Financial giant saves time automating contract reviews

The AI can finish in seconds what lawyers took 360,000 hours of work a year to do

Financial giant saves time automating contract reviews
JPMorgan Chase & Co has a learning machine that can interpret commercial-loan agreements so fast that it saves the company’s lawyers hundreds of thousands of work hours each year.

Called Contract Intelligence, or COIN, the software can finish in seconds what took the financial giant’s large team of lawyers 360,000 hours per year to do before June when it went online, reported Bloomberg.

And JPMorgan is not done yet. It has reportedly established technology hubs and teams specialising in big data, robotics and cloud infrastructure. Through a concerted effort led by the teams and the other departments of the company, they hope to find new revenue streams while reducing expense and risk.

The company is spending more and more of its US$9.6bn technology budget on developing technologies like COIN, Bloomberg said. At 9% of its projected revenue, the budget is about twice the industry average. That money is going toward machine learning and a new private cloud network called Gaia, which powers systems like COIN.

The push is driven by Chief Operating Officer Matt Zames and Chief Information Officer Dana Deasy, who see technology helping the company maintain its dominance in its industry.

Deasy, who joined JPMorgan from BP, said that Zames had one stern directive for him when he was hired in 2013.

“Matt said, ‘Remember one thing above all else: We absolutely need to be the leaders in technology across financial services,’” Deasy told Bloomberg. “Everything we’ve done from that day forward stems from that meeting.”


Related stories:
UNSW launches hands-on legal technology course
Lawyer predicts his AI will replace tax agents

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

19 law firms lauded as employers of choice for gender equality

Hall & Wilcox takes seasoned partner to lead Sydney IT and IP practice

KPMG Legal Thailand launched

Here are the finalists for all of this year’s Australasian Law Awards deal categories

Controversial $476m capital raise completed with advice from Clayton Utz

G+T helps buy Australasian business for $570m

Most Read Articles

75% of K&L Gates’ new Australian partners are women who work part-time

Set to ‘heavily expand,’ LOD Legal pushes to further differentiate itself from the pack

Jackson McDonald unveils leadership and branding changes to start the decade

Here are the finalists for all of this year’s Australasian Law Awards deal categories