Technology has been king throughout the challenges of the past year and digital conveyancing is no longer a lofty aspiration, writes Bronwyn Townsend, senior marketing manager at InfoTrack
High-speed internet, streaming services and video calling have become synonymous with the current climate. There’s no denying the role technology has played throughout the pandemic, but not just in our personal lives. It’s also had a profound effect on how law firms conduct business, none more so than among conveyancing departments.
The notion of digital conveyancing was a seed planted more than a decade ago, yet it’s taken a catalyst to drive demand. With doors shut to the outside world, firms needed to adapt to continue business as usual. Adoption of digital conveyancing solutions has paved the way for trailblazing firms to own the process from end-to-end, embracing an entirely paperless practice.
While many firms have worked toward a ‘paperless’ office, numerous tasks are still fragmented and administrative-heavy. Moving to digital conveyancing in its purest sense sees technology take arduous processes away from firms through automation, giving them the ability to alleviate this stress so they can focus on providing clients with an outstanding experience.
Firms that took the leap of faith pre-pandemic were quick to see the value of digital conveyancing. Continuing to process conveyancing transactions digitally, they could keep up with demand as appetite returned to the market. Others soon followed, embracing the full breadth of integrations and understanding the comprehensive power of using complementary systems.
Had we been facing the same situation a decade ago, the outlook would have been far bleaker. While post rooms are now overflowing and delays with postal services can drag transaction times out by weeks, those championing the digital revolution are gaining ground.
At InfoTrack, 67% of electronically signed documents via our SignIT solution are returned within 12 hours. Firms using e-signature technology are receiving key information before it would have been collected from the post box. Electronic client onboarding has also enabled transaction times to be reduced from two weeks to two hours. Technology hasn’t just accelerated workflows; it’s also made them more secure.
A recent report, ‘Is conveyancing finally going digital?’, found 26% of firms cited risk and compliance as priority for turning to digitalisation. Audit trails, risk mitigation and adherence to regulatory guidelines are all improved within a digital conveyancing process.
The report also revealed that 92% of firms agree that the future of conveyancing is digital, but why wait? Technology has been king throughout the challenges of the past year and digital conveyancing is no longer a lofty aspiration.
