Morgan Stanley tests OpenAI-powered chatbot for wealthy investors. Know more

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ChatGPT, OpenAI, Reuters reported on Thursday. The bank is testing it with 1,000 financial advisers for some months. The details of the program have not yet been reported.

The idea behind the tool is that with clients' permission, the bot will eventually create a meeting summary of the conversation, draft a follow-up email suggesting next steps, update the bank's sales database, schedule a follow-up appointment, and learn how to help advisers manage clients' finances on areas such as taxes, retirement savings and inheritances. Bankers, meanwhile, can use the chatbot to quickly find research or forms instead of sifting through hundreds of thousands of documents, the report said. "The impact (of AI) will be very significant," potentially comparable to the advent of the internet, Sal Cucchiara, Morgan Stanley's chief information officer of wealth and investment management, who is among the executives driving the bank's push into AI, the report said.

Cucchiara, tasked with constantly scanning Silicon Valley for potential tech vendors, met OpenAI executives in 2022, before fast-growing app ChatGPT got mainstream usage. "It quickly became clear we needed to partner with them, they were far ahead of everybody else," Reuters quoted Cucchiara as saying. Andy Saperstein, Morgan Stanley's co-president and head of wealth management, then flew to California to discuss a partnership with OpenAI CEO Sam Altman and Boris Power, a technical staff member at the company, the report added.