Morgan Stanley MS introduced its financial assistant powered by OpenAI’s generative AI software, marking Wall Street's entry into the generative AI domain.
What Happened: The AI-driven assistant is now operational for all the bank's financial advisors and their auxiliary staff, according to an internal memo accessed by CNBC. The bank believes in the transformative power of generative AI for streamlining client interactions and amplifying advisors' efficiency.
While industry giants like Goldman Sachs Group Inc GS and JPMorgan Chase & Co JPM have disclosed initiatives harnessing generative AI, according to CNBC’s report, Morgan Stanley holds the distinction of being the inaugural major Wall Street entity to launch a customized solution rooted in OpenAI’s GPT-4.
The "AI @ Morgan Stanley Assistant,” offers advisors access to the institution’s expansive "intellectual capital," comprising roughly 100,000 research reports and documents, said Jeff McMillan, the head of analytics, data, and innovation at Morgan Stanley’s wealth management division.
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The tool, which manifests as a text window, underwent rigorous vetting to ensure high-caliber responses. A shift for advisors will be prompting the bot in full sentences, rather than the keyword-focused approach common with search engine queries.
Morgan Stanley sees the tool as being the first in a lineage of generative AI-based solutions. A pilot tool named "Debrief" is in the works, aiming to summarize client meeting content and craft subsequent emails.
In parallel, the U.S. Securities and Exchange Commission (SEC) earlier this month approved Nasdaq Inc’s latest AI-infused trading mechanism. Termed "Midpoint Extended Life Order" (M-ELO), it's the inaugural AI order type to secure the endorsement. The advanced system capitalizes on dynamic algorithms to tailor the trading procedure, analyzing over 140 data facets every half-minute.
For context, Nasdaq’s adaptation promises enhanced trade outcomes by gauging real-time market dynamics. With Nasdaq's integration of AI, the trading mechanism is primed to evolve and refine perpetually based on instantaneous data.
Elsewhere, the prowess of ChatGPT is piquing the interest of influential market players. Ark Invest founder, Cathie Wood, disclosed her firm's utilization of ChatGPT, leveraging it to craft clearer communications and demystify intricate concepts for their diverse clientele.
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