By Legal Futures Associate Exizent
It is permissible for the Legal Department to think that it has fallen behind many other departments in adopting technology over the years. However, there have been significant changes in both thinking and practice these days, with a variety of SaaS-based products emerging covering everything from basic practice management to AI-driven automation.
It’s a really exciting time for legal technology. Innovation has been realized in several areas, many driven by customer expectations motivated by other industries. For example, people could apply for, set up, and have immediate access to their bank account on their phone, but they had to physically sign legal documents. However, the pandemic has accelerated the adoption of remote signatures, speeded up legal proceedings, and made it even cheaper for stakeholders. It is clear that working from home has forced the sector to adapt and, in some cases, turned this into an opportunity to work more efficiently.
Many of the challenges faced by legal professionals go back to the basics. The verification process is complex and unfortunately built on cumulative changes over the years. This means that multiple documents and forms require significant duplication of data. Entering and adjusting data alone can be quite time consuming and prone to human error. By adopting technologies such as the Exizents platform designed to streamline inefficient processes within the probate process, law firms can truly process the process rather than spending effort on data entry and coordination. You can spend more time focusing on the value-added part.
Another major headache for the industry as a whole is data procurement. As the world becomes more digital, identifying items belonging to personal real estate such as bank accounts, insurance policies, and even cryptocurrencies becomes more difficult as it no longer holds easily accessible physical records. increase. Here, features such as our real estate discovery work to create digital images of individuals and reduce the time it takes to identify real estate items.
Prosecutors can access Experian data directly within the Exizents platform through reports to discover key banking assets and financial liabilities that have died in seconds, a process that can take weeks for lawyers to complete. became.
In the prosecution case, we find that real estate discovery is used in two ways.
Identify real estate items at the beginning of a case, reduce investigation time, provide a checklist to those who handle the case, perform validation / due diligence towards the end of the case, and make sure you don’t miss a real estate item. confirm
While it’s clear that technology brings many benefits to sector workloads and customer experiences, it raises questions about the safety and security of business and client data. Data security should be central to the technology debate, but there are still too many articles from companies that haven’t paid the decent attention to data breaches, data loss, and hacked systems.
As an industry based on privileged data, great efforts are being made to protect data, use standard approaches, and share knowledge and information when vulnerabilities are discovered. As in the modern engineering business, all code is scanned for exposure during changes and the environment is regularly tested against industry standards to provide clients and their customers with the peace of mind they need.
As we have seen in the financial sector, major initiatives such as open banking and open finance are driving standardization, which in turn opens up opportunities. Law firms continue to adopt technology, which promotes data standardization that facilitates service interoperability and enables platforms such as Exizents to provide data aggregation supported by reliable and secure digital identities. Expected to increase. Combining this with the power of artificial intelligence and machine learning can really free people working in law firms to spend more time helping people rather than completing paperwork. .. However, from a legal point of view, there are ways, especially as to how to securely allow IDs and delegated access to the deceased’s account.
Click here to contact our team for more information on the Exizents platform and how it can help streamline the verification process.
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