Save YOUR time with financial services legal technology - 240 hours saved annually

Save 240 hours annually with document and contract management legal technology

Financial Services demands long working hours, time you could spend doing the things you love. 

Streamlining your legal document and contract management processes saves you time. If you search for 10 documents per day saving 7 minutes per search, that's a staggering 240 hours* (or 30 days!) you could get back every year to do the things you love!

*Forrester report: Total economic impact of iManage

Visit our financial services legal tech page to see the full range of solutions

How can legal tech help in financial services?

Legal tech can significantly impact the financial services industry by enhancing efficiency, reducing costs, improving compliance, and mitigating risks. Here are some key ways in which legal tech can help in financial services:

Automating regulatory compliance

• RegTech tools: Legal tech platforms can automate the monitoring and reporting of compliance with regulations. These tools help financial institutions stay updated with changing regulations and ensure that all activities comply with legal standards. This reduces the risk of non-compliance and the associated fines or penalties.
• Smart contracts: Blockchain-based smart contracts can automate contract execution and compliance checks, ensuring that financial transactions adhere to legal requirements without the need for manual intervention.

Enhancing due diligence and KYC process

• AI-driven due diligence: Legal tech can streamline due diligence processes by using artificial intelligence (AI) to quickly analyze vast amounts of data, identify risks, and flag potential issues. This is particularly useful in mergers, acquisitions, and onboarding new clients.
• KYC automation: Automating Know Your Customer (KYC) processes can help financial institutions efficiently verify the identities of clients, reducing the risk of fraud and ensuring compliance with anti-money laundering (AML) regulations.

Improving contract management

• Contract Lifecycle Management (CLM): Legal tech solutions can manage the entire contract lifecycle, from drafting and negotiation to execution and renewal. This reduces the time and resources needed to manage contracts, ensures compliance with legal standards, and reduces the risk of errors or disputes.
• AI-powered contract analysis: AI can be used to analyze contracts for potential risks, ensuring that all terms are favorable and compliant with regulations. It can also help in identifying key clauses or terms in large volumes of contracts.

Facilitating legal research and document management

• Automated legal research: Legal tech tools can automate the process of legal research, allowing financial institutions to quickly find relevant case law, statutes, and regulations. This reduces the time and cost associated with traditional legal research methods.
• Document Management Systems: Legal tech can organize and manage large volumes of documents, making it easier to store, retrieve, and analyze legal documents. This is particularly important for maintaining accurate records and ensuring compliance.

Enhancing data security and privacy

• Data protection tools: Legal tech solutions can help financial institutions ensure compliance with data protection regulations such as GDPR by managing consent, automating data requests, and monitoring data usage.
• Cybersecurity solutions: Legal tech can also provide advanced cybersecurity measures, ensuring that sensitive financial data is protected from breaches and ensuring compliance with relevant regulations.

Facilitating collaboration between legal and business teams

• Collaborative platforms: Legal tech tools can provide platforms where legal, compliance, and business teams can collaborate seamlessly, ensuring that legal considerations are integrated into business decision-making processes.
• Workflow automation: Automating routine legal tasks can free up time for legal teams to focus on more strategic work, improving overall efficiency and collaboration.