Wealthy clients going to a Morgan Stanley banker to discuss their investments may soon have a different sort of experience: having a chatbot listen to their conversation.
After testing it with 1,000 financial advisers for some months, the bank will roll out a generative artificial intelligence bot this month, developed with the makers of ChatGPT, OpenAI. The details of the program have not yet been reported.
Bankers, meanwhile, can use the chatbot to quickly find research or forms instead of sifting through hundreds of thousands of documents. Cucchiara, tasked with constantly scanning Silicon Valley for potential tech vendors, met OpenAI executives in 2022, before"It quickly became clear we needed to partner with them, they were far ahead of everybody else," he said.
They signed a deal last summer in which Morgan Stanley has preferred access in product development for wealth management. Executives from the two companies celebrated over a dinner hosted by Saperstein,While the bot will give insights and administrative support to financial advisers, investment advice will remain the purview of humans.
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