Contract Intelligence: JP Morgan Bank To Convert 360,000 Hours Of Work Into Seconds! (Project: COIN)
Imagine the work done by more than 1000 people being completed effectively and accurately by a single piece of software and the long hours spread over months or years being replaced by highly innovative software taking quality and accuracy to a whole new level.
Every department or area of work has room for innovation and improvement. Organizations, companies, departments and strategists are always working on redefining planning techniques to ensure maximum work effectiveness with minimum resources.
One bank has taken an initiative and is heading into a direction where no one has gone before. JP Morgan’s CTO James, has introduced a highly sophisticated, innovative technological wonder that replaces 360,000 hours of document reading/ verifying and the acknowledging of legal clauses in SECONDS!
Contract Intelligence (COIN) uses machine learning to review and interpret commercial loan agreements. COIN is able to scan documents in seconds and is less prone to errors than human beings. COIN is just the tip of the iceberg for JP Morgan Chase, which is determined to automate mundane tasks and create new tools for bankers.
Project COIN works effectively by utilizing machine learning, a phenomenon based closely on heuristics and human intelligence. The way forward is to replace human labour with human intelligence and provide a clear vision for utilizing technology to its optimum level.
JP Morgan is planning to release the final version of the project, to ensure that there is minimum wastage of resources, and the technology team can focus on the real tasks.
So what’s the result?
“As for COIN, the program has helped JP Morgan cut down on loan-servicing mistakes, most of which stemmed from human error in interpreting 12,000 new wholesale contracts per year, according to its designers.”
JP Morgan’s innovation army is looking for creative ways in which technology can be deployed by identifying patterns and relationships. The strategy is to use it for complicated legal documentation and e-commerce solutions. This would be a key milestone in understanding, analyzing and interpreting regulations and corporate communications. All this will come with detailed, systematic and correct results, and minimum or zero mistakes.
Finance Chief Marianne Lake remarked, “We’re willing to invest to stay ahead of the curve, even if in the final analysis some of that money will go to a product or service that wasn’t needed.” It appears that more automation and perhaps less lawyers are the future for JP Morgan.
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