Bank Achieves 1500+ New Contracts with AI CLM

An AI-powered solution transformed a major Indian bank’s legal department. The bank handled 1500+ new cases yearly and 50+ monthly by centralizing data and automating tasks. The solution also facilitated the migration of 1370 legacy matters and expanded to 5500 branches.

Client:

HDFC Bank Limited is a leading Indian banking and financial services company headquartered in Mumbai. As India’s largest private sector bank by assets and the world’s sixth-largest by market capitalization, HDFC Bank boasts a formidable presence in the global financial landscape.

Problem Statement:

● Limited Accessibility: System not available across branches and legal teams.
● Data Siloing: Centralized data storage and reporting hindered.
● Scalability Issues: System couldn’t handle organizational growth.

Results:

☑️ 1500+ new cases, 50 monthly cases handled.
☑️ 1370 legacy matters migrated.
☑️ Solution deployed across 5500 branches, reaching 6000+ users.
☑️ Centralized data repository with automated reporting.
☑️ Intuitive interface driving high user adoption.

AI Solution:

To address these pain points, HDFC Bank implemented an AI-powered matter management solution. This solution was designed to centralize legal data, automate routine tasks, and improve overall case management.

Key Components of the AI Solution:

● Centralized Data Repository: The AI solution created a unified platform for storing and managing all legal matters. This centralized repository enabled easy access to case information and facilitated comprehensive reporting.
● Automated Workflows: The system automated various tasks such as case creation, assignment, and tracking, reducing manual effort and improving efficiency.

● Predictive Analytics: Leveraging AI algorithms, the solution provided predictive insights into case outcomes, allowing legal teams to prioritize cases and allocate resources effectively.
● Natural Language Processing: The AI system enabled users to search for information using natural language queries, making it easier to find relevant documents and data.
● Intelligent Reminders: The system automatically generated reminders for upcoming deadlines and important dates, ensuring that no critical tasks were overlooked.

HDFC Bank successfully deployed the AI solution across its extensive branch network. The implementation process involved migrating historical data, training users on the new system, and integrating it with existing systems.

Reference:

1. Transforming Contract Management for a Leading Indian Bank

Industry: Financial Services
Vendor: Razorsign
Client: HDFC Bank Limited