As more firms are accessing the benefits of digitising their conveyancing process, we’re seeing early adopters looking at what’s next, while firms still early in their digital transformation journey are picking up tried and trusted solutions.
In 2024, there will be a continued emphasis on platforms and tools that help minimise risk, reduce errors, and drive efficiency. Customer satisfaction and service delivery are also a top priority for law firms going into the new year. After hearing what law firms and key industry stakeholders had to share at the Digital Conveyancing Summit in November, these are the biggest trends we’re anticipating will influence digital conveyancing in 2024.
Increased use of Artificial Intelligence (AI)
Artificial Intelligence has without a doubt been the buzz topic of 2023, and its use in conveyancing has been tackled throughout discussions and articles exploring how and where it can be used by law firms. During one of the most anticipated sessions at the Digital Conveyancing Summit, a panel of legal professionals and technology specialists debated how and where AI can add value in the conveyancing process. The consensus, for now at least, is that AI won’t take over conveyancing.
Instead, firms can use it with data-heavy and administrative-based tasks to give them more time to apply their expertise. This is absolutely a case of working smarter not harder. Most of the AI that law firms will be adopting throughout 2024 will derive from their existing providers.
At InfoTrack, we’ve already seen clients decrease their requisitions by up to 58% when using the AP1 from deeds service which uses AI to read information included in the deed and populate the AP1 form, improving accuracy and flagging discrepancies.
More collaboration via digital tools
Collaboration tools and platforms that facilitate communication and collaboration among various stakeholders involved in the conveyancing process will continue to see further improvements and adoption throughout 2024. With the aim to improve data integrity, as well as security and ease of use, law firms can use these tools to support their risk management as well as lighten the load of admin tasks.
Using collaboration tools such as shared platforms for managing property enquiries or sharing digital contract packs is set to rise among law firms in 2024. We’ve seen an increase in conversations around the challenges and frustration related to the management of property enquiries, which needs improvement. Avoiding email chains and word documents to manage them is key to progressing with digital conveyancing. Likewise, preparing and sending contract packs digitally encourages a centralisation of information, saving firms time and provide a digital audit trail.
Digital ID verification
Identity fraud continues to increase year-on-year and the Digital Property Marketing Steering Group (DPMSG) have advised that using digital ID verification is safer and more secure than traditional methods.
At the Digital Conveyancing Summit in November, Mike Harlow from HM Land Registry said, “Digital ID checking is objectively safer than somebody handing over a passport in a busy reception and somebody whisking off and photocopying it and having a quick look and handing it back to them. And the same with qualified electronic signatures.”
Digital ID verification is easily wrapped into a completely digital onboarding process that streamlines the various points of information collected once a new instruction has been given. For firms which have adopted digital ID verification already, the next step will be integrating it with other onboarding services and consolidating the onboarding process rather than using multiple providers for client questionnaires, Source of Funds and Wealth checks, and ID verification.
More eSignature use
In an increasingly digital world, clients and other stakeholders come to expect the convenience and speed offered by electronic signatures, but they also want confidence in the security of the technology. Meeting these expectations can enhance the overall client experience and satisfaction.
Advanced electronic signature platforms provide robust security features and authentication mechanisms that enhance the overall security of the document signing process, which addresses concerns about the authenticity of electronically signed documents.
With a vision to eventually have qualified electronic signatures used widely throughout the conveyancing process, there’s still work to be done before that is achieved. Instead, firms will be looking to adopt eSignature use in more places than before in 2024, such as for client care letters and TA forms, reports on title, and Land Registry deeds.
Integrated technology solutions
The need for more integrated and streamlined technology solutions in the legal industry to reduce the complexity of dealing with multiple systems and portals will be under review for firms. The use of integrated solutions in conveyancing is driven by the need for efficiency, accuracy, collaboration, and adaptability. As technology continues to evolve, integrated solutions can help conveyancers stay competitive and provide a high-quality service to their clients.
While time savings are an obvious benefit of greater integration between systems, the most significant gains are related to data integrity. Integration minimises the chances of data discrepancies that can occur when information needs to be manually entered into multiple systems by centralising the data to behave as a single source of truth. Integrated solutions ensure that data is consistent across different modules and applications, reducing the risk of errors and improving overall accuracy.
Case management integration is an obvious winner and will connect the dots across your entire matter, so choosing suppliers that integrate with your CMS will be key.
