Morgan Stanley has been working with OpenAI since March 2023 to develop this internal artificial intelligence (AI) assistant, which will help the company’s 16,000-strong adviser base gain quicker access to the bank’s repository of research and data. The move is part of a wider trend, with multiple wealth management companies exploring the potential benefits of generative AI.
Launched in September 2023, Morgan Stanley’s new virtual assistant highlights the benefits ChatGPT and other generative AI use cases can provide. The assistant is designed to provide quicker access to the bank’s intellectual database (including more than 10,000 research reports and documents) than standard search functionality. This will reduce advisers’ time spent on documentation and admin, thus giving them more bandwidth for client interactions.
Go deeper with GlobalData
As per GlobalData’s Deals Database, deal value involving generative AI within the wealth management sector has increased from $1m in 2021 to $69m in 2023e. This highlights how rapidly interest in this technology is developing, despite concerns around privacy and accuracy. Going forward, we expect an increasing number of wealth management companies to follow Morgan Stanley’s lead.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Related Company Profiles
Morgan Stanley