The BFSI industry has always been an early adopter of technology and of taking steps to improve customer service through efficient, and digitally advanced products and services. Yet, despite the industry’s best efforts to stay abreast of technological innovations, it has started to fall behind when it comes to one of the most important and fundamental pillars of business – the company’s thousands of contracts; or more importantly, the lifecycle management of the contracting process.
Contracts govern virtually all aspects of business operations; from standard vendor agreements to sophisticated mergers and acquisitions. Ensuring all the contracts are fully compliant and up to date will all regulatory changes is especially essential in the BFSI sector considering the strict regulatory governance and higher stakes at risk.
Digitized contract management solutions with centralized repositories, sophisticated integrations, smart clause libraries and intelligent analytics not only ensure a 360 degree, real-time view of every contract at one place, but also turn contracts into strategically accessible documents for better decision making. In this white paper, you will get insights into:
1. The future of BFSI industry
2. BFSI industry trends
3. Contract Management challenges in BFSI industry
4. AI powered CLM for contract and compliance management