From CNBC: 2024-10-23 09:21:03

Morgan Stanley is expanding the use of OpenAI AI tools in investment banking and trading divisions. The AI tool called AskResearchGPT helps extract data from over 70,000 reports produced annually. Close to half of Morgan Stanley’s employees are already using generative AI tools, created by OpenAI with a recent valuation of $157 billion.
The AI tool is widely used at Morgan Stanley, with employees finding it more efficient than traditional methods. Salespeople and client-facing staff are asking three times more questions with AskResearchGPT. The GPT-4 based chatbot quickly summarizes Morgan Stanley’s positions on industry topics, providing charts and links to source material to improve productivity and efficiency. The bank plans to further integrate the tool across different platforms for ease of access.
Despite the rise of AI in the financial industry, Morgan Stanley insists that humans are crucial in research, idea generation, and maintaining client relationships. The focus is on using AI tools to enhance productivity and provide quick answers to queries efficiently. The future will likely involve a combination of human expertise and AI technology working together for optimal client service.

Read more: Morgan Stanley rolls out OpenAI-powered chatbot for Wall Street division