AI-Enabled Contract Data Management

Today, Financial Institutions (FIs) business is entirely driven by contracts for operational and statutory reasons. Contracts contain valuable and critical information like the deals, deals related counterparties, deals maintenance instructions, etc. All of these need to be extracted and updated in the deal maintenance system for further work while the contract needs to be stored where it can be easily accessed and retrieved.

The situation is further complicated by several revisions and amendments that are part of the process and all of these also have to be retained properly and it has to be ensured that the latest details are incorporated in the deal maintenance system.

Understanding and managing these agreements require highly trained analysts, this limits the number of deals that can be executed and is often prone to errors and omissions. Our Magic DeepSight can be configured to operate by the business rules that the contracts are meant to govern and look for specific details and content across several documents.

Magic’s Deepsight the process optimization platform along with our Advisory practice provides a configured solution that acts as a virtual assistant to the analyst thereby reducing the complexity of the task. It automates standard processes to reduce errors and omissions and also enables the less experienced and less skilled analysts to be able to perform their tasks.