The emergence of digital banks and increased oversight are transforming the interaction of banking and financial services with customers, suppliers, and governments, with contracts being fundamental in these relationships.
Addressing these challenges is crucial to avoid competitive disadvantages, less effective contracts, and regulatory risks for financial firms.
The onboarding process for suppliers, channels, and clients is fragmented and lacks standardization, making it difficult to comply with the strict regulations of the sector.
The risk departments lack proper control over variations in credit and risk thresholds set in contracts, due to isolated and inconsistent contracting methods.
Manual contract management processes, which are labor-intensive, prevent negotiated terms from automatically flowing into the financial systems of companies, impacting productivity and increasing the risk of errors.
Standardized and centralized processes for onboarding suppliers, channels, and clients, ensuring compliance with strict sector regulations.
Adequate control over variations in credit and risk thresholds set in contracts, ensuring that risk departments have visibility and control over these critical aspects.
Elimination of labor-intensive manual processes by allowing automatic generation of contracts using validated and uploaded templates, increasing efficiency and reducing the risk of errors.
