New York, Sept 7 (The Street Press) – Wealthy clients who visit a Morgan Stanley banker to talk about their investments might soon notice a new way of doing things – they’ll be chatting with a helpful chatbot!
After trying it out with 1,000 financial advisers for a while, the bank plans to launch a smart AI bot later this month. This chatbot was created in collaboration with OpenAI, the creators of ChatGPT. We don’t have all the details about the program just yet, but it’s coming soon.
With clients’ consent, this bot will eventually do a bunch of helpful things. It’ll create a summary of your meeting, suggest what to do next in an email, keep the bank’s records up-to-date, schedule another meeting, and even learn how to assist advisers with financial tasks like taxes, retirement savings, and inheritances.
And for bankers, it’s a real time-saver! Instead of hunting through piles of documents, they can use the chatbot to find research or forms quickly.
Sal Cucchiara, Morgan Stanley’s chief information officer for wealth and investment management, and a key figure in the bank’s AI initiatives, believes that the impact of AI will be huge, possibly on par with the rise of the internet.
Cucchiara, responsible for keeping an eye on potential tech partners in Silicon Valley, had a meeting with OpenAI executives back in 2022, even before the ChatGPT app gained widespread popularity.
“It quickly became clear we needed to partner with them, they were far ahead of everybody else,” he he told Reuters.
Following this realization, Andy Saperstein, co-president and head of wealth management at Morgan Stanley, made a trip to California for talks with OpenAI CEO Sam Altman and Boris Power, a technical staff member at OpenAI.
Last summer, they sealed the deal, granting Morgan Stanley privileged access to product development for wealth management. This collaboration was celebrated over a dinner hosted by Saperstein, who is also a potential candidate for the bank’s next CEO.
