The bot will provide insights and administrative support to financial advisers, but investment advice will still be handled by humans. The AI initiative is part of Morgan Stanley's strategy to boost its wealth division, which saw a 16% increase in net revenue to a record in the second quarter and $90 billion growth in new client assets. Employees reportedly view the technology as a helpful tool and are not concerned about being replaced by bots.
Key takeaways:
- Morgan Stanley is developing a generative AI chatbot in collaboration with OpenAI to assist bankers in finding research or forms without having to go through hundreds of thousands of documents.
- The AI chatbot will also be able to create meeting summaries, draft follow-up emails, update the bank's sales database, schedule follow-up appointments, and learn how to assist advisers in managing clients' finances in areas such as taxes, retirement savings, and inheritances, with clients' permission.
- Investment advice will still be provided by human advisers, with the AI serving as a supportive tool.
- The AI initiative is part of Morgan Stanley's strategy to boost its wealth division, which saw a 16% increase in net revenue to a record in the second quarter and $90 billion growth in new client assets.