Contract Management Software for Banking, Insurance & Financial Services

Contract Lifecycle Management Software for the Banking, Financial Services & Insurance Companies


The Financial Services sector is comprised of diverse industries including banks, venture capital firms, insurance companies, financial institutions, money markets, etc. All of these help keep businesses across sectors functioning smoothly every day. Transactions in this sector are primarily structured through contracts and are governed by external yet ever-changing state and federal regulations.

The sheer volume and complexity of contracts have made it crucial for the BFSI industry to adopt and adapt to AI-led effective contract management systems. The BFSI industry can now realize significant steps of improvements by leveraging AI to streamline contract management processes. This will help to reduce risks, increase revenue, improve compliance, and gain deeper insight into contractual obligations as well as milestones.

    Contract Management Challenges in BFSI

    • High-risk, high-value contracts (with brokers, consultants, advisors, and customers) making fine-print review a necessity
    • Industry, state, and fiduciary compliance relating to Consumer Financial Protection Bureau (CFPB), Bank Secrecy Act (BSA), Know Your Customer (KYC), ASC 606 (Revenue Recognition), IFRS 16 (Lease Obligations), etc.
    • High need for data security owing to sensitive customer data and increased privacy regulations
    • Strict internal & external audit guidelines demanding all-time availability of audit-ready records
    • Poor contract visibility due to absence of centralized, digital storage across geographies and departments
    • Millions of existing contracts often need to be updated or amended during their lifecycle, such as changes to regulatory obligations

    Contract Management Solutions for Banking, Financial Services & Insurance

    Ultria CLM – Enterprise Contract Management Software for Banking, Financial Services, & Insurance industry enables organizations to streamline all contract management processes. It helps to reduce risks and design a better compliance management framework:

    • AI-powered contract authoring, Robotic Process Automation (RPA), and condition-based approval workflows for faster contract turnaround
    • Pre-approved templates and clause library with hints to ensure inclusion of all necessary contract terms and conditions
    • SOC2 Type-2 certified technology architecture with secure access controls configurable by role or other parameters
    • Auto-tracking of versions throughout review & negotiation for accurate audit trail
    • A centralized contract repository for all legacy and on-going contracts with advanced search options
    • An updated, smart clause library to automatically identify all redundant clauses and update them with any updated/new clauses and regulations

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    We use Orbit AI to help evaluate corporate acquisitions; to evaluate revenue contracts and supply chain risks. We find that in addition to the huge number of metadata elements and clause types that Orbit is already trained for, we can easily use our business user inputs to teach Orbit what we feel is critical for our evaluations.

    Managing Counsel - F1000 Holding Company

    Ultria's Orbit AI does a great job of understanding the intent as well as the content of a clause. Then by associating the clause to one of our own, we can group and analyze contracts efficiently.

    VP Risk & Compliance, F250 Financial Services Company

    Using Orbit to provide "rails" to keep our business users in compliance while also streamlining the agreement review request process gives us both the speed the business unit leaders are asking for as well as the controls that we insist on

    Manager Contract Operations - F100 Services Company

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