February 28, 2017
ABOVE AVERAGE IS OVER:
JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours (Hugh Son, February 27, 2017, Bloomberg)
At JPMorgan Chase & Co., a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours.The program, called COIN, for Contract Intelligence, does the mind-numbing job of 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.
Posted by Orrin Judd at February 28, 2017 6:52 PM