Using Legal Tech To Reduce Cost & Boost Productivity In Banking Sector

Published on 16 May 2020 by Akshat

As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well.
The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level five in the Faster Payments Innovation Index (FPII).

Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth. Also, the advancements in technology have brought the mobile and internet banking services to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customer’s overall experience as well as give banks a competitive edge.

Irrespective of the growth and stability of this sector, In-house counsels of the Banking Industry have many unconventional challenges in their Legal Departments. Along with these challenges, the dire need of consistency, accuracy and compliance with the organizational practice and constitutional instrument runs parallel. Litigation cases, contractual obligations, documentations, court hearings, managing multiple branch locations and collaborating with a large team spread across different jurisdictions, etc.  are just a few things legal teams have to manage effectively. 

Legistify’s automated legal ERP- LegisTrak is designed specifically to ensure all the requisite tasks are done without hassles. Here are some of its key features-

Legistify brings in effective and customisable automation to the entire Legal Department thereby increasing productivity and eliminating menial and time consuming manual activities. LegisTrak helps the banking industry to use state of the art technology to automate and streamline their routine litigation (SARFAESI, DRT, 138, etc.) and contractual challenges. Legistify is committed to providing a 360 degree solution to take care of your entire legal portfolio and protect your organisation’s business interests.

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