Contract Lifecycle Management Software for Banking, Financial Services & Insurance Industry

 

Why contract management is critical for successful BFSI operations

The Financial Services sector is comprised of diverse industries including banks, venture capital firms, insurance companies, financial institutions, money markets, etc. All of these help keep businesses across sectors functioning smoothly every day. Transactions in this sector are primarily structured through contracts and are governed by external yet ever-changing state and federal regulations.

The sheer volume and complexity of contracts have made it crucial for the BFSI industry to adopt and adapt to AI-led effective contract management systems. The BFSI industry can now realize significant steps of improvements by leveraging AI to streamline contract management processes. This will help to reduce risks, increase revenue, improve compliance, and gain deeper insight into contractual obligations as well as milestones.

Manage Contracts in a Whole New Way
Focus on what matters

CLM challenges faced by BFSI enterprises

  • High-risk, high-value contracts (with brokers, consultants, advisors, and customers) making fine-print review a necessity
  • Industry, state, and fiduciary compliance relating to Consumer Financial Protection Bureau (CFPB), Bank Secrecy Act (BSA), Know Your Customer (KYC), ASC 606 (Revenue Recognition), IFRS 16 (Lease Obligations), etc.
  • High need for data security owing to sensitive customer data and increased privacy regulations
  • Strict internal & external audit guidelines demanding all-time availability of audit-ready records
  • Poor contract visibility due to absence of centralized, digital storage across geographies and departments
  • Millions of existing contracts often need to be updated or amended during their lifecycle, such as changes to regulatory obligations

Find out how iContract can help BFSI enterprises

iContract – Enterprise Contract Management Software for Banking, Financial Services, & Insurance industry enables organizations to streamline all contract management processes. It helps to reduce risks and design a better compliance management framework:

  • AI-powered contract authoring, Robotic Process Automation (RPA), and condition-based approval workflows for faster contract turnaround
  • Pre-approved templates and clause library with hints to ensure inclusion of all necessary contract terms and conditions
  • SOC2 Type-2 certified technology architecture with secure access controls configurable by role or other parameters
  • Auto-tracking of versions throughout review & negotiation for accurate audit trail
  • A centralized contract repository for all legacy and on-going contracts with advanced search options
  • An updated, smart clause library to automatically identify all redundant clauses and update them with any updated/new clauses and regulations

Jumpstart Your Contracting Journey

Asset2
4 Pillars of Contract Compliance

Find out how to create a strong foundation for boosting enterprise-wide contract compliance

Asset2
Designing a Robust Contracting Process
Discover how to design an efficient and future-proof contracting process for your enterprise
Asset2
5 Steps to Realizing Value from Contract Management
Minimize risks, improve efficiency and maximize value with effective Contract Lifecycle Management
 

Experience
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AI-powered iContract

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