The conveyancing industry is undergoing digital transformation as states across Australia begin to roll out mandatory electronic settlements. Our team has been travelling around the country with CONNECT18 to demonstrate technology that makes the switch to electronic easier including Sympli, the newest e-Settlements platform. We’ve already visited 12 locations and talked to hundreds of attendees in both regional areas and cities, and we wanted to share our biggest takeaways so far. Across the board, there are two common themes that have come up everywhere we go:
1) The industry is experiencing increased pressure and risk
There has been a lot of change in the industry over the last few years with new regulations and processes coming into place regularly. This is a lot to keep up with; you’re constantly having to familiarise yourself with new rules and put systems into place to make sure you’re complying. The transition to digital also brings with it a new set of risks that you need to protect your business against. As a result of all of this, it’s now more important than ever that you have solutions to help de-risk your business.
2) Time constraints are more challenging than ever
Many of the practitioners we’ve spoken to so far feel that though the move to electronic is supposed to create efficiencies, their time now is now more limited than ever. They’re investing so much time just coming up to speed with the changes in the industry and learning new systems, and it can feel overwhelming. On top of this, the market is becoming increasingly competitive, putting pressure on firms to lower costs to compete and find new ways to differentiate services. There’s a real need for more education and training, tips on efficiency and support throughout the transition.
CONNECT18 is designed to address the industry’s need for solutions that help both minimise risk and increase efficiency in the transition to electronic settlements. During the seminars, we walk you through demonstrations of integrated e-Conveyancing tools that will make the digital process easier for your firm and give you peace of mind. If you haven’t registered yet, make sure you do so that you have the opportunity to give us feedback face to face.
With that being said, here are some useful FAQs around transitioning to digital that we cover in more detail at the seminars.
FAQ 1: Do you need to transition completely digital all at once?
Electronic settlement is the ONLY part of the conveyancing process that is currently being mandated online. Whether you conduct the rest of the conveyance electronically or manually, it is ultimately YOUR choice. There’s technology available that allows you to complete your entire transaction online, but you can combine manual and electronic processes and move online at a pace that works for your firm.
FAQ 2: Is digital really more efficient than manual?
It should be. Integration is the key to efficiency when it comes to electronic settlements. Integration is a ‘buzzword’ often used in this industry, but what it really means is that your practice management system, search provider and e-settlements platform are linked in a seamless workflow. Information from your matter and title pre-populate and flow throughout the conveyancing process, so that you only need to enter information once and you’re done. You can stop wasting your time with dreaded double data entry and avoid errors.
FAQ 3: Are there alternatives to handling settlement processing in-house?
Yes. If you’re struggling to process settlements yourself for whatever reason – be it time constraints, lack of resources or training, etc. we’ve created an alternative for you. SettleIT is your trusted service partner. It’s accessible, affordable and backed by an experienced team with over 100 years of combined settlements experience. With SettleIT, you don’t need to change how you’re running your practice or register for an Electronic Lodgment Network (ELN); all you need to do is give us your settlement instructions. Our dedicated team will then handle the processing and ensure you receive real-time updates and approve all critical steps along the way.
We have received a tremendous amount of feedback on the road so far and we look forward to hearing more from you as we continue travelling throughout NSW, VIC and QLD over the next few weeks. Don’t miss your chance to share your feedback and steer the industry’s future. Register today!
