In simpler terms, while Regtech corresponds to simplified regulatory compliance due to its technology injection, Legaltech and Fintech are focused on tech amplification in the provision of legal and financial services correspondingly. Although Legaltech is not a completely new industry, it is only now starting to forge itself as a separate ecosystem.
The expansion of technologies is showy and far-reaching. We can already observe the uprise of Govtech, Legaltech, Fintech, Regtech terms. Thanks to technology expansion the list will continue to grow and expand towards new fields and horizons.
Identification matters
One of the crucial issues in today’s legal world is the provision of effective identity verification where a person’s identity matches the one that is supposed to be. That is an integral part of any legal services provided to either individuals or legal entities. Due to the innovative approach, Legaltech solutions allow legal businesses to conduct online identity verification having all the necessary rules and compliance regulations followed by. In such a manner KYC procedure could be considerably simplified in time and cost with no harm to security matters whether it occurs for finance, banking or insurance purposes.
Legaltech is the univocal comrade of an ordinary legal sector that puts forward the provision of legal services to the advanced and technologically filled standards. The Legaltech industry has a strong focus on implementing tech solutions into the law services ecosystem by involving an unprecedented level of automation, optimization and digitalization of the industry.
Should you require further information or our assistance with tuning and implementation of identity verification solutions within your company, feel free to contact our experts at info@zrtolerance.com