Machine Learning Cuts Lawyer Hours by 360,000 a Year for JPMorgan

JPMorgan has developed machine learning software that saves the company 360,000 lawyer hours per year. Normally it takes a team of lawyers many hours interpreting the 12,000 commercial-loan agreements that JPMorgan processes per year. With the new Contract Intelligence software nicknamed COIN; JPMorgan is finding far less mistakes being made and it only takes seconds to process a form. JPMorgan invests heavily into technology by budgeting 9% of their projected revenue into development of new technology. This amount exceeded $1 billion dollars of technology investment over the past two years.