Source: Hogan Lovells
Hogan Lovells today launches an innovative new online LawTech product – Engage, a pioneering knowledge portal and thought leadership platform for both established financial institutions and new FinTechs.
The cutting-edge online legal and regulatory product, launched at Money2020 Europe, offers a bespoke experience for users, while also introducing two UK firsts to the market:
• A comprehensive PSD2 tool; and
• A packaged FCA Authorisation application service.
Also among the suite of new Law Tech services are a next-generation MiFID II tool and a publishing tool, Business Brief, through which users can create bespoke magazines to update their business on key legal developments.
John Salmon, technology partner in Hogan Lovells Financial Institutions Sector, said technology was driving a shift in the how the legal industry operates:
"We've combined our market-leading financial services lawyers with technology specialists - themselves operating at the forefront of financial services - to offer a cutting-edge 21st Century legal service.
"There is information overload coming out of the legal industry - most acute with GCs, who just want a trusted, useable source. That means getting answers, ideally as quickly as possible, so they can make better decisions. That is what Engage offers, no matter the user's level of understanding or expertise."
The Authorisation product is a unique offering for FinTechs who may be dealing with FCA Regulation for the first time. It:
• Guides users through the key features of the FCA's authorisation application process;
• Assesses their status and preparedness; and
• Offers a tailored, fixed-fee package of support for their application, based on their individual circumstances.
On average, FinTechs estimate their cost of getting authorised at approximately £200,000, taking into account both internal resources and external advisers. Uncertainty regarding the potential cost and time taken to authorisation is a major concern for FinTechs, against which Hogan Lovells FCA Authorisation product mitigates.
Addressing client concerns over the looming PSD2 and MiFID II January 2018 implementation deadline, Engage also hosts new and interactive PSD2 and MiFID II tools. It is estimated that MiFID II will cost the finance industry over €2.5bn to implement, with the biggest banks each spending €42m. The tools guide users through their regulatory obligations, bringing information from different authorities together in one place alongside Hogan Lovells insight, allowing them to:
• Quickly search on key topics by business area, jurisdiction, or legal provision;
• Look in-depth at every part of the legislation, including its development and history, from both a European and domestic perspective;
• Create reading lists of key materials;
• Share information with colleagues;
• Create highly-specific reports for internal use.
Enhancing the Engage offering is the addition of the Business Brief publishing tool - enabling the creation of customised and branded magazines, populated with news and Hogan Lovells industry leading insight which users can tailor to their organisation, or specific areas of interest.
Ninety-six per cent of in-house counsel say information overload is a problem in their daily efforts to consume information about business, industry and legal topics, yet 81% of law firms will produce more content in 2017 than 2016.