Morgan Stanley is increasing its utilization of OpenAI-powered artificial intelligence tools in its investment banking and trading division. The firm has rolled out a new tool called AskResearchGPT, which allows users to easily extract insights from the vast amount of research reports produced annually by the bank. Close to half of the firm’s 80,000 employees are using generative AI tools developed with OpenAI.
The tool has been well-received by employees, with salespeople and client-facing staff finding it particularly helpful in quickly responding to client inquiries. The tool has led to significant productivity gains, with employees asking three times the number of questions compared to previous traditional AI tools.
Despite the efficiency and productivity gains seen with the AI tool, Morgan Stanley does not foresee replacing human analysts with machine-generated reports. They believe that humans are essential for making decisions and maintaining relationships with clients.
OpenAI’s generative AI technology has been quickly adopted by other Wall Street firms, with JPMorgan Chase also using similar platforms with a large number of employees. The startup has received significant funding and has focused on use cases for banks, giving them an advantage in the financial services industry.
Overall, the adoption of AI tools like AskResearchGPT by Morgan Stanley has been seen as a game-changer in terms of productivity and efficiency, with employees embracing the technology to streamline their research and decision-making processes.
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