Is your online identity verification tool holding you back?
Law firms and conveyancers are increasingly turning to online identity verification tools to automate workflows and make important gains in efficiency and productivity.
But the wrong technology can have the opposite effect. Many platforms offer a one-size-fits-all model that may look attractive from the outside, but in reality leaves firms bogged down in irrelevant data and unwieldy dashboards.
How your online verification tool helps
Compliance can be tricky. Regulations governing ID verification, AML compliance, and source of funds checks are understandably stringent, and despite efforts to declutter the rulebook, still require strict due diligence.
But firms operating in different industries require different approaches to compliance. An organisation working in conveyancing law, for instance, needs to examine their clients’ source of funds and wealth, while solicitors will be more concerned with ID and address verification.
Online identity verification tools operate across many different industries. They will track a broad suite of metrics, but some that are important for one sector will inevitably be irrelevant for another.
The result? An unwieldy, complicated dashboard that’s hard to navigate and hard to understand. For small practices, it’s just too much information to sift through, while big law firms will lose out on the desired productivity gains when managing large numbers of clients.
Rather than boosting efficiency and improving clarity, the wrong platform can actually make things slow, confusing, and unproductive.
How to use custom dashboards
Checkboard removes friction by allowing you to create custom dashboards to track the metrics that matter most to you.
That means a clean, intuitive dashboard that gives you all the key data at a glance, instead of being bogged down in irrelevant stats when reporting deadlines are looming.
Paired with custom workflows and unique check bundles, it gives you unparalleled control over the data you gather and record. Clients are sent a secure link to submit the documentation you need – when you need it. This is accurately and speedily recorded in your dashboard, giving you tailored-made reporting.
It’s an enormous boon to your compliance reporting. You get clear, actionable audit trails ready to be sent to the regulators, rather than a complex mess of data.
How to choose the right tool
Firms looking to digitalise their operations ultimately want fast, efficient processes that allow them to manage workflows for large numbers of clients.
But beyond the bottom line, they also have one eye on their regulatory responsibilities – and they don’t want compliance to take too much valuable time away from winning new clients and closing cases.
A platform designed with a one-size-fits-all approach might give you all the bells and whistles, but it might end up making life more difficult for you as you navigate an unwieldy, complex platform.
That’s why firms need to choose an online identity verification tool that gives them both fast, efficient processes and accurate regulatory reporting. And that’s where platforms like Checkboard come in.
So yes, embrace technology today, but please: make sure it’s the right technology.
Get in touch to find out how Checkboard cuts through the noise.
A version of this article was originally published on Today’s Conveyancer. This version has been adapted for the Checkboard audience.
