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The new program, COIN, uses advanced machine learning to do the mind-numbing job of interpreting commercial loan agreements in mere seconds and is error prone than humans. The push to automate mundane tasks will take center focus at JPM's investor day this year, with the company spending $9.6bn or nearly 9% of its top-line revenue on its technology budget.
That was the message Zames had for Deasy when he joined the firm from BP Plc in late 2013. The New York-based bank’s internal systems, an amalgam from decades of mergers, had too many redundant software programs that didn’t work together seamlessly. “Matt said, ‘Remember one thing above all else: We absolutely need to be the leaders in technology across financial services,’” Deasy said last week in an interview. “Everything we’ve done from that day forward stems from that meeting.”
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