Faster client onboarding – made simple

As in many other industries, digitalization in the legal and tax sectors is advancing at a rapid pace. Automating standard business processes is becoming increasingly important. This is often referred to as "digital transformation".

The challenges in law and tax firms are often very practical in nature. Onboarding new clients is becoming laborious and problematic due to constantly changing regulations, such as the recently updated Anti-Money Laundering Act. The resulting obligations present firms and individual professionals with ever new difficulties.

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When client onboarding becomes a challenge

Instead of devoting their scarce time to their own cases, firms face additional bureaucratic effort that causes delays, especially in the onboarding process.

This often undermines the efficiency of their own work and, indirectly, client satisfaction.

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Yet excellent client satisfaction is essential for law and tax firms to win new clients and retain existing ones over the long term.

So it's not about questioning new regulations or viewing them as a necessary evil, but about implementing them effectively – ideally without extra effort.

A legal tech solution like BetterCo can help onboard clients faster and reduce the 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 built-in risk assessment, identity verification and client collaboration features is the perfect solution, combining an innovative customer experience with an efficient process. This way, the firm's compliance and due diligence requirements are met in an audit-proof manner. Integrating automation and artificial intelligence into the onboarding process makes it simpler and more pleasant for both prospective clients and the law firm.

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Standardized data collection with pre-filled data

A high degree of standardization is crucial when designing a lean and successful onboarding process. To achieve this, BetterCo interprets the Anti-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 dramatically reduces errors and effort.

This enables consistent communication and collaboration between the firm and all parties involved, ensuring that all information submitted is correct and complete. It also ensures that all client data processed by a law firm is standardized and – as required by the GwG – stored in a secure, separate system. This data is easy to retrieve and can be passed on to other systems. The benefits therefore go far beyond onboarding.

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Digital identity checks

Identifying legal representatives and beneficial owners, as required in KYC processes, can be very time-consuming and cause delays. The identification and verification procedures built into BetterCo 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 client onboarding methods.

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

By using a modern legal tech platform, firms and professionals such as lawyers and tax advisors can dramatically improve their client relationships. Especially while due diligence obligations are being completed during onboarding, greater efficiency can be ensured and work done much faster. This takes the load off everyone involved and gives the firm a strategic advantage in positioning itself against competitors through greater efficiency and an excellent customer experience.

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Interested in getting to know BetterCo better?

Feel free to book a free product demo and find out how BetterCo delivers a clear, shared and unified vision for regulated businesses and everyone involved – while measurably reducing effort, time and costs.

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