Legal capacity of companies can now be checked with artificial intelligence
Sberbank has created and patented Russia’s first artificial intelligence (AI) system allowing stakeholders to check a company’s legal capacity.
The robot lawyer designed by Sberbank’s Legal Department has issued over 2.5 mln legal opinions in eight months. The robot speeds up business processes dramatically, avoiding mistakes that would have been made when processing large amounts of data and verifying contractors. It takes the robot an average of seven minutes to analyze one entity.
Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Sberbank:
“Processing large data-sets, the robot lawyer will enable companies to make decisions very fast. The robot is a powerful tool for lawyers and underкtakes routine processes, providing employees with time to solve new tasks related to business growth, for intellectual and creative work. Designing and patenting an innovative AI-based solution for the legal industry is more than a way to improve the efficiency of business processes. It’s a breakthrough in LegalTech. Sber has risen to the challenge the global market had been considering one of the most serious ones.”
The robot verifies contractors by recognizing and ingesting legally relevant information from documents, checking if an entity is bankrupt, liquidated, or reorganized, seeing that the USRLE statement is correct, whether a signatory is entitled to sign a deal, and checks many other parameters, analyzing data from more than 10 document types.
The result of a legal capacity check goes beyond the question of whether or not to issue a loan. It also provides findings on a customer’s key risk metrics, which are described in as much detail as possible, taking into account multiple aspects like risk rationale, risk level, and evaluation of how it can be removed or minimized.The solution may enjoy a great market demand across business verticals in any scenario where customers’ or contractors’ legal capacity verification is called for.