Credit unions today face intense pressure to streamline operations, ensure compliance, and make data-driven decisions. Historically, managing contracts at credit unions has been a predominantly manual process, leading to delays, errors, and compliance challenges.

Fortunately, AI-driven contracting intelligence is the key to unlocking these critical capabilities. By integrating advanced, AI-native contract management solutions, credit unions can transform their contracting processes, enhance member services, drive business decision-making, and maintain regulatory compliance.

Here are three key ways AI-driven contracting intelligence is driving progress in credit unions:

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Safeguarding Compliance and Mitigating Risks 

If you're managing contracts at a credit union, you know the importance of adhering to laws like the Bank Secrecy Act (BSA), the Gramm-Leach-Bliley Act, and new rules from the National Credit Union Administration (NCUA). 

Attempting to manage the above with manual compliance processes can be overwhelming and prone to errors. Here are some of the ways AI-native contract intelligence platforms can help credit unions:

• Identifying Compliance Risks: AI tools can scan contracts for key terms such as data breach disclosure requirements to flag potential compliance issues early, allowing for timely intervention and risk mitigation.
• Adapting to Regulatory Changes: AI systems give you full visibility into what’s in your contracts, so you can quickly and efficiently pivot when new regulations call for updates.

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Streamlining Contract Workflows for Efficiency 

Managing contracts manually can delay processes and increase costs. AI-native contract intelligence simplifies these workflows, addressing key pain points:

• Centralized Agreements: Storing all contracts in one secure repository gives your team real-time visibility and easy document access. This setup is vital for effective risk management and operational efficiency, allowing quick retrieval and analysis of contract data.
• Automated Workflows: Automate the routing of contracts for approval, reducing delays and human errors. Automated reminders for contract renewals ensure you never miss important dates, enhancing efficiency and compliance.
• Streamlined Processes: AI-driven platforms can automate tasks such as contract drafting, approval, and storage, significantly reducing turnaround times and minimizing errors, freeing your team to focus on strategic initiatives.

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Harnessing Contract Data to Drive Strategic Decisions 

Contracts contain valuable data that can inform strategic decisions and improve operations. AI-native contract intelligence enables your credit union to unlock this data's potential:

• Searchable Contract Data: Having all contracts in one secure location means you can easily access and analyze data. With a platform like Evisort, you can track any terms of interest to your organization and easily search for those terms in one contract or across many agreements.
• Actionable Insights: AI extracts and analyzes key data points from contracts, providing insights into obligations, risks, and opportunities. This helps your team make data-driven decisions that enhance member services and operational efficiency.
• Enhanced Decision-Making: Easy access to critical contract information empowers leaders to make informed decisions regarding risk management, compliance, and strategic partnerships. AI tools can analyze member behavior and market trends, providing predictive insights that support proactive management.

Leverage AI-driven contracting intelligence, and your credit union can enhance compliance, optimize contract processes, and drive data-driven decision-making. This reduces risks and operational costs and turns contracting challenges into strategic business opportunities. Embracing AI is essential for credit unions aiming to stay competitive and deliver exceptional member experiences in a rapidly evolving financial landscape.

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Discover Evisort's Impact 

As one of the pioneering providers of AI-native contract intelligence solutions, Evisort is leading this transformation with its comprehensive Contract Intelligence Platform. By integrating Evisort's proven technology, credit unions can gain greater visibility into their contracts, automate critical processes, and uncover data-driven insights to power superior decision-making.

For instance, leading financial institutions like BNY Mellon and Western Union have significantly reduced contract execution time and outsourcing costs by leveraging Evisort's powerful AI capabilities. They’ve streamlined their contracting workflows, identified compliance risks early, and harnessed the valuable data within their contracts to drive impactful business strategies.

Ready to see how Evisort can help your credit union unlock new possibilities through AI-driven contracting intelligence? 

Explore our success stories or contact us directly to book a personalized demo.