How Contract Analytics Is Disrupting Financial Services
In 2018, the Finance Conduct Authority (FCA) imposed fines totaling more than £60m for compliance breaches, including failing to exercise due diligence in protecting account holders from cyber attacks and oversight related to client assets.
For many organizations, compliance concerns continue to consume vital resources. Holistic AI strategies, however, are creating cost-saving opportunities across key regulatory use cases, allowing banks to address risk and prevent financial loss from regulatory actions. According to a recent report from Business Insider Intelligence, “The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total.”
This potential for savings has resulted in a convergence of discussions and media coverage around AI use in banking. A PwC survey found that financial services executives expect their AI efforts to result in increased revenue and profits, better customer experiences and innovative new products. To that end, financial services leaders are embracing AI at an increasing rate and implementing AI-powered strategies to improve business efficiency.
Given the criticality of contracts within the financial services sector, contact analytics offers a significant opportunity to address regulatory problems and deliver significant value. Leveraging DocuSign Insight, compliance and financial services teams can
- Dramatically accelerate contract search and review
- Increase the accuracy and breadth of reviews
- Reduce the risk of non-compliance and negative business outcomes
- Leverage AI models specifically designed to help triage and categorize contracts for LIBOR risk mitigation
You can conduct targeted, in depth analysis on a range of critical topics with DocuSign Insight Accelerators. Each Insight Accelerator includes a comprehensive set of pre-trained and tested AI models–along with pre-configured, customizable “views” to quickly access the results across your selected topics, sub-topics and questions.
Insight Accelerators are available as add-ons to Insight, and cover topics including:
- Catastrophic events
- Data privacy
- Mergers and acquisitions
- Credit agreements
- Qualified Financial Contracts (QFCs)
As AI tools continue to empower users to manage their businesses more effectively across front, middle and back-office channels, organizations are seeing the value-add. Check out DocuSign Insight for advice on how financial services and compliance professionals can operationalize the data within their contracts.