--- title: AI Legacy Contract Migration for Financial Services | Aavenir url: https://aavenir.com/ai-based-legacy-contract-migration-repository-for-financial-services-on-servicenow/ description: How an investor services firm used AI to migrate legacy fund agreements into one searchable repository on ServiceNow, with service levels tracked after signing. updated: 2026-11-07 --- [Home](https://aavenir.com/) / [Blog](https://aavenir.com/blogs/) / Legacy contract migration for financial services Financial services # AI based legacy contract migration and repository for financial services on ServiceNow Thousands of fund agreements in shared folders, service levels tracked by hand and auditors asking questions. Here is how one firm fixed it. MY **Madhuram Yadav**Jun 22, 2023 ยท 4 min read Financial services firms carry years of legacy contracts: service agreements, process frameworks and fee agreements, created in different formats and saved in different places. Moving them into a new system usually means manual data entry and checking, which is slow, expensive and easy to get wrong. This article follows the investor services subsidiary of a global financial firm that faced exactly that problem across thousands of funds and several asset classes. It explains what the firm needed, how AI extraction on ServiceNow handled the migration, and what changed once its contracts lived in one governed repository. Key takeaways - Legacy contracts in scattered folders hide obligations, service levels and renewal dates - AI extraction reads legacy agreements in any format and fills repository fields for a person to check - A searchable repository on ServiceNow keeps sensitive data inside a platform the firm already governs - Automated tracking of service levels and key dates replaces manual compilation - Keeping data in one place made audit and regulatory reviews easier ## What problems was the firm facing? ### Migration at scale The investor services business managed service agreements, process frameworks and fee agreements for thousands of funds across many asset classes. Migrating and managing them by hand was becoming unworkable. ### Scattered storage Long, multipage agreements sat in separate repositories and shared folders. Nobody had a central view, so finding the right contract and its amendments took far too long. ### Manual compilation and monitoring Staff compiled documents, monitored service levels and defined follow up actions by hand. That consumed time and raised the risk of errors and inconsistent records. ### Regulatory pressure The firm had to meet strict IT control requirements under the Sarbanes-Oxley Act and anti-money laundering and know your customer rules. Contract data had to be secure, traceable and ready for audit. ### User experience Whatever replaced the old process had to be simple for staff to use. A complex system would slow people down and push them back to shared folders. ## Why did the firm choose a ServiceNow native approach? ServiceNow was already central to the firm's technology. Running [Contractflow](https://aavenir.com/solutions/enterprise-contract-management-software/) natively on that platform meant contracts would sit in the same governed environment as other workflows, under existing roles, single sign on and audit history, with no new platform to secure. That mattered as much to the security and audit teams as to the business. Sensitive contract data never left ServiceNow, which helped the firm pass a demanding IT audit. ## How does AI handle legacy contract migration? The heart of the project was AI extraction. Instead of staff keying in data from each agreement, AI read the legacy contracts, whatever their format or location, and identified the key elements: parties, term, termination rights, fees, service levels and other obligations. It then populated the matching fields in the repository. - **Collect:**gather legacy agreements from every folder and repository into one intake. - **Extract:**AI reads each contract and proposes values for each field, with the source text shown. - **Check:**contract managers review the extracted data and correct anything the AI got wrong. - **Link:**amendments, side letters and related agreements are linked to the parent contract. - **Activate:**obligations, service levels and key dates become tracked items with owners. Extraction removes most of the typing, and the human check keeps the data trustworthy. Today Aavenir AI performs this extraction in Contractflow, and a person approves every result. See [AI contract extraction](https://aavenir.com/platform/ai-contract-extraction/). ## What does a good contract repository add? Storing contracts is only the start. The repository was built to be searched and filtered, so staff can find agreements by keyword, contract type or client name in seconds rather than hunting through folders. Search goes beyond file names. Staff can look for a clause or a term across every agreement, which matters when a regulator, client or auditor asks a question that cuts across the whole portfolio. With [Aavenir Atlas](https://aavenir.com/solutions/ai-contract-intelligence/), that question can be asked in plain English across all contracts. Access matters as much as search. In a firm serving many funds, not every user should see every agreement. Role based access on ServiceNow limits each person to the contracts they are entitled to, and every view and change is recorded, which is what auditors look for when they test controls over client data. | Before | After | | Agreements spread across shared folders | One searchable repository on ServiceNow | | --- | --- | | Data keyed in by hand | AI extraction checked by contract managers | | Service levels compiled manually | Service levels tracked with