Overview
- Major retail and commercial bank
- Assets: $900B+
- Branches: 500+
Challenge
A leading financial institution faced slow, manual contract reviews that delayed decisions, strained legal resources, and introduced risks of human error and compliance failures. Inconsistent processes and limited visibility into contract risks further increased operational vulnerabilities.
Solution
Using NayaOne’s sandbox, the institution rapidly conducted a PoC with three GenAI vendors, testing solutions for contract summarisation and key clause extraction. Synthetic contracts and clear evaluation metrics enabled the bank to select a compliant, high-performing vendor within just two weeks.
Results
- 80% reduction in contract review time
- 99% adherence to internal guidelines
- 40% cost savings
- CTO
- Legal Department
- Product Team
- Treasury Department
AI-driven platforms for contract lifecycle management and legal document analysis, automating clause extraction, risk identification, and compliance adherence.
Mitigating Risk and Delays in Contract Management
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.
Real-World Impact of the PoC
The Proof of Concept delivered major improvements across speed, compliance, and cost efficiency. By automating key aspects of contract summarisation and clause extraction, the institution achieved an 80% reduction in contract review time, allowing legal and compliance teams to focus on higher-value activities rather than manual document checks.
In addition to faster turnaround, the PoC demonstrated 99% adherence to internal legal and compliance guidelines, significantly reducing the risk of missed obligations or inconsistent interpretations. These efficiency gains translated into a 40% reduction in overall contract processing costs, creating a strong business case for scaling the solution enterprise-wide.