Managing contracts in the banking sector is no small task. With countless agreements, complex compliance regulations, and strict deadlines, ensuring accuracy and efficiency is essential. How can banks handle massive amounts of contract data without errors or delays? Manually processing contracts is not only time-consuming but also prone to costly mistakes. That’s where automation becomes a game-changer.
Docparser offers an innovative solution for automating contract data extraction, allowing banks to streamline workflows, enhance accuracy, and stay compliant with industry regulations. Industry trends highlight this shift.
In 2022, the figure rose to 40% for organizations leveraging automation technologies, while the number with no plans to implement such tools dropped from 47% in 2020 to only 30% in 2022. Deloitte’s 2022 Intelligent Automation Survey further supports this, noting that organizations scaling intelligent automation rated themselves 5.96 out of 10 in transformation progress, compared to 5.04 overall, underscoring the value of robust adoption.
This guide will explore nine best practices for using Docparser to improve contract data management and compliance in the banking industry.
Whether you want to reduce human error, save time, or ensure regulatory compliance, these tips will help you make the most of automated contract processing.
Key Takeaways
Efficiency Through Automation: Docparser eliminates manual data entry by automating contract ingestion and data extraction, saving time and reducing errors in banking contract management across large contract volumes.
Enhanced Compliance: By validating key data with custom rules and ensuring secure storage, Docparser helps banks track contract terms accurately, effortlessly meeting compliance standards like the General Data Protection Regulation (GDPR).
AI-Powered Precision: Leveraging Zonal Optical Character Recognition (OCR) and AI, Docparser extracts specific contract details, such as interest rates or clauses, from complex and pre-existing contracts with high accuracy.
Seamless Integration: Integration with tools like Google Sheets and Salesforce streamlines workflows, sending extracted data to management systems for efficient contract processes.
Proactive Management: Automated extraction and monitoring support timely contract updates and risk management, enabling proactive renewals and breach prevention.
1. Define Key Data Points for Extraction
Effective contract management starts with a clear understanding of contract goals. Identify key contract terms and data points like contract metadata (e.g., client names, dates), contract obligations, or compliance clauses crucial for your bank.
Docparser’s extraction tools let you target specific contract details, ensuring accurate contract data extraction and reducing manual contract data extraction efforts. This focus helps extract contract metadata and valuable data relevant to compliance checks.
2. Use Pre-Built Templates to Manage Contract Types
Docparser offers templates for standard contract documents, such as vendor contracts. Customize these for specific contract types to automate contract data extraction and maintain consistency.
This approach minimizes manual data entry and supports contract lifecycle management by efficiently pulling data from legacy contracts or new contract volumes.
