UK-based LHV Bank is poised to enhance its legal contract document workflows by integrating artificial intelligence technology from Luminance.
The bank plans to implement Luminance to create a more efficient ticketing system, establish a centralized document repository, and streamline its contract review processes. This initiative aims to standardize the evaluation of frequently utilized legal documents, including client agreements, vendor contracts, non-disclosure agreements (NDAs), and other routine paperwork.
Anticipated benefits include a reduction in review times by at least 50% for lower-value, high-volume documents such as NDAs, and an acceleration of complex contract turnaround from several days to under an hour, effectively alleviating the delays associated with manual processes.
Additionally, Luminance’s advanced analytics features will allow the LHV team to keep track of contract termination and renewal dates, ensure compliance with internal policies, and enhance regulatory readiness.
Olivia Miller, a trainee solicitor at LHV, remarked, “We’re enthusiastic about the future of AI in legal operations and recognize that tools like Luminance are vital for progressive institutions. This partnership is a testament to our ongoing dedication to digital transformation and innovation throughout the organization.”