Morgan Stanley completed the implementation of its second generative AI tool last week. The application, developed in collaboration with OpenAI, is named "AI @ Morgan Stanley Debrief." It is responsible for summarizing meetings and generating drafts of follow-up emails. This tool is the second generative AI initiative developed by the company in partnership with OpenAI, following the launch of a knowledge assistant in September 2023, which helps financial advisors find information quickly within the firm's resources.
According to a report in the Wall Street Journal, Alexandra Mousavizadeh, co-founder and CEO of Evident, highlighted the growing trend of developing customized AI tools in the financial sector. She noted that this strategy allows companies to design solutions that seamlessly integrate into their workflows, optimizing efficiency and ensuring a better fit with existing processes.
Mousavizadeh also mentioned that applications like Morgan Stanley's could be particularly useful in other sectors, such as insurance and retail. In parallel, companies like BNP Paribas and TD Bank have started collaborating with AI model developers, forming partnerships with firms like Mistral AI and Cohere to develop tailored solutions.
While many companies are experimenting with commercial AI tools such as Microsoft's GitHub Copilot, the trend is shifting towards developing custom solutions. This is largely because in-house tools can be specifically tailored to meet each company's unique needs, providing a more effective integration into existing systems and processes.
David Wu, head of product and AI architecture strategy at Morgan Stanley, explained that the company opted to build its tools internally using OpenAI's GPT model. This decision allows for a smoother integration with existing systems, such as Microsoft Outlook, Zoom, and Salesforce. Wu emphasized that while preconfigured products are available on the market, custom solutions offer specific advantages, particularly in meeting the nuanced needs of users. Morgan Stanley reports that 98% of its teams are regularly using the knowledge assistant, although it is still early to share detailed financial results from these tools.
