Morgan Stanley intends to proclaim the roll-out of their assistant that has been constructed using OpenAI's most recent software as "fully live" for financial advisors and their backup team. Dubbed The AI @ Morgan Stanley Assistant, the tool offers financial advisors prompt access to an archive of around 100,000 research documents and reports. Advisors must phrase their queries in the form of complete sentences, as if they were talking to a person rather than using keywords.
Morgan Stanley is set to announce on Monday that its AI Assistant developed using OpenAI's GPT-4 generative AI software is now "fully live" and available to the bank's financial advisors and support staff. Co-President Andy Saperstein noted that while advisors remain the main focus of the bank's wealth management universe, generative AI could offer great opportunities to revolutionize client interactions, improve efficiency and free up time for what advisors do best: servicing their clients. The AI Assistant, which Morgan Stanley developed in coordination with OpenAI, provides financial advisors with quick access to the bank's library of over 100,000 documents and research reports. In addition, it is designed to save advisors and customer service employees time on questions related to markets, recommendations and internal processes, leaving them more time to focus on their clients. By rolling out this initiative, Morgan Stanley stands out as the first major Wall Street firm to bring such a generative AI solution into the hands of its staff.
McMillan has firmly highlighted the complexity of creating a program that would successfully output quality and precise responses, which necessitated the use of documents that were carefully collected and human-developed tests. What advisors need to take into consideration is that in conversing with the machine, they should phrase it in the form of a full sentence, as opposed to making use of keywords as they would on a search engine, similar to how someone would ask a query to another human being. This is something that people are not accustomed to, though it is only the beginning of various AI-based solutions the bank is constructing. One example is Debrief, which is specifically designed to create summaries of customer meetings and build follow-up emails.
He remarked that incorporating OpenAI software necessitated a unique approach to previous attempts at tech. OpenAI's ChatGPT utilizes significant language models, or LLMs, to answer questions with speech that supposedly resembles humans. "Traditionally, you would address that by formulating code," stated McMillan. "However, this 'new' method implies demonstrating what 'good' looks like, and letting the system figure out the parameters of this notion. It's even able to 'think' and utilize the same rationale a human might."
The enhancement of AI has made the stock market surge this year and confronted industries with the facts of its circumstances, which has induced some specialists to proclaim it the next basic technology. "I've been involved with artificial intelligence for two decades, but never have I seen such a thing," McMillan stated. "We spotted an opening that was absolutely disruptive, and as an establishment, we didn't wish to be left out."
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