Best Contract Management Software for Banks – What You Need to Know 

Today, technology is driving a shift towards digital transformation in the banking sector. As customer expectations evolve, and as FinTech begins to compete with traditional banking models, it is crucial for banks to embrace the latest technological advancements and keep up with the times. That said, this also presents a huge opportunity for banks to harness the power of tech to enhance efficiency, security, customer satisfaction, and compliance – all while gaining data driven insights and mitigating potential risks.  

One transformative area of tech for banks is Contract Management. Banks can use Contract Lifecycle Management Software (CLM) to streamline and optimize all contract-related processes. Contra by Lexzur is the best contract lifecycle management software for banks, and we’re going to detail why below, along with a list of benefits, key features, and important points to consider. 

Key Features of Contra for Banks: 

Contra enables banks to automate contract workflows, improve efficiency, and ensure compliance with regulatory requirements. It provides centralized control and visibility over contract terms, obligations, and milestones, reducing risks associated with non-compliance or missed deadlines. We’re breaking down the key features of Contra, and how they can be used to facilitate collaboration and accelerate contract cycles for banks.  

1. Drafting Contracts from Customizable Templates: 

While you can upload contracts, or draft from scratch, using the Configurable Contract Templates feature will revolutionize drafting for Banks. Contra users are able to create and store contract templates for various types of agreements, such as loan contracts, partnership agreements, or vendor contracts. When creating a new contract, they can choose the relevant template, then fill out a quick questionnaire for the details, and the contract is generated and auto populated in seconds. This saves time, reduces errors, and ensures consistency. Learn more about this, here. 

2. Collaborate, Negotiate, and Redline in Real-Time:  

Contra allows banks to revolutionize how they communicate and collaborate when it comes to contracts. Contra integrates with 5000+ applications, such as; Gmail™, Outlook, Google Workspace, Office 365, Zoom, Teams, Webex, and so much more. This enables Contra to offer a unique advantage when it comes to real-time collaboration. With Contra, banks can centralize information across platforms, as well as enhance contract redlining, revisions, and negotiations with stakeholders. Explore more about how this works, here.  

3. Design Automated Workflows for Approvals & Signatures:  

With Contra, Banks can automate entire workflows for approvals and even signatures. Banks can define the steps, participants, and order of approval for each contract. The configured workflow will route the contract through the necessary stages, notify relevant parties for action, and provide visibility into the progress of each contract. The same goes for signatures, using the Lexzur Sign Workflow, along with popular e-signature tools like Adobe Sign and DocuSign, embedded directly within the software. This will greatly reduce bottlenecks and empower banks to optimize their structures of operation. Understand more about how workflow automation is used with Contra, here. 

4. Automate Reminders & Tasks using Configurable Triggers: 

Contra’s Tasks & Triggers Automation can be configured to send automated alerts and reminders to stakeholders at specific milestones or deadlines in the contract lifecycle. For example, it can send reminders for contract renewals, notify parties about pending approvals, or trigger tasks for contract amendments. Configurable triggers help streamline contract management and ensure timely actions. Not to mention the integration with Zapier, which takes trigger automation using Contra to a whole new level. Learn more about Zapier, here.  

5. Store searchable digital archives in an advanced repository:  

Contra offers a centralized repository for storing all digital contracts and related documents or attachments. Banks can benefit from secure digital archiving that integrates with all cloud document management solutions like Dropbox, SharePoint, One Drive, and many more. This enables seamless access and storage, with user-friendly search functionalities that allow users to quickly locate specific contracts or related documents based on keywords, metadata, or other criteria. Learn more, here. 

6. Create custom reports and monitor KPIs on agile single-view dashboards: 

Generate custom reports and monitor key performance indicators (KPIs) related to contract management. Banks using Contra can track metrics such as contract lifecycle time, number of contracts in progress, contract renewal rates, team progress, and virtually any custom metrics users wish to keep tabs on. Real-time insights are presented on agile single-view dashboards, providing a consolidated view of contract management performance.  

Key Benefits of using CLM for Banks 

Besides the clear need to implement this technology, Banks can truly benefit from the use of sophisticated contract management software like Contra by Lexzur in a number of ways. Below is a short list detailing the pros of implementing this technology in the banking sector. 

• Speed up & Streamline Contract Processes:  

Using smart software with automation capabilities streamlines contract management processes, reduces manual effort and errors, saves time, and enhances overall efficiency. 

• Ensure Compliance:  

Banks are expected to consistently comply with many legal and regulatory requirements that may vary depending on the region or jurisdiction. Contra helps by providing centralized control, visibility, security, and consistency. 

• Enhance Control & Visibility:  

Centralizing all documents, data, and communications offers easy access, more control, and enhanced visibility into contract details, status, and history, as well as other important performance indicators. Contra provides insights into contract performance, enabling banks to track key metrics, identify trends, and make data-driven decisions. 

• Reduce Risks & Save on Costs: 

Additionally, Contra helps banks mitigate risks associated with contract non-compliance, missed deadlines, or inadequate documentation, reducing potential legal and financial risks for banks. Contra also reduces costs associated with manual contract management, such as printing, mailing, and physical storage. This in turn reduces errors and bottlenecks, that can help with compliance and cost reduction. 

• Optimize Collaboration:  

As mentioned, Contra integrates with over 5000 popular applications that drive seamless collaboration across your entire team. Real-time collaboration and negotiation among internal stakeholders and external parties improves communication and reduces delays. 

• Improve Vendor Management & Customer Service: 

Contra enables efficient management of vendor contracts, including tracking contract milestones, performance, and renewals. Contra improves customer service by enabling faster contract processing, reducing delays, and providing transparency to customers throughout the contract lifecycle. 

Important to Consider: 

While contract lifecycle management systems clearly offer an array of benefits to banks looking to transform and digitize their operations, there are a few points to consider when making your decision on which software to choose. For the record, Contra by Lexzur has all the below issues covered and taken care of. 

• Initial Implementation and Training: 

Make sure that the CLM software you choose is easy to implement and train your team on. Depending on the software company, this can take time, resources, and effort. The transition to a new system can disrupt existing processes and may involve a learning curve for employees. 

• Integration Challenges: 

Integrating the CLM software you choose with existing systems and applications may cause issues. Banks using CRM or ERP systems may require technical expertise and effort to establish seamless data exchange and maintain data integrity across platforms. 

• Data Security and Compliance:  

Ensure that the CLM software you choose ensures robust security measures to protect against data breaches, unauthorized access, or cyber threats. Compliance with data privacy regulations, such as GDPR or CCPA, is a priority to protect the bank. 

• Customization and Flexibility: 

You might want software that is highly customizable and configurable. This will allow you to design the workflows and customize the variables, even rebrand the look and feel of the entire system. Banks should carefully evaluate the flexibility and adaptability of the CLM solution to meet their specific business needs. 

• Vendor Reliability: 

Banks need to select a reputable and reliable vendor. Consider the vendor’s reputation, financial stability, customer support, and future product updates. This will surely have a negative effect on the efficiency of your contract processes.