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JPMorgan Getting Further Automated

JPMorgan continues to find ways to streamline and automate to further increase its abilities to compete in this ever changing world. A new software program called COIN is making the process of interpreting commercial loan agreements significantly more efficient for them.

This software does in seconds what took lawyers 360,000 hours

At JPMorgan, 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 lawyers? time annually. The software reviews documents in seconds, is less error-prone and never asks for vacation…

www.independent.co.uk

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