Digital conveyancing trends to know in 2024

Digital conveyancing trends to know in 2024

The global pandemic put digital provision of professional services in highly regulated industries on steroids, and this has rapidly led to a rise in innovative solutions that may even be outpacing the rate of adoption.
That being said, statistics show a steady upstream growth in areas like eSignature usage into 2030. So if you are a business and considering what’s next in digital conveyancing, read on.

Artificial Intelligence

Like almost all sectors of the economy, digital conveyancing cannot escape the relentless growth of artificial intelligence. This promises to save time, money and resources in the traditional conveyance process.

Conveyancers could use AI for data-heavy and administrative-based tasks. A common example could be the use of AI to create forms from documents like a Deed of Assignment, using AI to pull the information included in the deed and to populate the form, potentially improving accuracy and definitely saving time.

Digital ID

Verifying ID effectively is vital for firms to meet compliance obligations and reduce financial crime against themselves and their customers. Fraud is now 40% of all crime in the UK and the impact of high-value scams such as conveyance fraud can be life-changing for victims and devastate firms. Digital ID checking offers some solutions to these challenges and can be more convenient for customers and conveyancers that offer this service, such as

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Increasingly integrated comms platforms will allow all actors in the conveyance process to communicate with each other seamlessly and without the risk of email interception that traditional email-based systems carry. This can provide better communications with clients and their representatives, save time and provide a better audit trail.

Use of ESignatures

An eSignature is a legally binding signature used in official documents like a loan agreement or consent form. They are a lasting record of a signer’s intent and can include metadata about the time of signing as well.

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ESignatures are convenient and cost-efficient. Instead of posting a document and waiting for it to be posted back, a document can be signed in minutes or even less, takes fewer human resources, frees staff up for other things and reduces the need for physical storage to store documents. ESignatures also reduce the likelihood of data loss through the loss of hard copies or theft, although obviously, cyber attacks are still relevant.

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