JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours
JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours
“At JPMorgan Chase & Co., a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours.
The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of work each year by lawyers and loan officers. The software reviews documents in seconds, is less error-prone and never asks for vacation…”
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The Traveller Yessir. More time for families, hobbies, starting businesses. It’s incredibly exciting!
You’re imagining things as if this automation factor is the only segment of the paradigm that is changing. The robots will get taxed, as Bill Gates proposed, and the revenues will be used for universal basic income or similar systems as Elon Musk proposed today. Additionally, people will get paid for the work they already do, including things like raising children, growing additional food in their gardens, their hobbies that contribute to society, etc etc. It’s a different world that’s being created and you need to look at the notion of jobs itself differently. I argue it will not crash the economy, it will make it more robust as there will be more people with more opportunities to create and design and build relationships and share information. It’s evolution… The Traveller
The Traveller Oh and btw…what makes you think robots won’t be sweeping McDonald’s carparks too…
The Traveller ok