The use of OpenAI software required a different approach than previous technology efforts, with the system learning from examples of what 'good' looks like and applying human-like reasoning and logic. The bank believes that generative AI will revolutionize client interactions, bring new efficiencies to advisor practices, and free up time to better serve clients. This marks the first major Wall Street firm to implement a bespoke solution based on OpenAI's GPT-4.
Key takeaways:
- Morgan Stanley has launched a generative AI assistant for all its financial advisors and support staff, marking the start of the generative-AI era on Wall Street.
- The AI assistant, developed with OpenAI's GPT-4, provides quick access to the bank's database of about 100,000 research reports and documents, freeing up advisors to engage more with clients.
- The bank is also piloting a tool called Debrief that automatically summarizes client meetings and generates follow-up emails.
- Jeff McMillan, head of analytics, data and innovation at Morgan Stanley wealth management, described the use of AI as "completely disruptive" and a significant shift from traditional coding to a system that learns from examples.