The platform is called "COIN" (Contract Intelligence), and it can parse commercial-loan agreements in seconds vs. the 360,000 hours (annually) it once took lawyers to complete the same task.
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. While the financial industry has long touted its technological innovations, a new era of automation is now in overdrive as cheap computing power converges with fears of losing customers to startups.
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