Contract Management Software (CLM) for
Finance Industry

contract-management-software-clm-finance

Why is Contract Management Software Important for Financial Contracts?

contracting-in-financial-services

Banks, NBFCs & financial institutions (FIs) lose a significant portion of revenue to contracting inefficiencies and operational challenges involving contract management. This is due in part to a reliance on distributed & semi-automated systems.

  • Banks & NBFCs create large volumes of agreements and financial service contracts on a daily basis, all of which need to be managed & tracked. Smart CLM offers a distinct advantage here.
  • Financial contract management software establishes secure aduit trails for risk management in negotiation & signature activities, with real-time activity tracking to keep teams on top of their game.
  • Contracts are often delayed or misplaced as a result of increased complexities and frayed communication. Smart CLM provides a smart dashboard and centralized storage to improve visibility and collaboration.
  • Smart CLM helps make contracting in financial services more transparent & holistic by providing a single platform to draft, negotiate, sign, store & track contracts. This accelerates contract processes & helps team managers enhance productivity.

Contract Management Challenges in Finance Sector

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FIs face numerous complexities and challenges in contract management due to paper-based contracting, manual contract governance & low-transparency workflows.

  • Banks face massive risks of poor visibility & subsequent lapsed contracts due to the lack of a centralized contract storage system.
  • FIs handle thousands of agreements, and not all of them can be tracked and monitored adequately without a CLM system. Team collaboration is also negatively affected.
  • Since financial agreements need to be drafted, negotiated, signed and then stored & tracked, banks end up relying on several different software for contracting. This lowers overall efficiency and increases data risk.
  • Reliance on manual negotiations, signatures & governance result in frequent delays causing efficiency & revenue loss, and friction in both internal and customer interfacing processes.

Automate Finance Agreements From End-To-End With Contract Lifecycle Management

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By integrating with a contract management platform, FIs can overcome efficiency and collaboration challenges while ushering in digital contract governance by monitoring workflows transparently in real-time.

  • A Smart CLM tool makes financial contracting scalable. Agreements are drafted en masse using template libraries, contracts are eSigned in bulk, and are stored and monitored on a smart dashboard with a contract repository.
  • CLM software’s real-time contract activity tracking and milestone management help boost process transparency & enable smooth collaboration. Timely alerts and secure document histories also help keep all stakeholders in the loop.
  • Banks and NBFCs can also configure their own contract workflows and leverage smart contract analytics with performance tracking capabilities to glean insights, accelerate onboarding and minimize risks.
  • eSignatures help expedite the agreement execution process, scale up signature workflows & create secure processes using multiparty and group signatures with signature certificate generation.

Featured Use Cases

SignDesk’s contract management software for banks provides the tools to automate finance contracts, speed up contracting, and boost productivity.

template-and-clause-libraries

Template & Clause Libraries

Clause-Locking-&-Digital-Negotiations

Digital Negotiations

Central-Contract-Repository

Central Contract Repository

Real-Time-Status-Tracking

Real-Time Status Tracking

eSign-Integrations

eSign Capability

Audit-Trails-&-Activity-Logs

Audit Trails & Activity Logs

Automated-Expiry-&-Renewal-Alerts

Automated Expiry & Renewal Alerts

Client-Profile-Creation

Client Profile Creation

Smart-Analytics-&-Tracking

Smart Analytics & Tracking

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Automate Contract Management The Smart Way

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