Bloomberg Markets reports that new software from JPMorgan Chase & Company has reduced the amount of time that lawyers and loan officers need to invest in interpreting loan contracts from tens of thousands of hours to mere seconds.
Bloomberg writer Hugh Son points out that the COIN (COntract INtelligence) initiative is just one of many currently in development that are intended to automate routine banking chores, as part of attempts to reduce costs and increase customer satisfaction. “The software reviews documents in seconds, is less error-prone and never asks for a vacation,” Son points out.
Many thanks to my Edge International colleague Aileen Leventon for drawing my attention to this important article. As always, I welcome your thoughts on this or any other matter related to the law, either in the comments section below or directly via email.