If we observe closely how legal teams function in the BFSI sector, the first thing you notice is just how much work they manage. Because of what they do, these organizations handle thousands and sometimes even tens of thousands of legal cases. They mostly deal with lawsuits, but there's also a lot of arbitration, which is good. They also handle office lease agreements, file required reports, make financial plans, and most importantly, ensure everything stays within budget. It's a massive amount of work.
And the second thing you will find surprising is despite the strides BFSI organizations are making to adopt technology, there is no systematic workflow management for legal teams which can result in a lot of stress and tensions in the teams, and occasionally financial losses in important litigations due to lack of information or missing an important notification.
Looking at how banks and financial institutions benefited from using the right legal technology, here are some important reasons for legal teams to take this suggestion to their management.
1. Go digital
Even top leaders in countries like India are pushing for digital solutions, so why wouldn't you do the same for your team? Work will seem a lot easier once everything is digital. The piles of files and paper in big companies' legal departments make success harder and lower people's motivation. Legal departments need to clear their spaces by digitizing as many papers as they can.
With Docs by Webnyay, all of it is possible within seconds with fastest OCR service and hyper indexing, you can easily streamline your document management.
2. Legal Notice Automations
With the enormous volume of cases that BFSI sector has and multiple notices generated for one case, it makes sense for the legal teams to have this process automated which will not just save a lot of time but also a lot of headaches for legal teams.
With Webnyay, you can generate bi-lingual notices in just a few minutes.
3. Virtual hearings
Forget sharing or subscribing to any third-party communication tools like Zoom and teams which can be inconvenient to join for a third party who might not be adept with technology and companies run the risk of sensitive information being shared in the environment which they can't control.
With Webnyay, you get virtual hearing rooms made just for legal hearings with all the features you might find in a virtual court like breakout rooms, live AI transcription services, one click joining for parties which are not very adept with technology like borrowers or claimants in rural areas.
4. Throw out your calendars.
In some legal teams, it sadly falls to just a few people to handle tasks that should be managed by a tracker. They're expected to juggle coordinating with tons of external counsel, keep track of past and future events, and contact colleagues in different offices to make sure the business is represented at court hearings on the correct dates. While this might have worked fine in the past, increased workloads and decreased employee motivation could make it challenging moving forward.
With Webnyay's calendar integration, you get your hearing updates well in advance so you never miss one.
4. ODR
One of the hallmarks of ODR is that it is cost-effective and provides speedier resolution of disputes as compared to traditional litigation. Further, proceedings under ODR are settled in a time-bound manner and do not drag on for years.
With Webnyay's ODR, legal teams are not only empowered with efficient and effective dispute resolution mechanism, we also provide data and analytics for disputes coming in which can enable teams to take pre-emptive business decisions to prevent disputes.
There are solutions and there are great solutions. It's like choosing between a regular snack and your favorite treat; you'll want to pick what's best for you. We have guided many legal departments in various companies, including banks, to handle their issues and reduce expenses. Use our expertise to make the most out of your team and time.
