David Kern, CEO at Virtual Signature-ID explained the need to speed up property transactions:
Conveyancers encounter several hurdles in orchestrating a more integrated process, the most notable being the lack of substantial automation within their Practice Management Systems (PMS) and Document Management Systems (DMS).
The prevailing PMS and DMS utilised by most firms lack an automated client onboarding system for actions such as document signing, eWitnessing, ID verification, KYC/AML screening, and source of funds applications and workflow. This often leads to disparities in transaction processing times, such as property sales, purchases, or claims, particularly when some parties use automation and others do not.
Standardising the process through legislation could help mitigate the delays inherent to analogue procedures and discrepancies in timescales across various signing or case management platforms. Moreover, fostering greater data sharing, more upfront information, and standardised tools could revolutionise how businesses assist consumers in making their move, offering them more certainty about completion dates. Having a standard, for instance, in the time taken for local authority searches would significantly boost efficiency.
Policymakers need to bear in mind the ability of smaller firms to adopt new technology, ensuring it’s not only secure and reliable but also affordable.
Firms that are hesitant to engage with necessary digital tech should consider integrating affordable platforms with their existing CRM/DMS. This can help conserve time and resources, especially for those without in-house IT departments. In the current digital age, where numerous transactions are conducted via mobile devices, the risk of client attrition is high for firms that neglect to deploy technology.
This article was submitted to be published by VirtualSignature as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
