How digital onboarding can give your firm competitive advantage
Minerva have written an instructive article providing a look into why digital onboarding can give firms a competitive advantage.
In today’s world of e-commerce and online banking, consumers expect instant access to services in a safe and secure environment. In the legal industry, meeting the needs and expectations of clients is key in an evolving, challenging and competitive legal environment.
Unrivalled client experience differentiates law firms from competitors and added value will give fee earners and their firms a competitive advantage over others in the legal sector offering the same services.
It is now a customer expectation that they can reach a business digitally, including legal services, with more and more companies creating and nurturing an online presence. This means that by using a great client onboarding platform firms will gain an insight and get to know their clients’ habits, in turn aiding a better comprehension around client expectations creating a better overall experience for everyone involved.
Having an in-depth understanding of clients’ journeys during a matter is extremely valuable data and firm integration records leads to better and faster business decisions. Connecting all the traditional data sources into one unified view will enhance customer understanding and can also deliver great insights too.
Prioritising the customer experience by using legal client onboarding will massively improve the customer journey, create trust and connection with clients, and give legal firms a unique selling point that will separate fee earners/law firms from competitors.
Back in January 2020 the 5th Money Laundering directive was enacted into UK legislation, including the mandatory obligations from earlier directives; that you know your client (KYC) and ensure you comply with the 3 steps of the KYC compliance framework; Customer identification; Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
Embedding the culture
‘Know Your Customer’ by adhering to AML regulations and ensuring you are carrying out the necessary customer due diligence should be an embedded culture within law firms to engage clients with legal firms successfully to be fully transparent and compliant.
With more law firms and fee earners taking on matters virtually, and financial crime continuing to rise, new software that helps fight fraud and money laundering is an essential requirement to safeguard your firm and clients from fraudsters and money launderers.
Why excellent client onboarding is a must for conveyancers
Giving clients a safe, secure intuitive and interactive way of house buying and selling with law firms is a must in the conveyancing sector. When it comes to bank account validation and payments, online payments are easy and faster and will increase cashflow, while speeding up the whole process.
A demanding and transactional area of law, it is often the biggest commitment anyone makes and an area that clients have high expectations in.
Being able to provide your client with regular updates on their matter is key to helping them be happy and of course recommend your firm to others! Having a central base for all communication can really help.
Providing law firms with a clear, safe, and secure audit trail is a fundamental requirement to adhere to compliance framework. To assess customer risk, fee earners and law firms need to make the process easily accessible, secure, and seamless to cut costs and valuable time for all parties involved – making the customer journey a better experience.
Want to know how digital onboarding can give fee earners/law firms a competitive advantage?
Allow Minerva’s intelligent, secure client-centred technology solution to be integrated with your law firm’s case management system through our API, to automate all business processes smarter, faster, and slickly – to revolutionise your client onboarding process by providing service excellence that meets their expectations.
Minerva’s comprehensive digital client onboarding technology provides a fast and secure online payment facility, up to date data insights from across the whole law firm and Electronic Identity Verification (eIDV) checks, so you can be confident in knowing you have carried out your AML and CDD and regulatory requirements and reduced the risk of fraud to keep your clients safe and secure.
Make life simpler for all involved. Contact Minerva’s friendly team of experts. Book a no-obligation demo or request more information. Contact them on [email protected] or 01604 312146.
Kindly shared by Minerva Portal
Main photo courtesy of Pixabay
