JPMorgan Marshals an Army of Developers to Automate High Finance - Bloomberg
...The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of work each year by lawyers and loan officers. The software reviews documents in seconds, is less error-prone and never asks for vacation....
...Machine learning and big-data efforts now reside on the private platform, which effectively has limitless capacity to support their thirst for processing power. ...
...JPMorgan’s total technology budget for this year amounts to 9 percent of its projected revenue -- double the industry average,...
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