McMillan co-chairs an AI steering group that vets all AI use cases pitched by employees. The group is currently working on over 30 use cases in various stages of development. The process involves pitching solutions to top executives, devising a business value proposition, and identifying potential risks and mitigation strategies. The aim is to enable the bank to innovate without sacrificing safety. The latest product to make it through this process is AskResearch, an assistant that provides information from research reports to investment bankers, salespeople, and traders.
Key takeaways:
- Jeff McMillan is the head of firmwide AI at Morgan Stanley and his team vets all new AI pitches, but business leaders ultimately decide what to use.
- McMillan has led the rollout of a few generative AI tools in the bank's wealth-management division, and has more use cases in the pipeline.
- McMillan co-chairs an AI steering group that vets all AI use cases pitched by employees. The steering group is currently working through more than 30 use cases that are in various stages on the way to launch.
- McMillan has devised an 8-step process for pitching AI solutions, which includes specific training on governance and AI principles, meeting standards around information security, and presenting a business value proposition.