Like other corporate legal departments (CLDs), in-house teams based in the finance sector are struggling to do more with less—only with the added burden of being one of the most tightly regulated industries on the global business landscape. While technology can help these CLDs drive new efficiencies or automate key compliance and reporting requirements, first they must choose the right provider. In a legal tech landscape boasting more than 1800 different providers, this is sometimes easier said than done.
Fortunately, it’s not as though financial institutions are complete strangers to technology. From as far back as the introduction of the credit card in the 1950s and the ATM in the 1960s, financial institutions have leveraged customer-facing technologies to increase efficiencies and gain a competitive edge. However, the pandemic and the sudden push towards a remote working environment may have expanded that focus inward towards digital tools such as matter and spend solutions that bring new efficiencies to middle office functions.
