SUMMARY
- First major Wall Street firm to deploy OpenAI's GPT-4 customized solution.
- "AI @ Morgan Stanley Assistant" provides instant access to over 100,000 research documents.
- Next-gen tool, "Debrief", to recap client meetings and initiate follow-up communication.
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Morgan Stanley, a key player on Wall Street, is diving headfirst into the world of generative AI. Come Monday, they'll officially declare their AI assistant, crafted with OpenAI's state-of-the-art generative software, available for every financial advisor and support team member.
This revelation emerged from a memo that found its way to CNBC. While emphasizing the indispensable role of financial advisors, Morgan Stanley's co-President, Andy Saperstein, envisions this AI transforming client interactions, refining the efficacy of advisor practices, and allowing advisors to focus on their core job: serving their clientele.
In the backdrop, while rival banks like Goldman Sachs and JPMorgan Chase were publicizing their flirtations with generative AI, Morgan Stanley stole the limelight by being the first to launch a customized solution based on the GPT-4 software. Named the "AI @ Morgan Stanley Assistant", this tool offers its advisors a swift gateway to a vast reservoir of the bank's knowledge, specifically, a collection of approximately 100,000 research papers and documents. By addressing queries about the market, suggestions, and in-house procedures, the assistant empowers advisors to have more fruitful interactions with their clients.
However, this tool isn’t just about spewing data. Its design demanded meticulousness. To ensure top-tier responses, the bank dedicated months to handpick documents and had specialists assess its replies. There's a slight twist though. Advisors need to communicate with the tool in full sentences, akin to talking to another person, rather than merely punching in keywords like in a regular search engine. Jeff McMillan, who’s been steering the project, draws attention to the distinctive interaction, commenting, “It’s like asking another human a question.”
And Morgan Stanley isn't stopping here. They're already brewing other generative AI solutions. One in the works, named "Debrief", will encapsulate the essence of client meetings and craft subsequent emails. As McMillan explains, the approach with OpenAI's software is groundbreaking compared to past tech methods. Instead of the traditional coding methods, now, it's about teaching the system through examples.
This AI wave, which has been making stock markets buzz with excitement, is considered by many experts as a pivotal technological advancement. Reflecting on his two-decade-long AI journey, McMillan remarked, “This is an unparalleled breakthrough. We perceived a game-changing opportunity and didn't want to miss the bus.”
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