Vision 2026: Embedding AI-Driven Compliance into BFSI Contracts
India’s BFSI ecosystem is transitioning beyond initial digitization phases, with a significant shift towards bolstering the legal and compliance frameworks that support financial operations. The integration of AI-led intelligence by Doqfy is pivotal in this evolution.
Aligning Solutions with BFSI Priorities
As the BFSI landscape evolves, organizations must align their solution roadmaps with the changing priorities of BFSI leaders. Doqfy’s strategic approach emphasizes technological innovation through AI.
Technological Innovations on the Horizon
Key advancements planned by Doqfy include:
- Advanced AI/ML Capabilities: Enhancements in AI features will enable predictive analytics and risk management, thus automating contract management processes.
- Semantic AI for Legacy Contracts: This technology will facilitate data extraction from legacy contracts currently stored as digitized images.
- Embedded Compliance: Future contracts will incorporate real-time validation of regulatory requirements, addressing post-execution challenges.
- Blockchain Initiatives: Smart contracts based on blockchain technology will offer enhanced security.
Doqfy aims to strengthen its API-based solutions for seamless integration into core banking, insurance, and enterprise management systems, transforming legal operations into a strategic advantage.
Valued Outcomes for BFSI Institutions by 2026
By 2026, BFSI institutions are expected to prioritize compliance, efficiency, and trust. Doqfy is positioned to facilitate these changes by:
- Efficiency: Achieving up to 90% reduction in contract turnaround times and eliminating nearly 60% of repetitive manual tasks.
- Compliance & Resilience: Automating tracking for approximately 1,500 compliance touchpoints ensures 100% readiness and prevents penalties through automated milestone alerts.
- Trust: Upholding rigorous certifications, including ISO 27001, SOC 2, and GDPR, to protect sensitive financial information.
Emerging Technology Gaps in BFSI
Over the next two years, significant technology gaps are anticipated in three key areas:
- Disconnected Systems: Fragmentation in contract management systems, lacking integration with disbursement or vendor onboarding processes.
- Manual Fraud Risks: A notable gap exists in integrating real-time identity and business verification (eKYC/eKYB) into the contract execution journey.
- Data Silos: The lack of centralized repositories impedes AI from providing actionable insights, leaving legacy contracts as mere digitized images.
The Evolving Role of Technology Partners
The role of technology partners is shifting from mere solution providers to strategic collaborators. This evolution is characterized by:
- Customization over Features: Providing tailored solutions that address specific business challenges rather than generic tools.
- High-Trust Automation: Employing AI models trained on local laws for greater accuracy and reduced risk.
- Full-Stack Risk Mitigation: Managing the entire lifecycle of engagements, including pre-contract due diligence to mitigate future legal risks.
As BFSI institutions navigate the complexities of compliance and operational efficiency, the integration of AI-driven solutions will be crucial in shaping a resilient future.
