#BCAwards2023 | Sponsor Spotlight: Armalytix

#BCAwards2023 | Sponsor Spotlight: Armalytix

The third edition of the British Conveyancing Awards is just around the corner. Alongside a new, larger venue and a new headline sponsor in Groundsure, #BCAwards2023 is all about recognising and rewarding the herculean efforts of conveyancing superheroes who, despite hurdles aplenty, continue to go above and beyond to help clients move into their dream home.

Ahead of the splendour and celebration on the 21st March, Today’s Conveyancer will recognise those who help make the event possible through a series of “Sponsor Spotlight” pieces. Here, we speak to Technology Enabler of the Year sponsor Armalytix.

First of all, tell us who you are and what you do?

I’m Tom Lyes, Head of Legal & Property here at Armalytix. I help law firms transform the way they manage source of funds and wealth challenges. We use open banking and intelligent data analysis to make these critical processes faster, smarter and more effective for the firms and their clients alike.

What prompted you to support The British Conveyancing Awards again this year?

We’re big fans of Today’s Conveyancer in general, they do a great job in keeping the sector informed and up to date. It’s a logical step, therefore, to partner with them in rewarding some of the excellent work that conveyancers are doing to keep ahead of the market and client demands in a very challenging period.

What do you see as the key change in the conveyancing market over the past year, and how have Armalytix adapted?

Driven by the regulators and the underlying issues with financial crime, it has become imperative that firms have their compliance in order, with fines and reputational damage from failing to do this becoming increasingly common. Armalytix is responding to this by providing increasingly sophisticated, smart technology to turn a long-winded, manual process into a simple, digital check that with additional automatic analysis gives conveyancers what they need to make risk decisions effectively – all in a few clicks.

Would you agree that the security offered by Armalytix’s technology is now more important than ever – and why?

With fines and reputation at risk in a competitive market, the correct data, securely gathered, analysed, and effectively presented is a must. Perhaps counter-intuitively, the Open Banking framework that provides data directly from clients’ bank accounts is far more secure than emails and paper with sensitive financial data being sent around. This is before you layer on the advantages of speed, data insights, and client experience.

Aside from the digitisation of conveyancing, what do you see as something conveyancers should look to with excitement as we move into 2023?

Open Banking and the increasingly smart technology that sits on it is here to help the sector and make busy everyday working lives that bit simpler. This is good news for everyone. In the next year this will only continue to develop, and on top of that we should start to see some early examples of the wider Open Finance initiative start to appear. This will broaden the pool of available data and functionality and with it the things that firms can do with it – including greater analysis, more personalisation, and control.

Join the conversation | #BCAwards2023

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