JP Morgan is the biggest bank in the US. It is one of the largest employers in the banking sector, with more than 240,000 employees serving millions of customers. Some of those employees are lawyers and loan officers who spend a total of 360,000 hours each year tackling a slew of rather mundane tasks, such as interpreting commercial-loan agreements. Now, the company has managed to cut the time spent on this work down to a matter of seconds using machine learning.
In June, JP Morgan started implementing a program called COIN, which is short for Contract Intelligence. COIN runs on a machine learning system that’s powered by a new private cloud network that the bank uses. Apart from shortening the time it takes to review documents, COIN has also managed to help JP Morgan decrease its number of loan-servicing mistakes.