Morgan Stanley to launch AI chatbot to woo wealthy

Morgan Stanley plans to introduce a generative AI chatbot, developed in collaboration with OpenAI, for its financial advisers after successful testing. This AI assistant will help advisers quickly access information and could potentially create meeting summaries, draft follow-up emails, update the bank's records, schedule appointments, and offer guidance on managing clients' finances. Morgan Stanley sees this AI integration as a significant step akin to the internet's impact. The bank's partnership with OpenAI allows preferred access to wealth management product development. While AI will provide support, human advisers will continue to provide investment advice. Other banks, like JPMorgan Chase and Bank of America, are also embracing AI to enhance their services.

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