The generative AI intelligence revolution began with a whimper, not a shock to Morgan Stanley.
The investment bank on Monday unveiled a new artificial intelligence tool that will give its army of financial advisors quick access to an estimated 100,000 research papers and documents.
However, the bot, called AI @ Morgan Stanley Assistant, was not very useful in the first few days, multiple sources told On The Money.
They say it’s not only difficult to find on the company’s internal web pages, but it also falls short of more popular generative AI tools like ChatGPT and Bard.
An official at the bank said, “The accuracy is uneven, and the questions that are actually answered are carefully selected.” “The response I get is, ‘I can’t answer your question.'”
Some saw the initiative, announced with great fanfare by Morgan Stanley co-president Andy Saperstein, as nothing more than a publicity stunt.
One source derided the idea of rebranding bots as “AI” as a way to show that it is ahead of its peers in adopting new technology.
“It’s the same old thing, they just call it AI,” the official said.
Bard and ChatGPT are much more sophisticated tools, but they do not provide specific financial advice, only general information about how investments work and the different types of investment vehicles you should consider. We provide. Morgan Stanley’s tool aims to provide more specific and specific guidance, but it clearly isn’t there yet.
“Financial advisors will always be at the heart of the Morgan Stanley wealth management universe,” Saperstein said in announcing the AI assistant. “We also believe that generative AI will revolutionize client interactions, bring new efficiencies to advisors’ work, and ultimately free up their time to do what they do best: serve their clients. We believe it will help free up people.” A Morgan Stanley spokesperson did not respond to a request for comment.
In recent months, banks have been rushing to hire top talent and become the most competitive companies in the AI space. 1 company We even created an index that compares banks to each other and ranks the most competitive banks in this space.
This has raised concerns that generative AI could lead to mass layoffs among already nervous Wall Street workers.
But for now, Morgan Stanley’s advisers seem to have little worry.
