget, and their staff and customer experience.
In that sense, there is no mandation about the solution(s) you can use to get you to a better place. To ensure you are utilising technology to deal with a variety of administration tasks, to ensure you’re not constantly having to duplicate or re-key data, to deal quickly with requirements around ID, and to essentially move conveyancing back into that ‘trusted advisor’ status, better able to advise clients.
Tech is undoubtedly going to help you get to that point – and the likelihood it is already fulfilling this role. It needs to continue to do this. As the job shifts, so must the tech and so must firms in terms of how they integrate it and use it. The requirements placed upon firms may not be coming down, but with the right solutions you’ll be able to cope with whatever those requirements might be and reduce the risks they bring to you and your clients.
For a conveyancer, at the end of the day, it is all about acting in the best interest of the client and managing those risks in an efficient and effective way; without doubt tech and the collection and review of all the information needed for the conveyance at the point of marketing can enable you to deliver that.
Beth Rudolf is Director of Delivery at the Conveyancing Association (CA)
