Imagine the work done by more than 1,000 people is completed effectively and accurately by single piece of software. The long hours spread over months or years being replaced by highly innovative software taking quality and accuracy to a whole new level.

Almost every department or area of work has room for innovation and improvement. Organizations, companies, departments and strategist are always working or redefining planning techniques to ensure maximum work effectiveness with minimum resources.

One bank has taken an initiative and is heading into a direction where no one has gone before. JP Morgan’s CTO James, has introduced a highly sophisticated, innovative technological wonder that replaces 360,000 hours of document reading/verifying and acknowledging legal clauses in SECONDS.

Contract Intelligence (COIN) uses machine learning to review and interpret commercial loan agreements. The document is able to scan over documents in seconds and is less error prone than human beings. COIN is just the tip of the iceberg for JP Morgan Chase, which is determined to automate some more mundane tasks and create new tools for bankers.

Project COIN works effectively by utilizing Machine Learning; phenomena which is based closely on heuristics and human intelligence. The forward strategy is to replace human labor with human intelligence and provide clear vision for utilizing technology to its maximum peak.

JP Morgan is planning to release the final version of the project, to ensure that there is minimum wastage of resources, and the technology team can focus on the real tasks.

So what’s the result? "As for COIN, the program has helped JP Morgan cut down on loan-servicing mistakes, most of which stemmed from human error in interpreting 12,000 new wholesale contracts per year, according to its designers.“

JP Morgan's innovation army is looking for creative ways in which technology can be deployed by identifying patterns and relationships. The way forward is to use it for other times of complicated legal documentations and e-commerce solutions. This would be a key milestone in understanding, analyzing and interpretation regulations and corporate communications. All this will come with detailed, systematic and correct results with minimum or zero mistakes.

All this innovation is just the tip of the iceberg, according to Finance Chief Marianne Lake who remarked:

“We’re willing to invest to stay ahead of the curve, even if in the final analysis some of that money will go to product or a service that wasn’t needed”.

It appears that more automation, and perhaps less lawyers, is the future of JP Morgan.