Our Business Case for Banking Professionals
Core problems of document processes
Manual document processes in banking are expensive, time-consuming, and prone to errors, posing significant compliance risks. Core and non-core banking applications function as isolated silos, each managing legal documents independently. This leads to repetitive processes, inconsistencies, and duplication.
Coordination between Legal and IT departments for updates adds further inefficiencies and delays. Additionally, the inability to effectively analyze contract clauses, obligations, risks, and critical data hampers decision-making. This results in poor management of legal, financial, and operational risks, leading to decreased productivity, higher costs, and slow, inaccurate reporting. But this doesn’t have to be the case.
Use Cases for Banking Professionals
SPEED UP CONTRACT DRAFTING BY MORE THAN 80%
Client Challenge
The corporate credit department of a large Universal Bank client was looking for Document Generation and Template Management solutions to eliminate existing contract process inefficiencies and manual processes, and improve uniformity and compliance of contract wording. In addition, our client wants to integrate this contract origination and generation processes with their existing loan origination system (nCino) to automate contract processes even further. Finally, the client was looking for a solution that could be seamlessly extended to their Asset Based Finance department, and provide the foundation for additional departments and countries in the future.
Shareforce solution
Shareforce Enterprise Legal Content Management solution, and Shareforce Automated Document Creation solution offer contract process automation in one single solution. Our modular solution is driven by a firm-wide clause-component database (a contract building-block library) that is fully controlled by legal staff and is used for each legal document by all employees, departments (Retail, Wholesale, CIB), countries and systems (loan origination, procurement).
Shareforce directly integrates with the client’s loan origination system and maps, retrieves and uses all relevant data from the loan origination system into Shareforce Automated Document Creation solution to generate a compliant, near-final contract in MS Word.
Impact
- Shareforce enables the client’s lawyers to automatically distribute updates to all relevant templates and signed contracts; at the touch of a button, our client is compliant, avoiding errors, fines and remediation actions.
- Our solution automatically retrieves data from our client’s loan origination system and generates custom contracts based on this. This eliminates many manual process steps, increasing speed, accuracy and connectivity to any existing apps that use the contract. The result is a time saving of more than 80% for the lawyers, which allows them to focus on higher value work, reducing dependency on outside counsel.
- Shareforce Legal Content Management solution automates all of the client’s loan document content and provides the foundation for any department to be added simply by adding new users.
ENABLE SCALABLE GROWTH FOR DIGITAL BANK
Client Challenge
A Digital Bank’s business model is designed to scale using technology & efficiency. Yet their contracting processes are manual and differ country by country leading to inefficiencies and a set-up not fit for scalable growth. The client requires a multi-language contract solution with the ability to connect to the client’s Core lending system.
Shareforce Solution
Implement one, firm-wide, exhaustive Clause-component Database for all countries, departments and systems. No-code Automated Document Creation offers quick, safe and flexible drafting in MS Word, catering to standardized loans and bespoke loans, simplifying the contracting processes, eliminating duplication. Client’s lawyers are in control of keeping contract data up-to-date, increasing contract quality, governance & compliance, eliminating reliance on IT to update systems and thereby saving costs. Updating becomes much less time-consuming.
Impact
- Client increases contract output multiple times without increasing the headcount of the legal and contract team enabling them to accelerate growth for the bank, eliminating manual processes that were holding back growth plans.
- Shareforce language-agnostic platform creates the perfect contract solution for adding growth in additional countries.
REPLACE OUTDATED DOCUMENT GENERATION SOFTWARE
Client Challenge
A Commercial Bank client has an incumbent, ineffective contract generation solution that was no longer servicing the needs of the company and needed replacing. The legacy solution didn’t have advanced Audit trail/Version management features (currently in Excel). These are important requirements for our client, related to regulatory oversight and contract compliance. In addition, the client wants 100% of all existing their contract content (contract building blocks) fully automated and available in their Contract Clause Library and Contract Templates (the legacy solution achieved only 50%).
Shareforce Solution
Implementation of our turnkey Enterprise Legal Content Management Solution and Automated Document Creations solution for all contracts. Shareforce solutions incorporate all our client’s standardized loan documents as well as complex, bespoke commercial loan documents. Shareforce simplifies the client’s contracting processes, functions as the core contract automation and generation engine for the client’s lending department’s contract activities, replacing and vastly improving the pre-Shareforce setup.
Impact
- Shareforce allows 100% of contract building blocks to be automated vs the incumbent solution of only 50%.
- Embedded collaboration & workflow tools enable our client to improve compliance and uniformity of all their legal documents, and increase efficiency as updates are created once & instantly distributed.
- Version management and Audit trail features provide the highest standard contract governance and provide the tools to comply with regulatory requirements.
BUILD CLAUSE LIBRARY USING LEGACY DOCUMENTS
Client Challenge
An Investment Bank client does not have their own contract Templates or Clause Component library. This creates a challenge for their Derivatives Documentation team: their aim to have a fully automated, front-to-back process for contract creation, maintenance and generation of derivatives documents.
Shareforce Solution
Using our document ingestion tools, cross sections of legacy contracts are imported in our platform, where contract data is auto-structured and organised. Our client’s legal subject matter experts select and curate content supported by Shareforce AI/NLP features and build a Clause Component database and contract Templates. This iterative process creates a reference data set for our client. The reference data set is refined with additional legacy contract by utilising the same process.
Impact
- Client uses Clause Library and Templates going forward to generate new contracts using all Shareforce features and functionality.
- The newly created reference data set is used to compare legacy and new contracts.
- Final clause data is captured and can be used to feed into risk models, collateral management etc.
Shareforce offers:
Increased Productivity
A turn-key solution that serves as the ‘single source of truth’ solution for each lawyer and legal document. One, firm-wide, exhaustive clause-component database for all countries, departments (Retail, Wholes, CIB) and systems (i.e. loan origination, procurement), that becomes the catalyst for all your contracts. No-code Automated Document Creation offers quick, safe and flexible drafting in MS Word.
Lower IT costs for legal content
Legal experts have full control over the clause-component database. Legal content is originated, automated, maintained and deployed much faster throughout a firm, without the need for IT staff. Avoid delays, reduce the number of applications needed and offer legal staff the broadest flexibility.
Reduced regulatory costs & reduced risk of fines
Use our workflow tools to update contracts securely and efficiently with the ever-growing regulations that the industry must comply with, decreasing regulatory risk and costs. Re-papering becomes vastly easier and substantially quicker, potentially saving millions.
Insights from AI/NLP Contract Data Analysis
Build contracts, based on granular building blocks, digitally from inception. As a result, contract data analysis of every part of your documents is possible, all visualized in easy-to-navigate dashboards. Combine legal document wording, data and variables for interpretation, analysis and risk management.
Jasper Boersma
Chief Revenue Officer (CRO)
For questions, please contact me directly:
E. jasper.boersma@shareforcelegal.com
Or reach out to us via our contact form.