The hype cycle for chatbots--software that can generate convincing strings of words from a simple prompt--is in full swing. Few industries are more panicked than lawyers, who have been investing in tools to generate and process legal documents for years. After all, you might joke, what are lawyers but primitive human chatbots, generating convincing strings of words from simple prompts? For America's state and local courts, this joke is about to get a lot less funny, fast. Debt collection agencies are already flooding courts and ambushing ordinary people with thousands of low-quality, small-dollar cases.

You can test this hypothesis in a most unlikely place to roll out a new technology: the Indian countryside. The setting is perhaps not as odd as it seems, with about 5% to 10% of the country's farmers not repaying their tractor loans on time. The explanations for tardiness range from failed crops to medical emergencies and strategic defaults in anticipation of state-mandated debt waivers, a regular feature of the political economy. But delinquency often stems from more mundane reasons: Borrowers forget their due dates, or fail to withdraw cash to pay the nonbank financiers who provide the bulk of loans for farm equipment purchases. Like in most emerging markets, these last-mile hurdles pose a frustratingly complex challenge to India's creditors.

Emails changed the way financial services and law firms used to do business years ago. Now, artificial intelligence is creating a new revolution in the way how law firms and financial institutions work. It is helping to speed up the business process, provide prompt customer service, boost productivity, reduce the workload on human minds, and minimize mistakes. Today, we will discuss how artificial intelligence is helping law firms and financial institutions to boost productivity, reduce expenses, and provide better services to their clients. Artificial intelligence is gradually becoming an indispensable virtual assistant for the lawyers.