[imagesource:pixabay]

Global financial group Morgan Stanley has officially ushered Wall Street into the generative AI era with the introduction of its AI @ Morgan Stanley Assistant, powered by OpenAI’s latest software, GPT-4.

The bank has announced that this AI assistant is now fully operational for all its financial advisors and support staff.

Andy Saperstein, co-President of Morgan Stanley, explained that this kind of AI support could play a pivotal role in the transformative potential of new-fangled tech in client interactions and operational efficiencies.

“Financial advisors will always be the center of Morgan Stanley wealth management’s universe. We also believe that generative AI will revolutionize client interactions, bring new efficiencies to advisor practices, and ultimately help free up time to do what you do best: serve your clients.”

So, introducing robots to get closer to humans? Sounds bizarre, but the international company seems have done their homework.

Morgan Stanley is the first major Wall Street firm to deploy a bespoke solution based on GPT-4 among its employees, offering swift access to the bank’s extensive “intellectual capital,” which encompasses approximately 100,000 research reports and documents.

By streamlining the process of answering queries related to markets, recommendations, and internal procedures, the AI assistant enables advisors and customer service personnel to allocate more time for actually engaging with clients.

Jeff McMillan, head of analytics, data, and innovation at Morgan Stanley wealth management, has subsequently shared just how complex it’s been to set up the programme. The bank dedicated months to curate documents and collaborate with human experts to ensure the assistant produced high-quality responses.

That’s the thing with ‘generative tech’ – if you don’t teach it properly, it’ll just feed you vague data.

One big adjustment for advisors is that they must phrase their questions in full sentences, akin to human conversations, rather than relying on keywords as one would with a conventional search engine query, in order to make sure their results are ‘on point’.

The growing excitement surrounding AI has had a substantial impact on the stock market and has prompted various industries to confront its implications, with some experts are even considering AI as the next foundational technology.

McMillan expressed just how special this move is for Morgan Stanley:

“I’ve never seen anything like this in my career, and I’ve been doing artificial intelligence for 20 years. We saw a window of opportunity that was just completely disruptive, and I think as an organization, we didn’t want to get left behind.”

Well, as long as you’re not using the AI to create illegal deepfakes of celebrities, it’s an exciting prospect.

[source:cnbc]