JP Morgan launched a new software last June called COIN which is able to review financial, credit, and mortgage loan documents within seconds, replacing hundreds of thousands of hours spent by employees normally.
The company has invested billions into technology in order to keep its competitive edge, reduce costs, and reduce human interpretation errors. The up side of the implementation of this technology is the obvious improvements in speed, reduction in errors, and the ability to access data at any time. The down side is that jobs will likely be reduced through the use of robotics. Who may this effect? Salespeople, underwriters, and administrative staff may find positions shrinking.
To read more about how machine learning is influencing the lending and housing markets see JPMorgan at Bloomberg.
Source: Bloomberg.com Hugh Son
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Author:Robin Yerian. Robin studies Marketing and Business Administration at California State University, Northridge. She has received an honorable mention for her secondary research regarding the millennial generation in association with the national American Marketing Association case competition for eBay in which she provided consumer insights. Robin is the student assistant responsible for managing client relationships, communications, and social media for the Wells Fargo Center for Small Business & Entrepreneurship at CSUN.