Morgan Stanley is set to launch a generative artificial intelligence chatbot this month, in partnership with OpenAI, the makers of ChatGPT.
The chatbot will listen to the conversations between the bank’s financial advisers and their wealthy clients, and provide various services such as meeting summaries, follow-up emails, database updates, and financial management tips. The chatbot will also help bankers find research or forms quickly.
The bank has been testing the chatbot with 1,000 financial advisers for some months, and claims that the impact of AI will be “very significant”, comparable to the advent of the internet.
The bank’s co-president and head of wealth management, Andy Saperstein, who is a potential successor to the current CEO, flew to California last summer to seal the deal with OpenAI.
The bank says that the chatbot will not replace human advisers, but rather assist them with administrative and analytical tasks. The investment advice will still be given by humans, who are “still at the center” of the business.