AI on the trading floor: Morgan Stanley expands OpenAI-powered chatbot tools to Wall Street division
Published On Oct 23, 2024, 9:00 AM
Morgan Stanley has expanded the use of OpenAI-powered generative AI tools in its investment banking and trading divisions. A chatbot named AskResearchGPT allows employees to quickly access insights from over 70,000 reports produced annually by the bank, improving productivity significantly. The tool is gaining popularity among client-facing staff who can respond to inquiries much faster than before. Nearly half of Morgan Stanley’s employees are utilizing generative AI tools, reflecting a broader trend across major financial institutions like JPMorgan and Goldman Sachs.
Stock Forecasts
MS
Positive
Morgan Stanley's adoption of AI technology positions it favorably in the competitive investment banking sector, potentially enhancing efficiency and client satisfaction. This trend of integrating AI can lead to increased revenue streams and better performance metrics.
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