Bloomberg carried a report about a new learning machine at JPMorgan Chase & Co. called Contract Intelligence or COIN, that is parsing financial deals that once kept legal teams busy for thousands of hours. More specifically, it is interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of work each year by lawyers and loan officers.
The software reviews documents in seconds, is less error-prone and never asks for vacation. This development underlines the fact that automation is now in overdrive as cheap computing power converges with fears of losing customers to start-ups.
JPMorgans total technology budget for 2017 amounts to 9% of its projected revenue, double the industry average. COIN has helped JPMorgan cut down on loan-servicing mistakes, most of which stemmed from human error in interpreting 12,000 new wholesale contracts per years. Read more here www.bloomberg.com/news/articles/2017-02-28/