Case study: Bech-Bruun
In April 2019, the law firm, Bech-Bruun, was searching for a platform to assist them in complying with the growing legislation and documentation requirements concerning KYC and GDPR. Bech-Bruun also needed to find a proper way to handle the personal information of their clients and employees. The choice fell on the NewBanking Identity platform gaining traction with a growing number of law firms.
“We needed to carry out a systematic collection of KYC documentation while meeting all our obligations with GDPR. Therefore, we searched for a system to handle these procedures. The alternative was to develop a system ourselves, but NewBanking‘s platform checked off the vast majority of our boxes. Furthermore, they were very accommodating to our specific wishes and needs. This is why we chose them.” says Martin Riber Povlsen, CFO and Head of Compliance at Bech-Bruun.
At Bech-Bruun, a total of 11 employees are currently working to ensure that the law firm is compliant with the legislation within KYC (Know Your Customer) and GDPR (General Data Protection Regulation).
Commonly, correct data handling is a responsibility allocated across multiple units within the organisation, but Bech-Bruun has insourced everything to be handled by a designated Compliance Department. However, this does not change their preference for the platform. The NewBanking Identity platform has become a natural part of the working day ranking alongside Word and Excel.
“We use the platform for all our obligations within KYC, and we are already active with thousands of identities on the platform. As a result, we provide all our customers with a uniform process for obtaining and storing documentation in a legally correct manner. Additionally, the processes of verifying the validity of passports and driver licenses are now automated.” says Martin Riber Povlsen and continues:
“If we did not have these compliance processes governed by a suitable platform, we would either struggle to deliver our service, or we would have to spend many hours solving the tasks manually. As a law firm, it is important to ensure our clients’ correct onboarding and advise clients according to the current KYC and GDPR procedures.”
Legaltech shoots ahead
The requirements are the same for all law firms regarding KYC compliant client onboarding and GDPR compliant storing of personal data. Therefore, Bech-Bruun believes it will be beneficial for law firms and their clients to use the same platform.
“It will be easier for everyone if the clients get accustomed to a shared platform for uploading documentation of different kinds - also when sharing data between the law firms”, says Martin Riber Povlsen.
According to Christian Visti Larsen, CEO and co-founder of NewBanking, the entire LegalTech industry is in rapid development, and with good reason:
“The law industry has seen how new technology has meant major changes in other industries, and now, due to strict KYC and GDPR legislation, changes to how law firms operate are inevitable. Moreover, many have realised that smart IT platforms can do more than only ensure cost savings in their administrative work. The technology can also be a source of income when used to service their clients. There is a huge market for law firms with access to systems and know-how that makes a difference for the clients.” says Christian Visti Larsen, who has already seen several examples of this in the law industry.
Christian Visti Larsen frames NewBanking Identity as a platform that complements the law firms’ existing systems when handling client cases. “Usually, there is a law firm represented on both sides of a lawsuit, and therefore, it is a great advantage for all parties if they can use a shared platform”, he explains.
Keeps track of criminal records
In addition to using the platform to handle client information, Bech-Bruun also uses it to support other administrative tasks, such as responsibly reviewing employees‘ criminal records.
Martin Riber Povlsen credits NewBanking for being very adhering to the needs of Bech-Bruun in the continued development of the platform. Consequently, Bech-Bruun now has a platform that matches the needs of their business and the needs of many other law firms.
“The platform automates and systematises processes, which are easy to document in case of an audit. Instead of developing a system of our own, we now have a platform that automatically evolves with our needs. This makes us very satisfied,” says Martin Riber Povlsen.All case studies
If you want to know how NewBanking Identity can help your company with data management, feel free to contact us.