What is Artificial Intelligence?
Artificial Intelligence (AI) is essentially where technology is being used to mimic human behaviour and thought processes.
In recent years we’ve seen an increased number of legal suppliers offering automated services, powered by this type of technology, designed to cut down the time spent on areas of the conveyancing process.
Since 2020 electronic ID providers have been at the forefront of change for client onboarding, providing ID and source of funds using AI to scan biometric data and extract information from the client’s ID. The use of electronic ID has been widely praised and endorsed by the industry with many feeling reassured that the technology can help flag fraudulent ID where a person might not.
The future of efficient and profitable conveyancing relies on firms embracing technology and automation. Utilising technology can significantly reduce the time spent on each matter, speeding up transaction timelines and giving more capacity to increase caseloads.
Can technology really replace human intelligence?
It’s important that consultants, conveyancers and firms alike utilise technology on the basis that they are tools to create and enable greater efficiency for the conveyancer rather than replace the conveyancer. Although each area of conveyancing has current or emerging technology to speed up processes, it cannot replace human intelligence and experience.
An experienced conveyancer knows the entirety of the process, from managing clients and estate agents to the day of completion. Automation can make this process more efficient, but the technology needs a person using it correctly. With increased pressure on experienced conveyancers and increasing fines and regulation in the sector, conveyancers are stretched to breaking point.
There is more pressure on conveyancers to be more knowledgeable on climate change and source of funds, to provide up to the minute updates to their client and estate agents and to be experts in every aspect of conveyancing. The role of a conveyancer has changed dramatically over the years and using outsourced services such as ntitle can be a real asset to conveyancers, we utilise technology but behind each matter, there is an experienced team member working on your title reports.
This can be the difference when considering outsourced services, some are Artificially extracting information and creating generic reports, some use Human Intelligence and experience to create property specific reports.
So, who wins?
Human Intelligence will always be the driving force behind conveyancing, the whole process falls apart without human intervention, so can Artificial Intelligence replace the person? No.
However, conveyancers and their clients are the real winners here, using the right technology can make conveyancing easier, more efficient, more profitable and speed up transaction timelines.
2023 is going to be a year of change in conveyancing, at ntitle we’re looking forward to working with you to make those changes.
