Morgan Stanley: This month, Morgan Stanley will deploy a generative artificial intelligence chatbot. It has been tested with 1,000 financial advisers for some time.
The AI chatbot from the American multinational investment bank, developed in collaboration with OpenAI’s ChatGPT, will assist its financial advisers in swiftly finding the relevant research documents or forms. This saves them from having to go through thousands of pages and makes their work more efficient.
How will it benefit Morgan Stanley?
The AI programme is expected to have a substantial influence on Morgan Stanley.
In addition to an AI chatbot, the bank is working on technology that can write a meeting summary, draught follow-up emails, update the sales database, and book meetings. It will also learn how to assist advisers in managing their client’s finances, such as taxes, retirement savings, and inheritances, all with the client’s approval.
Morgan Stanley and openAI
Before ChatGPT became popular, Sal Cucchiara, Morgan Stanley’s chief information officer of wealth and investment management, spoke with OpenAI executives in 2022.
Later, Andy Saperstein, co-president and head of wealth management at Morgan Stanley, proposed a relationship with OpenAI CEO Sam Altman, which would provide the investment bank preferential access to OpenAI’s resources.
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