The Future Of Banking: Morgan Stanley And The Rise Of AI-Driven Financial Advice

Generative AI, the technology made famous by ChatGPT, will profoundly change the landscape of banking operations. According to McKinsey, generative AI could add between. In this article, we’ll see how banking giant Morgan Stanley has begun to harness generative AI – and explore broader use cases for generative AI in banking and finance., the tool is designed to help Morgan Stanley financial advisors and support staff access and digest over 100,000 research reports.

Generative AI excels at taking conversational prompts and questions, digesting massive amounts of information, and then coming up with easy-to-understand answers based on what the model has learned. So, it makes sense that Morgan Stanley has chosen to initially deploy generative AI in this way – helping staff save time on research and admin tasks, so they have more time to spend with clients.

One of the obvious uses is in customer service – think banking chatbots that can answer questions and respond to complaints 24/7. Generative AI can also help to onboard new customers in a more efficient way, for example, by using a tool like ChatGPT to help customers fill out forms correctly and answer their questions about switching banks.

Another major use case is automating many of the behind-the-scenes processes and operations in financial institutions, such as conducting financial analysis and writing content.

Square, the financial services platform owned by Block Inc., is embracing generative AI in a really interesting way – using the technology to provide new tools for customer content creation, onboarding, and setup. Among the new features is a, which allows restaurants to create a menu in minutes for their website. There’s also a generative AI-powered email feature, which helps businesses create personalized messages for customers.

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