When I worked at Promsvyazbank, the bank's management decided that loans for small and medium-sized business borrowers should be issued on a conveyor principle, in an accelerated manner.
One of the most time-consuming sub-processes of the credit pipeline is conducting legal expertise.
Clients often provide incomplete documentation for legal review, lawyers return the documents to managers, managers wait for additional documents requested by lawyers from clients, and then pass them back to lawyers, who review the new documents again. While the client gathers additional documents, the previously submitted documents expire, and the process starts over.
To optimize the legal expertise process, it was decided to automate it using a legal expert system and transfer the responsibility for conducting legal expertise from lawyers to credit managers.
But managers don’t understand legal documents or know the law!
The legal expert system solves this problem. It allows the user to conduct legal reviews of credit transactions at the level of a professional lawyer. Any user of such a system works like a professional underwriter.
Moreover, the legal expert system significantly speeds up the preparation of a legal opinion on bank risks.
This expert system incorporates the knowledge of a legal expert and functions like a legal knowledge base.
Nowadays, such systems can be easily and quickly assembled using a low-code platform, with no programming skills required.
On a low-code platform, you can build the entire credit pipeline: from receiving a loan application and automatically making a decision on it to generating loan and security documentation.