Revolutionising conveyancing: AI-driven efficiency and compliance

Revolutionising conveyancing: AI-driven efficiency and compliance

Conveyancing, the legal transfer of property or land ownership, is a critical and complex process handled by licensed conveyancers. They manage everything from initial instructions to contract exchanges and final transactions. Each conveyancing case is unique, presenting its own set of challenges and requiring a meticulous approach.

RegTech company Cognitive View has delved into compliance monitoring for conveyancing legal services. 

In the era of AI, legal services, particularly conveyancing, have the opportunity to scale and enhance revenue generation. AI can automate mundane tasks, improving efficiency and reducing costs. This technological intervention allows lawyers to dedicate more time to client-focused activities, fostering innovation and creativity.

Machine learning is now a pivotal tool in the legal industry, streamlining document checks and fraud detection. For instance, AI can efficiently verify client identification, flagging any fraudulent IDs. This not only saves time for lawyers and compliance teams but also enhances the accuracy of administrative tasks.

Buying or selling property can be stressful for customers, and quality support throughout this journey is crucial. While mistakes can occur, firms that embrace transparency and are committed to rectifying issues can significantly impact customer satisfaction. Addressing negative feedback promptly can transform dissatisfied customers into loyal brand advocates.

According to a Harvard Business Review study, resolving customer complaints swiftly can lead to increased future spending. Swift complaint resolution also fosters long-term customer loyalty and advocacy.

Conveyancing involves adhering to standardized processes and managing extensive documentation. This requires conveyancers to possess a range of skills including effective communication, client relationship management, organizational efficiency, and the ability to work under pressure. AI can assist in monitoring case management and client interactions to ensure consistent quality and adherence to processes.

In the UK, regulatory bodies like the CLC oversee specialist conveyancing and probate lawyers. They ensure consumer protection and promote competition and innovation in legal services. The CLC’s updated Code of Conduct, reflecting the 2022 consultation on Ethical Principles, sets out clear guidelines for legal professionals.

AI can play a crucial role in monitoring compliance with these standards, ensuring financial inclusivity and attention to individual customer needs. It can also aid in promoting equality, diversity, and inclusion in practice. Furthermore, AI can help in proactively addressing customer concerns and complaints, thereby aligning with regulatory expectations.

Read the full report here.

Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.