Managing Partner » One Program Replaces 360K Lawyer Hours

One Program Replaces 360K Lawyer Hours

March 5, 2017

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COIN, or Contract Intelligence, is a software program that interprets commercial-loan agreements, and in one year it will spare JPMorgan Chase & Co. lawyers and loan officers 360,000 hours. “The software reviews documents in seconds, is less error-prone and never asks for vacation,” Bloomberg writes. JPMorgan has indicated that COIN is just the beginning of its investment in automation. The bank, which has a $9.6 billion technology budget, recently set up technology hubs for teams specializing in big data, robotics and cloud infrastructure to work on minimizing work, expense, and risk. “Though JPMorgan emerged from the financial crisis as one of the few big winners, its dominance is at risk unless it aggressively pursues new technologies, according to interviews with a half-dozen bank executives,” Bloomberg writes.

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