Digital Transformation in Legal Industry (legal Tech) – LegalE

To understand the scope of this digital transformation, let us look at the simple task of opening a savings bank account. Ten or even five years ago, this meant filling up a bunch of applications, signing at hundred different places, couple of visits to the bank and a whole lot of frustration. Apart from being slow, this whole process is also prone to errors and therefore, causes delays in the processing of the application. The situation has completely changed with the emergence of neo banking apps. These neo banks operate entirely online, do not have any physical branches and it takes just 20 minutes to open a savings account through their mobile App. Once a customer provides basic information and uploads a photograph through the mobile camera, his/her identity authenticated via Aadhaar and One Time Password (OTP), the account is ready to use and customer will receive a welcome package along with Debit card. The impact this has created in the banking industry is evident from the fact that even established banks such as HDFC and ICICI Bank have also started offering similar services to their customers. 

Digital is touching every aspect of our lives and has completely redefined the way we look at certain products, processes and services. We have Edutech platforms like UpGrad, Coursera, Udemy etc. offering online courses ranging from one (1) month diplomas to full two-year Masters programs for very affordable prices. We have brands like Swiggy, Zomato, Big Basket and several local delivery Apps have become household names across Tier 1 and Tier 2 cities of the Country. Amazon and Flipkart have managed to build a consumer centric e-commerce experience that is hassle free (mostly!) and paved the way for other e-commerce websites. Apps like MakeMyTrip, GoIbibo, AirBnB let you make all your travel arrangements online. With the rise of streaming giants such as Netflix, Prime Video, YouTube etc. Even the entertainment industry has largely adopted the hybrid approach of producing content for theatres as well as for digital OTT platforms. Most importantly, we spend most of our time on social media platforms like Facebook, WhatsApp and Twitter. For most people, their work requires them to stay connected in some way (looking at you, WhatsApp!). These Apps are the driving engines of today’s digital economy and with the upcoming metaverse wave, this transition to a digital economy will be complete. From social media to e-commerce to video conferencing, every service is available as an App. Further advancements in emerging technologies such as Machine Learning, Artificial Intelligence, Blockchain, Virtual Reality and Augmented Reality are going to revolutionize the next generation experiences and will help us solve more complex problems.