Faster client onboarding - simply implemented

Like many other industries, digitalization in the legal and tax sectors is developing at a rapid pace. The automation of standard business processes is becoming increasingly important. In general, the term "digital transformation" is often used here. "digital transformation" spoken of here.

Challenges in legal and tax firms are often of a very practical nature. The acceptance of new clients by law firms is constantly changing due to new regulations, such as the recently updated Money Laundering ActThe associated obligations are constantly presenting law firms and individual professionals with new difficulties.

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When client onboarding becomes a challenge

Instead of devoting their scarce time to their own cases, law firms are confronted with additional bureaucratic work that causes delays, especially in the onboarding process.

It is not uncommon for the efficiency of one's own work and indirectly the satisfaction of the client to suffer as a result.

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Excellent client satisfaction is an essential factor for law firms and tax consultancies when it comes to attracting new clients and retaining existing ones in the long term.

It is therefore not about questioning new regulations and seeing them as a necessary evil, but about being able to implement them efficiently, at best without additional expense.

A legal tech solution like BetterCo can help to onboard clients faster and reduce the time and effort required to complete a know-your-customer process.

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How is technology changing the client onboarding process?

Digital client onboarding with integrated functions for risk analysis, identity verification and collaboration options with clients is the perfect solution that combines an innovative client experience with an efficient process. In this way, the law firm's compliance and due diligence requirements are met in an audit-proof manner. The integration of automation and artificial intelligence into the onboarding process makes the process easier and more enjoyable for both potential clients and the law firm.

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Standardized data collection with pre-filled data

When developing a lean and successful onboarding process, a high degree of standardization is crucial. To achieve this, BetterCo interprets the Money Laundering Act as a data standard and uses public, verified data sources such as the commercial register. This allows high-quality data to be pre-filled and errors and effort to be dramatically reduced.

This enables consistent communication and collaboration between the law firm and all parties involved to ensure that all information transmitted is correct and complete. It also ensures that all client data processed by a law firm is standardized and stored in a secure and separate system as required by the AMLA. This data can be easily retrieved and passed on to other systems. The benefits therefore go far beyond onboarding purposes.

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Digital identity checks

The identification of legal representatives and beneficial owners, which are requiredin KYC processes, can be very time-consuming and lead to delays. BetterCo's integrated identification and verification procedures offer a more secure and efficient way to verify a customer's identity.

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Legal tech as a strategic advantage

Tax and law firms need to implement an onboarding solution that eliminates the delays caused by traditional methods of onboarding a client.

Digital onboarding solutions such as BetterCo ensure this and provide the necessary transparency for compliance and due diligence purposes.

By using a modern legal tech platform, law firms and professionals such as lawyers and tax advisors can greatly improve their client relationships in general. Particularly during the onboarding process when due diligence is being carried out, greater efficiency can be ensured and work can be done much faster. This takes the pressure off everyone involved and gives the law firm a strategic advantage in positioning itself better against the competition through greater efficiency and an excellent client experience.

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Interested in getting to know BetterCo better?

Book a free product demo and find out how BetterCo realizes a clear, common and consistent vision for regulated companies and all stakeholders. And on top of that, measurably reduce effort, time and costs.

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