(VOR News) – According to News, Morgan Stanley is expanding its use of OpenAI-powered generative artificial intelligence capabilities to include its well-known trading and investment banking businesses.
Katy Huberty, global director of research at Morgan Stanley, said Ask Research GPT was deployed this summer in the company’s institutional securities division.
This is on top of the fact that in early 2023, the company introduced ChatGPT, an artificial intelligence assistant built on OpenAI, to its wealth management advisors.
Morgan Stanley Technology can simplify tasks that would otherwise be difficult.
The extraction of insights from the bank’s 70,000+ reports per year. This is accomplished by giving customers the ability to retrieve answers from Morgan Stanley’s full research universe, which includes data on commodities, stocks, industry trends, and geographical areas.
Huberty said in an interview, “We regard it as a game-changing innovation in terms of productivity, for both our research analysts and our colleagues in institutional securities.” With the use of technology, staff members can “access the highest quality, most insightful information in the most effective manner possible.”
Since OpenAI’s generative artificial intelligence technology became a popular consumer application in the second half of 2022, the biggest Wall Street companies have quickly adopted it.
While JPMorgan Chase reports that over 60% of its 316,043 employees have access to a platform that uses OpenAI’s models, Morgan Stanley claims that almost half of its 80,000 employees use generative AI tools created with OpenAI.
An individual who was aware of the situation but was not allowed to reveal the number to the public provided this information. With its headquarters located in San Francisco, the firm just raised $157 billion in financing.
Because of its substantial investment and early focus on use cases for banks, OpenAI has network benefits in the financial services sector, according to Pierre Buhler, a banking specialist at SSA & Co. On the market, OpenAI has already had a big influence.
Buhler asserts that “they are way ahead of everyone else in terms of market penetration.” “But we’re just getting started, and it’s an emerging market.” He went on to say that rivals of OpenAI, such as Anthropic, are probably going to become more well-known in the coming years.
Victory spread like wildfire
Huberty claims that Morgan Stanley staff members have chosen to use AskResearchGPT instead of calling or emailing the research department, even though Morgan Stanley is a major player in global investment banking and trading, along with JPMorgan and Goldman Sachs.
This is because Ask Research GPT allows them to ask the research division for information.
Compared to a previous tool that was based on traditional AI and had been in use since 2017, the bank says that employees are asking the tool three times as many questions as they did previously.
Salespeople and other staff who often answer questions from hedge funds or other institutional investors and deal directly with customers are the most sought-after applicants for this role, Huberty said.
She said that “we discovered that it takes a salesperson one-tenth of the time to respond to the average client inquiry.” Ask Research GPT was utilized in order to accomplish this.
Increased manufacturing levels
While explaining Morgan Stanley’s position on a range of subjects, including copper, NVIDIA, and the complexities of building a data center, the GPT-4-based chatbot was able to generate images, parse industry-specific language, and provide connections to relevant content. During a recent lecture, this was demonstrated.
Given that it is seeing an increase in productivity, Huberty recommended that the bank encourage adoption even further. To improve accessibility, the technology is integrated with Microsoft Teams and Outlook, as well as the online browsers that staff members use.
According to Huberty, she is often questioned if the analysts who produce the mountains of research that Morgan Stanley publishes could eventually be replaced by artificial intelligence (AI). This is a perfectly reasonable question.
“I don’t see a way to just have the machine write the research report to generate an idea in the near future,” she said in response to the query. “I firmly believe that humans are the ones who make the decisions and manage the relationships, which is a crucial aspect of the work of an analyst, salesperson, or corporate banker.
SOURCE: CNBC
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