A leading financial institution faced critical challenges within its legal contract review process – challenges that were slowing down operations and exposing the organisation to significant risk. Manual contract reviews were labor-intensive and time-consuming, creating bottlenecks that delayed business decisions and strained already limited legal resources.
The reliance on human review introduced a high potential for error, with risks of missing key clauses, overlooking compliance obligations, and inconsistent interpretation of terms across teams. Inconsistent review processes further compounded operational risks, leading to varied contract standards and uncertainty around legal exposure. In addition, the lack of systematic visibility into contract risks, obligations, and emerging trends made it difficult for leadership to make proactive, informed decisions. Without a more scalable, accurate solution, the institution risked falling behind on compliance, speed to execution, and enterprise risk management.
Building a Smarter, Faster Contract Review Process
To address the critical gaps in contract review, the financial institution leveraged NayaOne’s sandbox to rapidly orchestrate a Proof of Concept (PoC) involving three leading GenAI vendors. The sandbox environment provided a secure, production-grade setting where solutions could be tested, refined, and compared without the delays or risks typically associated with procurement and early-stage deployments.
The PoC design included the strategic use of synthetic contracts, each embedded with known errors, key clauses, and varying complexity levels, allowing for objective performance evaluation without compromising sensitive data. Vendors were assessed against clearly defined evaluation metrics, including extraction accuracy, alignment with the bank’s internal legal guidelines, and overall contract processing speed.
Thanks to NayaOne’s agile environment and structured framework, the institution was able to complete vendor evaluations and select a preferred solution within just two weeks — a dramatic acceleration compared to traditional RFP and testing cycles. This rapid, low-risk approach positioned the institution to move forward confidently with a GenAI-powered contract automation solution.
NayaOne is a prominent financial technology company, dedicated to fostering collaboration between Financial Institutions and the fintech ecosystem, expediting digital transformation, and fostering innovation within the financial services sector. Through its platform, NayaOne offers a centralised gateway to hundreds of cutting-edge fintech vendors and synthetic data, empowering Financial Institutions to maintain a competitive edge in the dynamically evolving digital landscape.
Manual contract reviews were slowing down decisions and increasing legal exposure. By rethinking its approach, the institution aimed to reduce risk, improve accuracy, and give leadership real-time visibility into obligations - turning contract management into a strategic advantage.
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