Stay Compliant, Become Efficient: How eIDV Gives Firms an Edge
Firms using eIDV solutions have had an advantage over their competitors this year more than ever. With the housing market having been put on hold from March through to May, and with Government advice to work from home, firms have been forced to innovate.
When the housing market reopened, many offices would remain closed until June and July, leaving firms faced with a dilemma. How could clients be onboarded in line with strict AML regulations when face-to-face meetings (for the most part) were off the cards? Firms who had, and have subsequently, invested in eIDV solutions have been ahead of their competition, and, put simply, got things done in an efficient and secure manner.
1. Continue business as usual with a remote solution
It goes without saying that the pandemic has forced those from all corners of the legal industry to break with ‘tradition’. Processes that seemingly worked perfectly in the ‘old’ normal have been forced to innovate in the ‘new’ normal we find ourselves in. The verification of client identity is a perfect example of this.
Before the pandemic, firms could verify ID in person if clients visited their office. Now, however, lockdown restrictions mean lawyers are likely to be working from home, and that alternative methods of ID verification are paramount in allowing firms to continue to function.
eIDV solutions, particularly ones built around mobile apps, give firms this alternative. Taking the need for a face-to-face meeting out of the equation, remote ID verification enables clients to take the onus for verifying their identity. Better still, your client can complete their check at their own convenience and in whatever environment they choose.
Use of an eIDV solution allows onboarding to continue, while streamlining the process for all involved.
2. Protect your firm from fraudsters taking advantage of Covid-19
Unfortunately, many fraudsters are taking advantage of the pandemic by striking during these uncertain times. The current climate is acting as a perfect storm for fraudsters, with many firms being distracted by the knock-on effects of the pandemic and many workforces being forced to work from home. Criminals are attempting to take advantage of this by using ever-evolving sophisticated techniques, with IT systems being a prime target.
With property fraud amounting to 71% of all fraud committed in the UK, it is safe to assume that the property industry will remain a firm target for criminals. Earlier on this year, the Land Registry warned homeowners that fraudsters may be attempting to use the pandemic as a guise for making money, suggesting home- and lease-owners should remain vigilant.
eIDV solutions have enabled many law firms to act with confidence in these uncertain times. Some firms have tried to find ways around the reduction in meeting clients face-to-face, using such methods as verifying ID over Zoom calls. Although the Land Registry has been understanding of such practices, criminals will not be so kind. eIDV allows your business to keep on moving securely, with the peace of mind that you are doing your utmost to combat fraud, mitigate risk and remain secure.
3. Save time without sacrificing client happiness
One basic advantage of eIDV solutions is that it saves firms and clients time. In a consumer society where time is already of the essence, the strain of the pandemic has only made consumers more restless and eager to progress legal matters.
With the industry average for onboarding standing at 7 days, eIDV solutions give firms a competitive advantage while keeping compliance top of mind. Empowering clients to verify their identity from the comfort of their own homes, on their own device, eIDV gives clients control over how quickly their CDD checks are completed. Within hours, their ID can be verified and fee-earners can continue with fee-earning, rather than chasing a client’s documentation.
Client experience has taken on a greater scope than ever before in an ever more competitive conveyancing market. Putting the onus on your clients and allowing their file to progress swiftly is one way of ensuring satisfaction. Investing in slick, efficient technology ensures clients are delighted, not discouraged, by their dealings with your firm.
Keep your firm on the move and ahead of the pack
eIDV has the potential to keep your firm not just functioning, but thriving, in these most extraordinary of times. Technology can add speed and security to your arsenal and keep your firm competitive in an increasingly cut-throat market. As a potential second lockdown grows ever more likely, it’s key that firms arm themselves with the right tech solutions to weather the storm.
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