Twenty five per cent of companies have lost out on a business deal as a result of their law firm’s slow onboarding process, according to new research from automated KYC provider Encompass Corporation. The data was obtained via a survey of 200 decision makers in large and medium sized businesses in the UK and conducted by independent polling agency Censuswide.
Around 56% of respondents admitted that their experience with the onboarding process in the legal sector has not met expectations.
Furthermore, more than one third (35%) of those surveyed claimed that they have felt frustrated by the amount of documentation they’ve had to provide to their law firm during onboarding, and 44 per cent agreed that law firms, in general, are behind the curve in terms of digital transformation and delivery of online services when compared to other industries.
As a result, well over half (56%) agreed that they would be more inclined to select a law firm that uses a digital onboarding process.
When asked about the impact of the COVID-19 pandemic, only 40% said that their firm’s digital solutions have improved in this time.
Wayne Johnson, CEO, Encompass Corporation, commented: “These results make it clear that law firms are struggling to keep pace with increasing consumer demands for more efficient and faster services. The answer to this problem lies in digital transformation and, specifically, automation.
“Adopting the right RegTech platform to automate KYC and AML can help firms to streamline their onboarding process and improve overall client experience. Technology can quickly and effectively perform comprehensive due diligence without disrupting workplace productivity or distracting lawyers and professionals from their daily duties.”