15 February 2024
As I reflect on my one-year journey with Likezero, it’s been an incredible experience being part of the team. I’m eagerly anticipating the year ahead and the opportunity to continue supporting our clients in the global banking landscape.
Several key themes have emerged during this time. One of the primary drivers for our clients is their ongoing digital transformation journey, with a particular emphasis on harnessing the power of AI technology across the enterprise. In the realm of contract management, especially at Likezero, there is a notable surge in the adoption of technology by banks’ legal departments. Traditionally lagging in embracing new technology, these departments are now focusing on digital transformation, particularly in document creation, management, and storage. The spotlight is on data extraction and management, responding to the heightened demand for data across various business units within firms and the need for banks to respond to increased market events and manage risk.
Last year, at Likezero, we witnessed a staggering 2000% increase in the volume of data we handle for firms managing their contract data operations. This involves providing traceable data to support diverse functions such as onboarding, credit assessment, risk and compliance management, trading desk optimisation, and collateral or treasury efficiency. The rise in data demand is matched by an increasing adoption of new tools to meet specific challenges, including using;
1_ Streamlining document review, drafting and negotiation
2_ Standardisation of data capture and processing
3_ Providing the ability to analyse and distribute data to benefit various functions within the organisation
Amidst this surge, the need for governance becomes paramount. Transparency is crucial, especially as AI tools become integral to processes and decision-making support. The benefits for firms are substantial, ranging from unlocking legal legacy data for risk mitigation to improving PnL through enhanced trade pricing and optimising resource allocation.
As we move forward, our focus extends to providing governance, transparency, and support for firms integrating AI tools into their processes. The goal is to empower firms to unlock valuable information, minimise risk, and optimise resources effectively. This foundation also facilitates data democratisation, enabling easier access to information, natural language search capabilities, and automation in legal event processes. It’s an exciting journey ahead, and we’re poised to continue supporting banks and users in global financial markets in the year ahead.
