Artificial intelligence wields a butcher's knife. Is the lawyer the first to lose his job
according to media reports quoted by vault, JPMorgan Chase has designed a financial contract analysis software coin. This software has been online for more than half a year. Originally, lawyers and loan officers spent 360000 hours a year to complete the work. Now coin only takes a few seconds. Not only is the error rate greatly reduced, but this guy is always on the go
when the alpha dog swept the go world, it may have been expected that the first thing AI captured was not the labor market of one of the six doctors in the company's team of more than 100 people, but the high-level white-collar class with a certain amount of gold
lawyers work 360000 hours. Coin only takes a few seconds.
coin is just the starting point of the largest bank in the United States. JPMorgan Chase recently set up a technology center to study big data, robotics and cloud infrastructure, hoping to find new sources of revenue while reducing costs and risks
coin is only one of its 2000 technology projects, and it also occupies a small part of its $9.6 billion technology budget. JPMorgan's technology investment accounted for 9% of its total revenue, almost twice the average technology budget of most Wall Street banks. Like Goldman Sachs, JPMorgan Chase is betting that technology will increasingly drive revenue, and it has invested heavily in technology research and development to remain competitive
another program called x-connect was put into use in January this year. It is mainly used to retrieve e-mails to help employees find colleagues who have the closest relationship with potential customers. The experimental force that the fixture can withstand is a very important indicator of the fixture, and help introduce them. JPMorgan Chase will also provide some cloud support technologies to institutional customers later this year, allowing companies like BlackRock to obtain routine information such as financial reports, research reports and trading tools by themselves, freeing up sales and customer service
as banks increasingly rely on codes to create new sources of income, many Wall Street employees began to worry about unemployment. However, many Wall Street professionals cheered rather than feared these technological advances, including the top technology executives of JPMorgan Chase
worried lawyers and auditors
in fact, not only Wall Street, but also large law firms have begun to use artificial intelligence to handle a lot of work. For example, in June last year, the famous British law firm nilida developed the computer program verify, which can screen the materials of 14 British and European regulatory registration agencies. It checks the names of customers for banks and can process thousands of names in one night
last May, Baker Hostetler, one of the largest law firms in the United States, recruited Ross, a super robot lawyer from IBM. After one year and 10 months of legal study, Ross can understand the problems raised by people, infer conclusions based on references and examples, and select the most relevant results from thousands of results, so as to improve the efficiency of legal research. It will also constantly pay attention to the ongoing litigation and inform you of the court's recent judgment results that may be related to the case. It can almost completely replace all the work of a paralegal
in addition to lawyers, auditors also have a strong sense of crisis. Deloitte, one of the world's four largest accounting firms, announced last year that it would cooperate with Kira systems to introduce artificial intelligence into accounting, taxation, auditing and other work in the current international competitive environment to replace human beings in reading contracts and documents
if we are optimistic, artificial intelligence mainly replaces the query, analysis and retrieval of massive data; If you are pessimistic, it is said that alpha dog also started from "memorizing chess manual"...
at present, electronic tensile testing machines are used more frequently
however, last year, Options group, a company specializing in recruitment, conducted a survey on more than 3200 financial professionals and found that most of them still welcome the future of artificial intelligence, and they still tend to think that new technologies will improve their careers
no matter lawyers or auditors, they don't have to start from reviewing piles of contract documents. They can focus on communication, persuasion or more parts that need emotional intelligence. Isn't this a liberation