Bank Gets 60% More Contracts, 50% Less Drafting Time with AI

By implementing AI for contract management, the bank increased the volume of contracts by 60%, reduced document preparation time by 50%, and improved regulatory compliance.

Client:

Raiffeisen Bank International (RBI) is a leading financial institution headquartered in Vienna, Austria. As a cooperative bank, RBI boasts a strong presence across Central and Eastern Europe and caters to a vast customer base of individuals and businesses.

Problem statement:

● Complex Regulatory Landscape: Navigating diverse, evolving regulations across markets.
● Data Quality and Reporting Issues: Centralized data is lacking in critical insights.
● Operational Inefficiencies: Manual, decentralized processes hindering operations.
● System Integration Challenges: Legacy system integration complexities.
● Standardization Challenges: Inconsistent contract practices across jurisdictions.

Results:

☑️ 60% increased contract output
☑️ 50% reduced drafting time
☑️ Centralized control, streamlined operations
☑️ Enhanced compliance, reduced risk
☑️ Data-driven insights for better decision-making

AI Solution:

RBI implemented Sirion’s AI-powered CLM platform to streamline its global contract management. The platform addressed these challenges by:
● Centralizing Contract Data: Consolidating contract information from disparate systems into a unified repository.
● Standardizing Contract Processes: Implementing standardized templates and workflows while accommodating local variations.
● Enhancing User Experience: Offering a multilingual platform with customizable configurations.
● Improving Data Visibility: Providing advanced analytics and reporting capabilities.

By leveraging AI and a user-centric approach, Sirion empowered RBI to manage its contract portfolio across multiple jurisdictions efficiently.

Reference:

1. Raiffeisen Bank International Increases Contract Output by 60%, Improving Regulatory Compliance

Industry: Financial Services
Vendor: Sirion
Client: Raiffeisen Bank International