The generative AI era has officially begun on Wall Street thanks to Morgan Stanley.
Key Points
- The latest software from OpenAI will be used by Morgan Stanley to develop an assistant that will be “fully live” for financial advisors and their support workers.
- The technology, known as the AI @ Morgan Stanley Assistant, provides quick access to a database of around 100,000 research reports and documents for financial advisors.
- One change advisers will need to make is to stop relying on keywords and start asking inquiries in full phrases as if they were speaking to a human assistant.
According to the message from Morgan Stanley co-President Andy Saperstein, “financial advisors will always be the center of our universe.” Additionally, according to the researchers, “generative AI will transform client interactions, introduce new efficiencies to advisor practices, and ultimately help free up time to do what you do best: serve your clients.”
According to a document , the bank intends to declare on Monday that the assistant it developed using the most recent generative AI software from OpenAI is “fully live” for all financial advisors and their support staff.
When Morgan Stanley, a powerhouse wealth management and investment bank, revealed in March that it had been developing an assistant based on OpenAI’s GPT-4, it caused a stir. Competitors like Goldman Sachs and JPMorgan Chase have revealed plans for generative AI-based projects. According to Jeff McMillan, head of analytics, data, and innovation at Morgan Stanley wealth management, Morgan Stanley is the first significant Wall Street company to give employees access to a customized GPT-4 solution.
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Powerhouse wealth management and investment bank Morgan Stanley made headlines in March when it disclosed that it has been working on an assistant based on OpenAI’s GPT-4. Competitors including Goldman Sachs and JPMorgan Chase have disclosed plans for projects based on generative AI. Morgan Stanley is the first big Wall Street corporation to provide employees with access to a tailored GPT-4 solution, claims Jeff McMillan, head of analytics, data, and innovation at Morgan Stanley wealth management.
Human speech
According to McMillan, the tool’s simplicity as a window of text conceals the challenges in ensuring that the algorithm would generate accurate results. According to him, the bank spent months compiling documentation and hiring human specialists to test answers.
As opposed to relying on keywords as they would in a search engine inquiry, advisors will need to formulate queries in whole sentences as if they were speaking to a human, according to McMillan.
You talk to this machine in the same way that I would if I were to ask you a question, he said. The general public is not used to that.According to McMillan, the bank has a number of generative AI-based solutions in the works. This is just the first. Debrief, a product being tested by the company, automatically summaries client meetings’ content and creates follow-up emails.
‘Completely disruptive’
He noted that using OpenAI software requires a fundamentally different strategy compared with earlier technological endeavors. Large language models, or LLMs, are used by OpenAI’s ChatGPT to generate natural-sounding answers to queries.
Writing code is the conventional approach to solving those issues, according to McMillan. “In the new world, you give examples of what ‘good’ looks like, and the system learns what good is,” said the author. It can actually’reason’ and use reasoning the same way a human would.
This year, anticipation of AI has boosted the stock market and spurred entire sectors to address its ramifications, prompting some experts to label it the next fundamental technology.
I’ve been working on artificial intelligence for 20 years, and I’ve never seen anything like this, McMillan said. We noticed a fully disruptive window of opportunity, and I believe that as a company, we didn’t want to fall behind.
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