“We saw a window of opportunity that was just completely disruptive, and I think as an organization, we didn’t want to get left behind.” – Morgan Stanley

Morgan Stanley (NYSE: MS) has ushered in the generative AI era on Wall Street with the launch of its AI @ Morgan Stanley Assistant, powered by OpenAI’s GPT-4. This move makes Morgan Stanley the first major Wall Street firm to deploy a bespoke solution based on GPT-4 for its employees, marking a significant development in the financial sector.

The bank’s co-President, Andy Saperstein, emphasized the enduring importance of financial advisors while expressing his belief in generative AI’s potential to transform client interactions and streamline advisor practices. The AI @ Morgan Stanley Assistant offers financial advisors rapid access to the bank’s extensive repository of “intellectual capital,” comprising around 100,000 research reports and documents. By efficiently addressing queries about markets, recommendations, and internal processes, this tool liberates advisors and customer service staff to focus more on client engagement. (CNBC)

However, the transition to using this AI requires advisors to frame their questions in full sentences, akin to human conversation, rather than relying on keyword-based searches—a shift in communication style that necessitates adaptation.

The AI initiative at the bank doesn’t stop here. The bank is piloting another tool called Debrief, which automates the summarization of client meetings and generates follow-up emails. This marks a shift in how technology solutions are developed, as OpenAI’s ChatGPT learns from examples of “good” responses rather than relying on traditional code-writing methods.

The adoption of generative AI reflects the growing excitement and impact of AI in various industries, with some experts considering it the next foundational technology. Morgan Stanley’s early embrace of this disruptive technology underscores its commitment to staying at the forefront of innovation in the financial sector.

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Image by Gerd Altmann from Pixabay