JPMorgan Chase’s AI Slashes 360,000 Hours of Contract Review, Saving Millions

JPMorgan Chase implemented an AI-powered system called COiN to streamline its contract review processes.

JPMorgan Chase struggled with time-consuming and error-prone manual review of complex legal documents.

Develop an AI-powered system to automate and streamline contract review processes.

Training AI models to understand complex legal language and concepts

Ensuring the accuracy and reliability of AI-generated contract analyses

Integrating the AI system with existing legal workflows and processes

Developed a private cloud network to power the AI system Source

Implemented unsupervised machine learning algorithms to analyze and categorize contract clauses

Utilised image recognition technology to compare and distinguish between different agreements

Invested heavily in hiring top AI talent and partnering with high-profile startups

Allocated significant resources ($350 million) to prepare the workforce for AI-driven changes

The AI system can review complex legal documents in seconds, a task that previously took 360,000 hours of human labour annually.

By using natural language processing algorithms, COiN extracts key information from legal documents with high precision.

The automation of contract review has significantly reduced the need for manual legal reviews.

Accelerated contract negotiations and reduced time required for legal reviews.

Improved efficiency in handling complex financial agreements.

Freed up legal professionals to focus on more strategic tasks.