AI Saves Valuable Man Hours of Lawyers
We have all been through the stage where our work involves a lot of redundancy. Such work is irritating and it also sucks up a lot of time which could have been spent in a more productive manner. Over the course of the last decade, technology has advanced to a level where we can have programs take care of data entry and very basic text search. But with the rise of business AI, we can do much more than that.
JP Morgan Chase & Co, the largest U.S. bank at the moment, is heavily investing in machine learning technology. This is to reap the benefits through automated parsing of financial deals. The management at the bank believes that this can free thousands of man hours of their legal team.
COIN — the document reviewing software
Law firms struggle under the load of interpreting commercial loan agreements, which takes up a significant chunk of the lawyer’s time. COIN, short for Contract Intelligence, is a machine language program introduced last June at JP Morgan. It does the work of searching and interpreting these documents and can potentially save 360,000 hours of work each year.
Like COIN, JP Morgan is betting on technology to improve its services and in creating new tools for its bankers and clients. COO Matt Zames has the vision of the company being at the helm of technology across financial services. Nearly one-third of the company’s total budget is for new initiatives and Zames plans to take it to 40 percent in the next few years.
OCR technology through AI and Computer Vision
Now with increasing research on using machine language to perfect Optical Character Recognition (OCR), a lot of legal and accountancy firms can benefit from the technology. A major part of the legal documents are on paper and converting them to digital data is an arduous task manually.
Using OCR, scanned images from a digital camera can be converted into editable and searchable data. It is much faster than a manual translation from paper to digital documents, and also is much more accurate.
JP Morgan’s continued efforts on AI
Marianne Lake, the finance chief at JP Morgan believes that investing in technology is vital to stay ahead of the curve. This is even if some development goes into a service which isn’t needed by the company. The finance major is trying to utilise all possibilities that arise from AI, which can be used to understand patterns in their data and use that to their convenience. This includes complex legal filings like credit-default swaps and custody agreements.
It is encouraging to see that big firms like JP Morgan have realized that technology is disrupting the way conventional businesses are done. During these times of great technological advancements, it can be explicitly understood that companies which adapt to change faster than their competitors would be the frontrunners in their specific fields in the near future.
Original article: AI Saves Valuable Man Hours of Lawyers at AI News for Companies — Machian Future
