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JPMorgan reduced lawyers' hours by 360,000 annually by automating loan agreement analysis with machine learning software COIN
janhavi
Jan. 11, 2019
Summary:
JPMorgan uses its proprietary machine learning software (COIN - Contract Intelligence) to automate the work usually undertaken by lawyers to analyse commercial loan agreements by extracting contract attributes in a few seconds.
Problem:
A software was required that could reduce the time lawyers use to automate loan agreement analysis. There were many expenses and risks involved while doing this and automating this process could reduce both of these. Something had to be done soon as there was a fear of losing customers to startups.
- Industry
- Financial Services
- Function
- Legal and Compliance
- Company Name
- JPMorgan
- Vendors
- Confidential
- AI Technologies
- Link to usecase
- link