owners and alerts | | Reports built in spreadsheets | Dashboards on deliverables, approvals and signatures | | Audit evidence gathered on request | Data and history held in the governed platform | ## How are service levels and obligations tracked after migration? Once the data was in place, Contractflow tracked obligations, monitored service levels and sent alerts for renewals, terminations and other key dates. That helps avoid penalties for missed deadlines and keeps the firm in step with its commitments to clients. Dashboards and reports replaced manual spreadsheets. The firm could track deliverables, monitor service levels and see how many contracts were in approval or out for signature, all within ServiceNow. See [contract obligation tracking](https://aavenir.com/use-cases/contract-obligation-tracking/). **Migrate your legacy contracts with AI**Send us a sample of legacy agreements. We will show Aavenir AI extracting their terms and obligations for your team to check. Schedule a demo ## What improved for the firm? Centralizing contracts on ServiceNow standardized the process and gave the business one place to find, read and act on its agreements. Staff spent less time compiling documents and more time on client service. Security and audit teams gained confidence that sensitive data stayed in a governed platform, and reporting moved from spreadsheets to live dashboards. The same approach applies to any regulated firm with a large back catalog of contracts. Start with the agreements that carry the most regulatory or client risk, migrate them first, and expand once the process is proven. Read more about [contract management for financial services](https://aavenir.com/industries/financial-services/). ## The bottom line Legacy contracts hold obligations and risks that nobody can see while they sit in folders. AI extraction, checked by people, turns them into searchable, tracked data, and running it on ServiceNow keeps that data inside a platform your auditors already trust. ### In this article - What problems was the firm facing? - Why did the firm choose a ServiceNow native approach? - How does AI handle legacy contract migration? - What does a good contract repository add? - How are service levels and obligations tracked after migration? - What improved for the firm? **See Aavenir AI extract your legacy agreements**Bring a sample. We will show extraction, review and tracking on ServiceNow. Share [in](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Faavenir.com%2Fai-based-legacy-contract-migration-repository-for-financial-services-on-servicenow%2F)[X](https://twitter.com/intent/tweet?url=https%3A%2F%2Faavenir.com%2Fai-based-legacy-contract-migration-repository-for-financial-services-on-servicenow%2F&text=AI%20based%20legacy%20contract%20migration%20and%20repository%20for%20financial%20services%20on%20ServiceNow) Frequently asked questions (FAQ) ## Frequently asked questions ### ### How does AI help with legacy contract migration? AI reads legacy agreements in any format and proposes values for key fields such as parties, term, termination rights, fees, service levels and obligations. Contract managers check and correct the results, so migration is faster and the data stays reliable. Learn about [AI contract extraction](https://aavenir.com/platform/ai-contract-extraction/). ### ### Why keep financial services contracts on ServiceNow? Running contract management natively on ServiceNow keeps sensitive data inside a platform the firm already secures, with existing roles, single sign on and audit history. That simplifies IT audits and regulatory reviews and avoids another system to govern. See [Aavenir on ServiceNow](https://aavenir.com/built-on-servicenow/). ### ### What should a firm migrate first? Start with the contracts that carry the most regulatory, financial or client risk, such as fund services agreements with service levels and fees. Prove the extraction and review process on that set, then expand to the rest of the portfolio. Read about [contract abstraction](https://aavenir.com/glossary/contract-abstraction/). Have a question we have not answered? [Ask the Expert](https://aavenir.com/contact/) ## Keep reading [Legal operations AI contract analysis for legal teams: how to get it right How legal teams get real insight from AI contract analysis: extraction, clause comparison, semantic search and obligations, plus a simple maturity model. Read more](https://aavenir.com/ai-enabled-contract-analysis-for-legal-operations-contract-management-how-to-get-it-right/)[AI in contract lifecycle management Beyond the lines: uncover contractual intent with AI contract inquiry How asking a contract a question in plain language works: what AI contract inquiry answers, the benefits for legal and business teams, and how to trust it. Read more](https://aavenir.com/beyond-the-lines-uncover-contractual-intent-with-ai-powered-contract-inquiry/)[AI in contract lifecycle management AI in contract lifecycle management: a maturity model for success A practical maturity model for AI in contract lifecycle management: extract legacy data, guide authoring, then manage obligations, in that order. Read more](https://aavenir.com/ai-in-contract-management-clm-features/) Schedule a demo ## See your contracts run on one record. - **1****A 30 minute walkthrough**Built around your team, whether that is procurement, legal, IT or finance. - **2****Your contracts, not ours**Bring a few sample agreements and watch Aavenir AI extract and review them. - **3****ServiceNow or standalone**We show the deployment that fits the systems you already run. Prefer to talk first? [Contact the team](https://aavenir.com/contact/). The form did not load. [Contact the team](https://aavenir.com/contact/) instead, or refresh the page.