Top Irish law firm McCann FitzGerald, has launched a Credit Reporting Compliance App, using the expert system platform of Neota Logic.
The expert system, or app, or…in fact, one could call it a legal bot if you prefer, supports businesses who provide credit as they seek to comply with their obligations under the Credit Reporting Act 2013. The new platform follows an earlier GDPR Gap Analysis app launched by the firm.
The move follows an increasing interest among major law firms in using automated Q&A systems to engage with clients, provide them with useful information and guidance on a legal issue, and to also help drive up demand for more complex legal advice. Norton Rose Fulbright is also embracing this approach through its own home-made legal bot, Parker, profiled yesterday in Artificial Lawyer.
In relation to the Irish firm’s expert system, any person who provides credit, such as loans, deferred payments or any other form of financial accommodation, is required to submit information to the Central Credit Register which is maintained by the Central Bank of Ireland. As of the 30th September 2018, details of credit provided to non-consumer borrowers must also be submitted.
The new app, which is ‘competitively priced’, said the firm, enables both regulated and non-regulated credit providers to:
- assess whether their business comes within the scope of the Credit Reporting Act;
- identify where there are gaps in their compliance; and
- determine whether a particular transaction is within the scope of the Act, or not.
The McCann expert system is somewhat more complex than the average legal bot, it is also a paid-for service, also unlike many outward-facing bots. Regardless, it’s on the same spectrum as other Q&A bots and shows that law firms can build both ‘premium’ services that are automated like this one, or simpler, free automated bot services that require less engineering and design. Either way, both create new value and may generate new client demand.
Josh Hogan, Partner and Head of the Financial Services Regulatory Group at McCann FitzGerald, said: ‘Businesses who provide credit are facing a major compliance challenge on the horizon. Now that the scope of the Credit Reporting Act is about to be expanded to non-consumer borrowers, there is an urgent need to educate a wider business audience on the applicability of the Act so that businesses don’t breach their reporting obligations.’
‘It is another example of the work that McCann FitzGerald is doing in order to deliver technology-based, innovative and cost-effective solutions for our clients,’ he added.
Barry Devereux, Managing Partner of McCann FitzGerald, concluded: ‘Today’s clients are redefining how they want their legal services to be delivered. While legal expertise is still paramount, clients now rightly demand more efficiency, flexibility and innovation.‘
‘‘Progressive Delivery’ is our response to those changing requirements. It’s about bringing together our deep legal, business and regulatory knowledge with digital and AI technologies so that we can deliver a suite of agile and clever solutions that are tailored to the specific needs of our clients,’ he added.
If you’d like to learn about the app/expert system/legal bot, then please check out the video below.