The Australian Conveyancing technology industry to target improved efficiency through automation and integration by 2023.
With the Conveyancing workflow traditionally carried out face-to-face, the COVID-19 pandemic quickly forced firms to adapt and adopt new digital solutions.
As a SaaS technology company, we’ve seen business efficiency transform drastically through this transition.
While we’ve heard people say “the new norm” so many times in the last few years, we can safely say, the Conveyancing industry is now facing the new norm with technology developed and now permanently inserted successfully into the workflow.
The electronic conveyancing technology established allows virtual verification of identity, online settlements, digital signatures on legal documents and compiling and editing of legal contracts in a digital space.
Furthermore, State legislation in New South Wales, Victoria and Queensland is also trending towards mandatory electronic conveyancing by 2023.
How will businesses transform next?
With the technology established and woven into the conveyancing workflow, the next trend at the top of the business agenda is improved efficiency.
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Throughout the last two years, Australia has seen its property market boom and directly impact the conveyancing industry. The combination of an increase in property sales and the pandemic resulted in a reactive business environment for conveyancers.
However, 2022 is a different story. With a recent Federal election leading to a change in government, and the first interest rate rise in more than a decade, the property market has considerably slowed and levelled out.
While this may be concerning for some, many conveyancing businesses are using this as a chance to improve its workflow efficiencies even more, and they’re looking to achieve this by utilising more technology.
So where does the tech industry take conveyancing in 2023?
To align with the business trend of improved efficiency and to help meet legislative changes, the tech industry now turns to automation and integration.
That is, employing technology to complete the menial and admin-based tasks of the conveyancing workflow.
One example of the application of automation and integration currently in market is developed in our own software, triConvey, where a conveyancer will enter the details of their client once, and it will automatically populate that information into all accompanying documents such as contracts and letters to the clients.
Not only are conveyancers saving time when they employ this technology but they’re significantly reducing the risk of clerical errors that can stop a legal matter dead in its tracks.
As Conveyancing businesses continue to transform and seek to communicate and operate more efficiently, it is the responsibility of technology services like triConvey, to continue R&D to meet this demand.
What can you do as a business owner now?
As leaders in the conveyancing technology space, we will continue listening to the market, understanding what it needs, and developing the electronic conveyancing applications to help businesses reach their goals.
However, it is ultimately up to business owners to be open to change and possess the willingness to implement new technologies.
That is my advice to business owners. Be open to adopting new solutions as technology is built around the needs of the industry, to help you compete in a challenging market, and improve your overall workflow efficiency.
By Taylah Allen
Taylah Allen, triSearch CEO, brings more than 10 years of experience in the legal and conveyancing tech industry. She started her career in Sales, selling legal tech both in Australia and overseas, quickly rising into a leadership position. In 2018, Taylah launched triSearch after identifying an opportunity in the market. She is now a leading authority figure in the Conveyancing technology industry.
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