Morgan Stanley, one of the world’s largest investment banks, will launch a chatbot developed in partnership with OpenAI, the creator of chatGPT, to communicate with and advise clients, Reuters reports.
The AI-powered chatbot will launch this month after testing with 1,000 financial advisers, according to the investment bank.
The chatbot will be able to create, with customers’ permission, a summary of the conversation it had with them, compose a follow-up email with suggestions on possible next steps, update banking databases, schedule a new meeting and learn to manage finances in different regions. such as taxes, private pension funds and inheritance.
Instead, bankers will be able to use this artificial intelligence to quickly find the forms and documents they need instead of having to search for them using already existing, less efficient programs.
“The impact (of AI) is going to be very significant,” compared to the advent of the Internet, says Sal Kuchyara, director of IT programs and investment management at Morgan Stanley.
Kuchyara, tasked by the bank with finding companies to implement the program, met with OpenAI executives in 2022, before ChatGPT became a global phenomenon.
Morgan Stanley says OpenAI has a significant advantage over its competitors
“It quickly became clear that we needed to work with them because they were way ahead of everyone else,” Kuchyara says.
Andy Saperstein, Morgan Stanley’s co-chairman and head of asset management, then traveled to California to hammer out the details of the partnership with Sam Altman, CEO of OpenAI, and members of the company’s technical team.
While Morgan Stanley’s chatbot will be able to provide financial advisors with various suggestions and technical assistance, investment recommendations will remain the domain of bankers.
“The advisor is still the most important,” notes Cucciara, adding that bank employees currently see the chatbot as a useful tool and do not feel that their jobs are threatened.
The investment bank’s AI initiative is part of its strategy for the wealth management division, which achieved a record portfolio in the second quarter of this year after a 16% increase in net profit.
Source: Hot News
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