It’s a shift the firm has already adopted and one that has proven to be successful, with Gadens now processing more than 2,500 settlements online nationally every month — a significant increase since the global pandemic hit.
At the heart of this rise in digital settlements is Gadens’ early adoption and advocacy for PEXA — the country’s leading digital property settlement solution, now compulsory in Victoria, New South Wales, Western Australia and South Australia.
Gadens became a PEXA member four years ago, when the firm made the digitally-driven, strategic decision to maximise the advantages of technology for the benefit of homebuyers, banks and developers conducting their everyday contractual requirements.
Gadens now consistently processes large volumes of PEXA transactions, and is an advocate for mandating digital settlements in Queensland and the benefits it could deliver to the industry, and consumers, through an improved conveyancing process.
“If there’s one thing we’ve all learned through COVID, it’s that you’re either the disruptor or the disrupted. We recognised quite early — well before the pandemic — that we were in a position to deliver better outcomes socially, environmentally and commercially to our clients, and their customers,” Gadens Partner and Head of Banking & Finance, Craig Green said.
“In terms of scalability and leading digital transformation in the legal profession, we’re proud to say we’re keeping pace with a nation that is coming to grips with a new normal, thanks to our ongoing relationship with PEXA.
“Banks have a real focus on customer experience using digital solutions, which is why we’re always looking for innovative ways to minimise pain-points for clients, and drive solutions to improve and streamline processes,” continued Craig.
“This customer-first focus has become all-the-more crucial to remaining viable and sustainable in the long term.”
Through PEXA, Gadens is able to give clients a true, digital end-to-end settlement process. As an inherently digital solution, a PEXA settlement is fast, safe and efficient — reducing cost while increasing client value and satisfaction.
With bank transactions occurring online, there is no longer the need to post a cheque, avoiding the risk of that cheque being lost in the mail and the client incurring unnecessary interest, not to mention, stress due to delays.
“Technology should help remove risk and increase efficiencies. That’s what we’re seeing through PEXA — greater flexibility, time savings, fewer requisitions, more certainty of settlement and faster clearance of funds for end clients, just to name a few,” said Craig.
While Gadens is poised and ready for Queensland’s full adoption of digital settlements, the firm continues to provide invaluable feedback to PEXA as the platform evolves.
PEXA’s Chief Customer Officer, Lisa Dowie, said progressive firms like Gadens are paving the way for the adoption of digital settlements in Queensland.
“We are committed to supporting this journey with the continued innovation of our platform, built by, and for, our members,” Dowie said.
“Together, we deliver the services that industry needs, and bring joy to Australia’s homebuyers and sellers what is most often, the largest, most significant moment of their lives.”
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