Morgan Stanley is rolling out a generative AI chatbot this month to help bankers quickly find research or forms without needing to sift through hundreds of thousands of documents. According to Reuters, it’s being developed with OpenAI. From the report: The bank is also developing technology which eventually, with clients’ permission, could create a meeting summary of the conversation, draft a follow-up email suggesting next steps, update the bank’s sales database, schedule a follow-up appointment, and learn how to help advisers manage clients’ finances on areas such as taxes, retirement savings and inheritances. The details of the program have not yet been reported.
While the bot will give insights and administrative support to financial advisers, investment advice will remain the purview of humans. “The adviser is still at the center,” said [Sal Cucchiara, Morgan Stanley’s chief information officer of wealth and investment management, who is among the executives driving the bank’s push into AI]. For now, employees view the technology as a helpful tool and aren’t worried that they’ll be replaced by bots, he said. The AI initiative is part of Morgan Stanley’s strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion.
