At JPMorgan Chase, a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours.
Bloomberg News reports that the program, called COIN,, 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.
COIN is just the start for the biggest U.S. bank. The firm recently set up technology hubs for teams specializing in big data, robotics and cloud infrastructure to find new sources of revenue, while reducing expenses and risks.
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