Shulou(Shulou.com)11/24 Report--

According to reports on the evening of September 7, Beijing time, Morgan Stanley will launch a generative artificial intelligence (AI) chat robot later this month after months of testing with 1000 financial advisers.

The artificial intelligence chat robot was jointly developed by Morgan Stanley and ChatGPT developer OpenAI. This means that in the future, when some wealthy clients go to Morgan Stanley bankers to discuss their investments, they may have a different experience: let chatbots listen to their conversations.

With the client's permission, the AI chatbot will eventually be able to create a summary of the conversation, draft follow-up emails recommending what to do next, update the bank's sales database, arrange follow-up appointments, and learn how to help consultants manage clients' finances, including taxes, retirement savings and legacies.

At the same time, bankers can use artificial intelligence chat robots to quickly find research reports or forms without having to sift through hundreds of thousands of documents.

Sal Cucchiara, chief information officer for wealth and investment management at Morgan Stanley, said: "the impact of artificial intelligence will be very significant, even comparable to the emergence of the Internet." Cucchiara is one of the executives actively pushing Morgan Stanley into artificial intelligence.

Cucchiara's task is to constantly scan Silicon Valley for potential technology suppliers. Before the artificial intelligence chat robot ChatGPT became popular, Cucchiara met with OpenAI executives in 2022. "We soon learned that we need to work with them and they are far ahead of everyone else," he said. "

Andy Saperstein, co-president and head of wealth management at Morgan Stanley, then flew to California to discuss the partnership with OpenAI CEO Sam Sam Altman and the company's technician Boris Power. Last summer, Morgan Stanley signed an agreement with OpenAI to jointly develop artificial intelligence wealth management products.

Although artificial intelligence robots will provide insights and administrative support to financial advisers, investment advice will still be made by humans. "Advisors are still at the center," Cucchiara said. Currently, Morgan Stanley employees see the technology as a useful tool and are not worried that they will be replaced by robots.

The artificial intelligence strategy is part of Morgan Stanley's strategy to reform its wealth division, which saw net revenue rise 16 per cent in the second quarter of this year, a record high and $90 billion in new client assets.

Morgan Stanley CEO James Gorman spearheaded a series of major deals that injected more money into the wealth business, with a goal of managing $10 trillion in assets.

Morgan Stanley is not the only investment bank making efforts in the field of artificial intelligence. In fact, many banks are already using artificial intelligence to process numbers, detect fraud and analyze customer transactions, while some Wall Street giants are developing more complex applications of generative artificial intelligence that can generate text, images and other data.

In June, JPMorgan appointed Teresa Heitsenrether as chief data and analyst officer to lead the company's artificial intelligence strategy. Erica, a virtual assistant to rival Bank of America, has interacted with customers more than a billion times since its launch in 2018.

In addition, Nick Reed, chief product officer of Moody's Analytics, said the company is also working with OpenAI and Microsoft to develop a research assistant for customers.

Big banks are leading the way in the adoption of artificial intelligence, but asset managers, traders and insurers are also actively following, according to Michael Abbott, global head of banking at consultancy Accenture.

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