Morgan Stanley will launch an artificial intelligence-based virtual assistant for financial advisors and their support staff.
The new instrument of the investment financial institution was named AI @ Morgan Stanley Assistant. Using this digital helper facilitates access to 100 thousand research reports and documents. The relevant information was published by the media with reference to the bank’s memo.
A representative of Morgan Stanley, in response to a request from journalists about the reliability of reports about the launch of a digital assistant based on artificial intelligence, said that these data are true.
Morgan Stanley co-chairman Andy Saperstein said in an official note noted that financial consultants will always be the center of the universe of well-being management, which is one of the activities of the bank. He also stated his belief that generative artificial intelligence is a technology that has the potential to become a kind of base for the processes of revolutionary transformation of the area of interaction with customers. In his opinion, AI can increase the level of efficiency of consultants and will free up the time that bank employees need to focus on interacting with consumers.
The AI @ Morgan Stanley Assistant is an individual solution that was created on the basis of the world’s most popular chatbot with AI ChatGPT-4, developed by OpenAI specialists.
In addition to providing financial advisors with quick access to the bank’s extensive database of research reports and documentation, the digital assistant will also allow them and customer support staff to get more time to solve issues related to markets, internal processes, and recommendations.
The introduction of OpenAI software has become a process that involves the use of a fundamentally different approach compared to the features of integration into the structure of activity previous technological developments. ChatGPT uses large language models to create responses that, in terms of content and wording, correspond to the human paradigm of thinking. These answers are the chatbot’s reaction to user requests.
A chatbot based on artificial intelligence, processing questions and generating information materials that satisfy the cognitive needs of those who interact with advanced technology, does not use traditional coding system methods, but analyzes the data examples provided to it, determining the most meaningful and relevant to a given topic. This means that machine intelligence functions within the framework of the concept of logical thinking and the paradigm of reasoning that are characteristic of human consciousness. AI provides accurate and contextually relevant responses to user queries.
The AI @ Morgan Stanley Assistant is the initial stage of the process of implementing the bank’s intentions to create generative solutions for machine intelligence. Currently, the financial institution is also testing a tool called Debrief, which is able to automatically perform intelligent actions to summarize the content of meetings with clients and has the function of generating emails.
Morgan Stanley first reported on testing a chatbot based on OpenAI development in March. Then it was stated that this technological solution would allow 16 thousand financial consultants to quickly study the content of internal research while searching for the information they need as part of solving work tasks. In the spring, Jeff McMillan, head of analytics, data, and innovation at Morgan Stanley Wealth Management, said that in this case, the user actually receives the amount of knowledge of the most knowledgeable person. He also described artificial intelligence as a transformative ability for the bank.
As we have reported earlier, Morgan Stanley Downgrades Palantir Technologies.