How can AI speed up the conveyancing process?
Artificial intelligence (AI) seems to be the current buzzword across a whole host of industries. What AI is best at is spotting patterns in large amounts of data. Used well it allows people to concentrate on their jobs by eliminating the tedious tasks.
The idea of AI has been around for a long time, https://www.bbc.com/teach/teach/ai-15-key-moments-in-the-story-of-artificial-intelligence/zh77cqt but it’s only in recent years that the technology has been available to make it work effectively and we’re seeing it applied in many areas, one of which is conveyancing.
AI can establish patterns in data and images much faster than a human can, this is a considerable advantage in an area like conveyancing where large amounts of information are involved. One example of this might be in validating plans where for new build properties, the address given on the plans may not relate to the address of the finished property. Using AI means that a computer could be trained to look for the shape of a parcel of land, making matching and validating easier.
Another area conveyancing solicitors London based firms such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors/Conveyancing-Solicitors-London can employ AI is in the verification of documents. This can apply to items like passports used to check the identity of a purchaser.
It can be used for other documents, where address matching is required for example. This is something that can be tedious and time-consuming to check manually, but which AI can do quickly and with a high level of confidence.
For conveyancing businesses, therefore, there are a number of advantages to using AI. It can cut administration time, reduce the chance of human error, and potentially speed up the entire process. It can, of course, be used to boost profitability too, by, for example, adjusting fees to encourage more business at quieter periods.
The key to introducing any form of AI is to ensure that people trust the process. Initially the computer’s results will need to be checked and corrected, that way the system learns and becomes more accurate next time around, ultimately achieving a high degree of trust.
In today’s connected society, people expect technology to speed up processes and make them more accessible. Conveyancing is no exception to this trend and AI can help lawyers to streamline their processes and deliver on customer expectations.