JPMorgan unleashes artificial intelligence to automate its legal work

With companies like LawGeex and ROSS Intelligence trying to automate the legal world it was only a matter of time before the technology started stomping all over the legal teams at a big bank, and now it has. Or at least it's started to. At JPMorgan Chase, a learning machine is parsing financial deals that once kept legal teams busy for hundreds of thousands of hours. The program, called COIN, for Contract Intelligence, automates mind numbing task of reading and interpreting commercial loan agreements which, until it went online late last year, consumed over 360,000 hours of work each year by lawyers and loan officers. Now it's done in seconds and with fewer errors by a system that never sleeps.