Wall Street's top investment bank Morgan Stanley has officially announced the creation of an assistant with Open AI for financial advisors and their support staff.
The tech tool, called the AI @ Morgan Stanley Assistant, is designed to quickly access a database of about 100,000 research reports and documents.
This frees up the advisors' time to engage more with clients instead of "questions about markets, recommendations and internal processes," reports CNBC.
Morgan Stanley had announced working on this tool in March in line with competitors JPMorgan Chase and Goldman Sachs.
But it is the first to work on this tool based on Open AI's GPT-4, after months of efforts toward curating documents and human experts for testing responses.
The tool is a text window on which advisors would ask questions in full sentences for responses, like human conversations.
The firm is also working on another AI tool called Debriefing to auto-summarize client meetings and generate follow-up emails.