New Technologies Taking Over JP Morgan

JP Morgan has a program that relies on artificial intelligence and that can save lawyers 360,000 hours every year (1). Artificial Intelligence (AI) is defined as "a branch of computer science dealing with the simulation of intelligent behavior in computers" and "the capability of a machine to imitate intelligent human behavior" (2). Artificial intelligence programs or robots were created to react like humans. They learn from what we feed them. The program used by JP Morgan is called COIN (short for Contract Intelligence) and it does what its name suggests: read and interpret contracts, more specifically commercial-loan agreements.