AI Joins Wall Street
In the past year, artificial intelligence has dominated headlines for information technology, e-commerce, and even the healthcare industry, but now is the day where AI makes a prominent entrance into the world of finance. Debuting on Wall Street, financial titan Morgan Stanley announced their new AI tool dubbed the “AI @ Morgan Stanley Assistant”. To aid financial advisors and other support staff, Morgan Stanley believes this generative AI to be groundbreaking for improving client relations and increasing efficiency for their financial advisory arm.
Developed alongside OpenAI’s GPT-4 software, the new tool will be able to access and interpret a database filled with over 100,000 documents, providing curated solutions for employees. It can handle questions dealing with internal processes, markets and recommendations, and other smaller issues. Being the top three largest wealth management firm in the world, Morgan Stanley hopes to continue as a disruptive innovator, specializing in a market that has not yet been capitalized by other larger firms across the globe. Announced in March, the new program went live on Monday, with competitors Goldman Sachs and JPMorgan Chase also undergoing their own AI developments. For all of Wall Street, it seems AI’s emergence into financial services will hopefully provide efficiency at the benefit of not only the firm but to millions of consumers.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.