The Strategist

Morgan Stanley to launch chatbot for wealthy clients

09/08/2023 - 03:37

This month, US bank Morgan Stanley will introduce a chatbot powered by artificial intelligence to support wealthy clients.

Alex Proimos
Alex Proimos
According to Reuters, the chatbot was tested over several months with hundreds of financial advisors. It was created in collaboration with OpenAI, the company behind the ChatGPT chatbot.

Employees at the bank will use the chatbot to rapidly look up any necessary information or documents when communicating with clients. With the client's permission, the bank also intends to use this virtual assistant to plan the client's subsequent visits to the bank, create a summary of the client's conversation with the employee, create a list of next steps, enter updated data into the bank's database and carry out a number of other tasks.

At that, the bank has not yet provided a detailed explanation of the scheme.

Investment counseling will still be provided by Morgan Stanley staff, as noted by the information service for the bank's wealth and investment management division.


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