Morgan Stanley Develops own AI System
The Woman Leading the AI Industry
Morgan Stanley, a prominent American multi-national investment bank and financial services company has recently deployed its second generative AI tool, AI @ Morgan Stanley Debrief, to aid financial advisors. This new tool summarises video meetings and drafts follow-up emails, furthering the firm’s strategic collaboration with OpenAI. This follows the launch of their AI knowledge assistant tool in September 2023, which helps advisers quickly locate information from Morgan Stanley’s extensive research database.
Alexandra Mousavizadeh, co-founder of Evident, notes that Morgan Stanley's choice to develop bespoke AI solutions, as opposed to adopting off-the-shelf tools, aligns with a growing trend in the financial services industry.
Custom AI solutions offer seamless integration into existing workflows, significantly enhancing efficiency and effectiveness. Mousavizadeh did emphasize on the advantages of designing AI to fit specific needs, which can be especially beneficial in sectors like insurance and retail.
“you get to design it, make it to fit into your workflows and just make it more seamless,”
AI Here to Stay
Other financial institutions, such as BNP Paribas and TD Bank, are also partnering with specialized AI model builders like Mistral AI and Cohere. However, Morgan Stanley’s approach stands out for its deep integration and customization, built on OpenAI's GPT model.
David Wu, Morgan Stanley’s AI head of product & architecture strategy, explains the benefits of building customized AI tools. These tools integrate smoothly with the firm's existing systems, like Microsoft Outlook, Zoom and Salesforce, making them more effective than generic off-the-shelf products. Wu emphasises that while generic solutions might exist, tailored tools better address the unique needs of their users.
Despite it being just the early stages of deployment, Morgan Stanley's strategic move towards homegrown AI solutions marks a significant step in leveraging AI to improve productivity and service delivery in the financial sector.
The firm's ongoing collaboration with OpenAI and the successful adoption of their knowledge assistant tool, now used regularly by 98% of teams, demonstrate the potential and effectiveness of customized AI applications in enhancing operational efficiency. Further solidifying that AI is here to stay for the long run.
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