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Finance Contract Software Comparison: Which is Best?

In today’s competitive landscape, finance contract software is your solution to the greatest business challenges. Whether it’s external regulations, new security standards or finding ways to increase efficiency and stand out in a crowded market — threats are incoming from all angles. 

With the right contract management software, you can mitigate risks, increase efficiency, and save costs. After all, written contracts are must for all financial processes — from client service and financing agreements including AML procedures to more complex finance instruments. Without a platform and automation in place, though, contracts can spell disaster for your business.

Across the globe, financial service operators are recognizing the risks and are shifting from manual to automated processes. For example, Deutsche Bank announced 18,000 job cuts to reinvest funds back into automation. Elsewhere, a Capgemini report found that 35% of financial services firms had already seen a 2–5% increase in revenue from automation. It also reported that 64% of organizations had seen a 60% improvement in customer satisfaction after introducing automation.

Finance contract software comparison: what’s the best option for my business?

If you’re looking for software to drive business value and ensure the quality and integrity of your financial documents, you’re in the right place. Let’s take a closer look at 12 leading platforms to help you decide on the best contract management software for your business.

Avokaado

Avokaado’s data-driven contract lifecycle management software lets businesses and teams of all sizes manage every stage of a contract and its related workflows in one single place.

  • Top features: Open-source library with automated templates prepared by partnered law firms for specific sectors, flexible collaboration workflows, integration with global eSignature providers and existing technology stacks via open API, ability to add in-house branding, mobile responsive dashboard, customizable pricing including a free trial.
  • What’s special about this tool?: Avokaado’s advanced automation makes financial documents highly accurate, and its scenario-based drafting makes your templates customizable for various legal nuances — so drafting a contract takes just a matter of minutes. Fintech companies prefer Avokaado contract generator and API products to automate the dealflow, digital signing and document management.
  • Pricing: From $0 for a Freemium plan.

👉 Try Avokaado for free for 7 days

ContractLogix

ContractLogix is a contract management platform that digitizes and optimizes your contracts and processes throughout the contract lifecycle.

  • Top features: Out-of-the-box forms, configurable workflows based on business rules, comprehensive reporting, automated alerts and notifications, dashboards and customizable reports, integration with existing business systems. 
  • What’s special about this tool?: ContractLogix has extensive experience working with financial organizations to meet increasingly stringent regulatory and compliance obligations. Plus, its CLM software is designed specifically for banking and financial services organizations.
  • Pricing: From $59 per feature/month.

Agiloft

Agiloft provides agile software for contract and commerce lifecycle management based on pre-built and custom modules without the need for writing custom code.

  • Top features: Dynamic clause libraries, built-in Adobe sign and DocuSign integration, custom dashboards, robust compliance analytics, API integrations, pre-built AI functionality. 
  • What’s special about this tool?: Agiloft recognizes the constant evolution of the financial service landscape through increased regulations, heightened oversight, and shifting customer expectations. In response, the Agiloft platform helps financial institutions to mitigate these risks and stay competitive and compliant. 
  • Pricing: From $65 per user/month.

Evisort 

Evisort is an AI-powered contract management platform that reduces risk by using artificial intelligence to increase the speed and accuracy of the contract management process while streamlining workflows.

  • Top features: Use stored data to create new contracts, built-in collaboration tools, full workflow visibility and accountability, one repository for all contacts, powerful text search, automatic ERP and CMS syncing. 
  • What’s special about this tool?: Evisort’s best-in-class AI allows banks and other financial services institutions to classify, extract, and analyze data from their most important finance contracts. This means you can streamline your review workflows and negotiate better deal terms.
  • Pricing: No pre-defined pricing plans available. Contact Evisort for a quote.

Conga 

Conga’s end-to-end contract lifecycle solutions are aimed at helping to transform revenue operations and navigate business complexities. 

  • Top features: Central contract repository, template and clause library, integration with CPQ and ERP, Conga Approvals, negotiation tools to increase compliance.
  • What’s special about this tool?: With the Conga Composer, financial services organizations can press one button to print pre-formatted client profiles, agreements, and meeting prep documents that pull data from every object in a highly customized application.
  • Pricing: From $20 per user/month.

ContractWorks

Easy-to-use, affordable finance contract software for businesses who need a quick way to understand and manage their contractual obligations.

