On September 7, some media reported that Morgan Stanley (hereinafter referred to as "Damo") will launch a ChatGPT-like artificial intelligence chatbot this month.。

It is reported that the proposed AI robot is jointly developed with OpenAI, the parent company of ChatGPT.。At present, about 1,000 financial advisers have been testing the AI robot for several months.。

In terms of application scenarios, with the customer's permission, the AI robot will perform a variety of tasks, including summarizing the consultant's conversations with the customer after meetings, drafting emails recommending next steps, scheduling follow-up appointments, updating the bank's sales database, and providing financial advice on managing taxes, retirement savings and inheritances.。

Bankers will also benefit from chatbots because they can use AI to quickly find research materials and forms without having to go through a large archive of documents to sift through the information they need.。

However, while robots provide insight and administrative support to financial advisors, investment advice will remain a human responsibility.。Sal Cucchiara, chief information officer for wealth and investment management at Damo, said: "Advisors remain at the centre.。He also added that currently company employees see the technology as a useful tool and are not worried that they will be replaced by robots.。

Damo's focus on AI is not recent.。And Cucchiara is one of the executives who pushed the bank into artificial intelligence.。He believes that "the impact of AI will be very significant" and believes that its impact may be comparable to the emergence of the Internet.。Cucchiara's mission is to continuously search for potential AI-related technology suppliers in Silicon Valley in the United States.。

Cucchiara discovered the OpenAI gold last year and then met with OpenAI executives。At that time, ChatGPT had not yet appeared, and OpenAI was just one of many AI startups.。

Cucchiara was impressed by OpenAI's technology, saying: "We quickly realized that we needed to work with them, that they were way ahead of everyone else.。Andy Saperstein, co-president and head of wealth management at Morgan Stanley, then flew to California to discuss the partnership with OpenAI CEO Sam Altman and company technician Boris Power.。Last summer, the two sides signed an agreement that gave Damo priority in the development of wealth management products.。

Since last year, Damo has been exploring how to use OpenAI technology to assist internal work.。First GPT-3, later GPT-4。Jeff McMillan, head of analytics, data and innovation at Morgan Stanley, described the use of AI robots as: "It's like when you're on the phone with a customer and our chief strategy officer is sitting next to you.。"

According to reports, GPT-4 can conduct a comprehensive search of Damo's wealth management content。As a large and long-established bank, Damo publishes thousands of research reports each year, covering capital markets, asset classes, industry analysis and insights from global economic regions.。These research reports are a unique "knowledge base" within Damo, and with GPT-4, these data and content can be processed and parsed quickly and effectively.。

"Think of ChatGPT as our chief investment strategist, chief global economist, global equity strategist and other analysts around the world who are on call every day for each adviser," said McMillan.。We believe this is a transformative capability for our company。"

AI initiative is part of Damo's strategy to boost its wealth sector。According to the earnings report, the unit's second-quarter net income rose 16% to a record high, and new customer assets increased by $90 billion.。Damore's CEO James Gorman has led a series of major deals to inject more money into the bank's wealth business, with the goal of pushing assets under management to more than $10 trillion.。

Damo isn't the only financial institution exploring AI applications。

While banks have been able to use AI to process data, detect fraud and analyze customer transactions, Wall Street giants are developing more sophisticated uses of generated AI, such as the ability to generate text, images and other data.。

Bank of America's virtual assistant, Erica, has had more than 1 billion interactions with customers since its launch in 2018.。JPMorgan appointed Teresa Heitsenrether as chief data and analytics officer in June to lead the bank's AI application.。

Nick Reed, Moody's chief product officer, said the company is also working with OpenAI and Microsoft to develop a research assistant for customers to use.。

Michael Abbott, head of global banking at consulting firm Accenture, said large banks are in the first tier of financial firms in adopting AI, but asset managers, dealers and insurance companies are also deploying AI。

Abbott said: "We are starting to see AI-led customer service pervasive in large banks.。He is conducting hundreds of case studies with lenders seeking to use artificial intelligence.。

The enthusiasm of financial institutions for artificial intelligence robots has also affected the curriculum of some universities in the United States.。

Kwamie Dunbar, an associate professor of finance and director of the Master's Program in Fintech at Worcester Polytechnic Institute (WPI), said financial institutions are looking for students with AI training who can enter companies and then apply AI to their businesses。

Dunbar said a graduate student at WPI is developing a product that uses artificial intelligence to analyze stock performance, enabling it to provide guiding advice to investors.。The tool is designed to make junior consultants more "sophisticated" by analyzing the decisions made by managers and providing suggestions that consultants can pass on to clients and the questions they should ask。

Dunbar said when talking about the WPI artificial intelligence project, these artificial intelligence products will not replace corporate employees, its role is to provide more training for young traders who have just entered the trading floor, and help them like a "veteran" with many years of trading experience.。