Morgan Stanley is expanding its use of OpenAI-powered generative artificial intelligence tools within its investment banking and trading division. The new tool, AskResearchGPT, allows users to extract insights from Morgan Stanley's research database. This advancement is crucial in a fast-paced trading environment where timely information is important.
The adoption of generative AI technology has gained traction among major financial institutions, with Morgan Stanley reporting that nearly half of its employees are utilizing these tools. JPMorgan Chase has also embraced this trend, with approximately 60% of its workforce accessing platforms powered by OpenAI's models. OpenAI has established a strong foothold in the financial services market, benefiting from substantial funding and an early focus on banking applications.
The AskResearchGPT tool has become popular among salespeople and client-facing staff at Morgan Stanley, reducing the time it takes to address client questions. Despite the growing capabilities of AI, there are ongoing discussions about its potential impact on traditional research roles within financial institutions. The integration of AI is seen as a complementary force that empowers analysts to deliver more insightful and timely research.
Morgan Stanley's commitment to pushing the adoption of AI tools reflects a broader trend within the financial services industry. The ongoing development of generative AI technologies promises to reshape how financial institutions operate.