The platform is called "COIN" (Contract Intelligence), and it can parse commercial-loan agreements in seconds vs. the 360,000 hours (annually) it once took lawyers to complete the same task.
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 programmes 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.”