  • Top features: Secure contract repository with granular permissions, tailored reporting, milestone alerts, OCR and advanced search, sign documents from anywhere, smart document tagging, 24/7 support, transparent pricing plans. 
  • What’s special about this tool?: The ContractWorks platform’s custom reporting features help financial services institutes to monitor ever-changing compliance requirements and mitigate against risk. 
  • Pricing: From $600 for unlimited users/month

Icertis

The Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting critical contract information.

  • Top features: Self-service contracts, intelligent negotiation tools, enterprise-grade security, integration-friendly cloud architecture, AI-powered identification, advanced contract analytics.
  • What’s special about this tool?: Icertis implements contract solutions for financial services providers by leveraging its ICI platform and suite of solutions to automate processes and risk assessments. Plus, its intelligent configuration models complex contract relationships including derivatives trading agreements and investment management agreements.
  • Pricing: No pre-defined pricing plans available. Contact Icertise for a quote.

Precisely

Precisely is a digital contracting platform that automates and reduces manual tasks, while ensuring full compliance.

  • Top features: Automated contract templates and approval workflows, cloud-based central repository, smart search and filtering, integrated eSignature solution, integration with existing tools via Precisely API.
  • What’s special about this tool?: Precisely’s automation-driven software lets you take a modern technology-driven approach to managing financial contracts. It understands the importance of financial contract storage and protects contracts with the same level of security used by government bodies and leading banks.
  • Pricing: From $44 per user/month.

Legito 

The Legito platform offers user-friendly solutions for advanced document drafting and management automation, with the aim of making justice accessible to all through democratizing legal expertise.

  • Top features: Intuitive smart documents, ready-to-use document automation, code-free Workflow Editor, integration with company registers in over 80 countries and states, fully integrated DocuSign, flexible permissions management. 
  • What’s special about this tool?: With Legito’s unique Template Editor, you can easily automate complex logical dependencies into your financial document templates without any programming. On average, Legito users learn how to automate documents in under 2 hours.
  • Pricing: From $1200 per user/year.

Concord

Concord offers a suite of applications and integrations for automating and connecting the entire agreement process from contract creation to signature.

  • Top features: Create templates for any contract type, smart document approval workflows, unlimited document storage, legally-binding eSignatures, OCR search, familiar Google Doc-like interface, custom reports, integration with existing tools.
  • What’s special about this tool?: Concord’s familiar and easy-to-use interface means that all teams in your financial services business can be quickly set up to start using the platform immediately.
  • Pricing: From $0 for the free pricing plan.

Ironclad

Ironclad’s contract lifecycle management software streamlines contract creation processes, offers secure digital collaboration, and gives companies a single source of truth for contracts.

  • Top features: Workflow Designer allows for no-code contract automation, drag-and-drop UI, DOC-X native experience, @mentions and internal comments for smoother collaboration, data reporting with the Dynamic Repository.
  • What’s special about this tool?: Ironclad’s Dynamic Repository provides a single source of truth for all of your financial contracts. With everything in one place, you can answer contract questions in seconds and respond to industry changes at speed with informed decision-making.
  • Pricing: From $500 per month. A free trial is available. 

Juro

The Juro contract management system empowers both legal, sales and HR teams to streamline routine contract workflows in one unified workspace.

  • Top features: No-code workflow builder, self-serve contracts, in-browser template editor, native eSignature, dynamic repository, real-time contract analytics, 2-way CRM sync, integrations with leading platforms. 
  • What’s special about this tool?: Juro’s drag-and-drop workflow builder and central collaboration hub make contract management easy for all departments in your financial services business, regardless of legal experience. This means saved time across your organization. 
  • Pricing: From $0 for the free pricing plan.

The Bottom Line

With the variety of finance contract software options on the market, you don’t need to let a contract slow your business down ever again. As we’ve seen, contract management tools help automate every step of the process, which helps to reduce costly mistakes.

If you’re wondering which platform is best, this will depend on your specific business needs, circumstances and maturity. Some platforms’ services are tailored to large corporations with dedicated legal teams, while others are more suited to SMBs who may have little in-house legal resources. 

What you can be sure of, though, is that you can’t not afford to have automated contract processes in this day and age. Competition is at an all-time high and client demands are ever-growing. To keep up, you need scalable contract software that not only creates new opportunities and grows efficiency, but that also safeguards your company’s reputation and integrity. 

If you’d like to try out a contract management platform today for free, sign up for Avokaado’s 7–day free trial. Our software lets teams of all sizes manage contracts and related workflows in one central location. Get started and transform your business processes today!

 

03.05.2021

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