JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours
The program, called COIN, for Contract Intelligence, does in seconds and without errors the mind-numbing job of interpreting commercial-loan agreements, something that consumed 360,000 hours of work each year by lawyers and loan officers.
▻https://www.bloomberg.com/news/articles/2017-02-28/jpmorgan-marshals-an-army-of-developers-to-automate-high-finance
Another program called X-Connect, which went into use in January, examines e-mails to help employees find colleagues who have the closest relationships with potential prospects and can arrange introductions.
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While growing numbers of people in the industry worry such advancements might someday take their jobs, many Wall Street personnel are more focused on benefits. A survey of more than 3,200 financial professionals by recruiting firm Options Group last year found a majority expect new technology will improve their careers, for example by improving workplace performance.
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the company keeps tabs on 2,000 technology ventures, using about 100 in pilot programs that will eventually join the firm’s growing ecosystem of partners. For instance, the bank’s machine-learning software was built with Cloudier Inc., a software firm that JPMorgan first encountered in 2009.
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