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The new AI chatbot will allow Morgan Stanley cater more effectively to its growing wealth division and the teeming clients there.
American financial services company Morgan Stanley is looking to introduce an artificial intelligence (AI) chatbot in interactions with its wealthy clients. Morgan Stanley developed the chatbot in collaboration with OpenAI, the company behind ChatGPT.
Both Morgan Stanley and OpenAI have been working on the AI chatbot for a while now. Morgan Stanley is now ready to launch the AI tool after a testing period that lasted a few months and involved 1,000 financial advisers.
Morgan Stanley will first seek permission from its wealthy clients. These customers will enjoy a chatbot that can create a summary of the conversation between the client and the chatbot, and also write a follow-up email with suggestions on the next steps to take. In addition, Morgan Stanley’s AI chatbot will be able to schedule appointments on the client’s behalf. It will also help financial advisers to oversee client taxes, inheritances, and retirement savings. Furthermore, the tool will benefit bankers who can use it to quickly find specific documents or important research instead of manually locating one among thousands.
According to Morgan Stanley’s Chief Information Officer of Wealth and Investment Management, Sal Cu