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Why Should Banks Opt for a Matter Management Software

by PracticeLeague

In the past few years, many banks have realised the importance of a matter management software for managing their notices, litigation, arbitrations and contracts.

Industry Challenges

Unlike many other industries, the banking sector has a rather high number of matters to be managed. The legal departments of banks are many times bigger than the legal departments of other industries, thanks to massive volumes of matters, data and documents. This leads to increased work load, difficulty in monitoring matter progress and increases risks. Moreover, Banks are reporting very strict regulatory authorities who themselves are inching towards automation.

Hence, it important to quickly and swiftly migrate most manual processes to automated ones and reduce the manual efforts, increase the efficiency and eliminate the errors.

Court Dates

With high-volumes and pan-India presence, Banks may have a large number of matters that come up for hearing and need to be attended. Tracking dates of different matters, courts, regions, etc. is not an easy task, especially if don’t have a software to guide you.

Law Firm Collaboration

With such high volumes, you also need a large number of external counsels and law firms to manage your matters and to attend hearings. It is not easy to capture updates received from them and translate it into complex reports and MIS. Moreover, it is also a challenge to track progress of each law firm or counsel.

Legal Expenses

With high volumes, large teams and innumerable firms or counsels, you are bound to incur heavy expenses. It’s only natural to make sure that expenses and invoices that approved are easily processed and electronically validated for accuracy.

Moreover, you should also be able to forecast expenses, prepare contingent liability schedule and provision budget.

If you are looking for a Legal Matter Management software for your bank, then PracticeLeague’s Corporate Legal Department software has all the features to handle complex bank processes and make them simplified.

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