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JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours
Posted on 2/28/17 at 10:35 pm
Posted on 2/28/17 at 10:35 pm
quote:
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.
After visiting companies including Apple Inc. and Facebook Inc. three years ago to understand how their developers worked, the bank set out to create its own computing cloud called Gaia that went online last year. Machine learning and big-data efforts now reside on the private platform, which effectively has limitless capacity to support their thirst for processing power. The system already is helping the bank automate some coding activities and making its 20,000 developers more productive, saving money, Zames said. When needed, the firm can also tap into outside cloud services from Amazon.com Inc., Microsoft Corp. and International Business Machines Corp.
quote:
As for COIN, the program has helped JPMorgan cut down on loan-servicing mistakes, most of which stemmed from human error in interpreting 12,000 new wholesale contracts per year, according to its designers.
JPMorgan is scouring for more ways to deploy the technology, which learns by ingesting data to identify patterns and relationships. The bank plans to use it for other types of complex legal filings like credit-default swaps and custody agreements. Someday, the firm may use it to help interpret regulations and analyze corporate communications.
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This post was edited on 2/28/17 at 11:19 pm
Posted on 3/1/17 at 6:33 am to Street Hawk
OT lawyers will not like dis
Posted on 3/1/17 at 2:31 pm to Tshiz
quote:
OT lawyers will not like dis
Some won't, others won't care. Doing something formulaic like data mining form contracts is easy work for a computer. However, any kind of actual litigation is still far beyond the capabilities of automation.
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