This Software Does in Seconds What Took Lawyers 360,000 Hours

JPMorgan have built a machine learning engine called COIN (Contract Intelligence) that breezes through the mind-numbing job of interpreting commercial-loan agreements that used to consume 360,000 hours of work each year by lawyers and loan officers.

Powered by Gaia, JPMorgan’s own computing cloud, the software reviews documents in seconds, is less error-prone and never asks for vacation.

According to its designers:

“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.”