According to Jeff McMillan, head of analytics, data, and innovation at Morgan Stanley, the bank has been testing the AI tool with 300 advisors and plans to launch it widely in the upcoming months.
Morgan Stanley’s move is one of the initial announcements by a financial institution after the success of OpenAI’s ChatGPT, which went viral late in the previous year by creating discernible responses to questions.
However, the bank is on a blitz in wealth management, acquiring more than $4.2 trillion in client assets. The promise and perils of AI have been written about for years, but apparently only after the launch of ChatGPT did mainstream users understand the outcome of the technology.
Typically, the idea behind the tool, which has been in development for the previous year, is to help the bank’s 16,000 employees or, as a result, advisors use the bank’s vast database of research and information, said McMillan.
“People want to be as knowledgeable as the smartest person” in our company, McMillan mentioned. “This is like having our chief strategy officer sitting next to you when you’re on the phone with a client,” he added.
While generative artificial intelligence has enticed users and sparked a race among tech giants to develop beguiling products, it has also led some users down some strange paths. In the previous month, analysts at Morgan Stanley wrote that ChatGPT sporadically “hallucinates and can generate answers that are seemingly convincing, but are actually wrong.”
User handrails
In comparison with ChatGPT, the tool is eligible to answer questions for advisors within seconds. Although it is based on GPT 4, which is a substantially advanced form of the technology strengthening ChatGPT.
Moreover, this tool generates responses to only around 100,000 or so pieces of research that Morgan Stanley has evaluated for this use, which is presumed to cut down on errors, instead of the entire contents of the internet.
Furthermore, to reduce setbacks, the bank has employed humans to check the accuracy of responses, he said.
“We’re trying to actually break the platform” through human testing, McMillan said. “With high-quality information, better models and an ongoing monitoring process,” the bank is confident in its new tool, he added.
The move builds on McMillan’s previous efforts, which included the introduction of machine-learning algorithms in 2018 that prompt advisors to contact clients or take other actions. Although concern is rising among compatible workers that this technology will be able to cut people out entirely one day if it grows rapidly.
“I think every industry is going to be in some way disrupted for what I’ll describe as routine, basic tasks,” McMillan stated.
Besides, machines can’t replace people when it comes to catering to sophisticated consumers.
“These things don’t have any empathy; they’re just very clever math that is able to regurgitate knowledge,” he claimed.
- Published By Team Genuine Reporter