Artificial intelligence tools in the financial sector are becoming increasingly prominent and rampant. Morgan Stanley (MS) is the latest high-profile financial institution to underline how technology will play a key role in enhancing operations in the sector for many years. According to the company’s CEO, Ted Pick, the technology has the potential to save financial advisers between 10 to 15 hours a week.
AI in Finance
The remarks come as the financial institution leverages various artificial intelligence tools to transcribe and enter notes from client meetings, which are then entered into a database; the transcription has been found to boost advisers’ productivity, given their ability to capture all the required data and information, which is then used to make informed investment decisions.
According to the Morgan Stanley chief, artificial intelligence helps financial advisers fine-tune topics to discuss with wealthy clients. Consequently, it’s becoming much more accessible to tailor investment products based on client needs. Last year, the financial institution started working on a generative artificial intelligence bot that can listen to conversations.
The generative AI bot is designed to listen to conversations and help bankers find research or forms without reviewing hundreds of documents. In addition, there were reports that the bank was working on an AI tool that, with clients’ permission, would allow them to sit through meetings, create a summary of what was discussed, and draft a follow-up email suggesting the next steps.
Morgan Stanley has made impressive strides in developing artificial intelligence to manage most of its operations. The bank has already announced plans to use various AI capabilities to manage rich people’s portfolios in Australia. The bank has started rolling out some of the software used in the country’s other parts of the world.
The value of high-net-worth individuals in Australia increased by 8% last year, exceeding $1 trillion for the first time. The tools the bank is unveiling in the country could help advisers better manage client finances in taxes, retirement savings, and inheritances.
Samsung AI Restructuring
Meanwhile, Samsung combines two North American research centers focused on artificial intelligence. In return, the South Korean tech giant hired a former Apple (AAPL) executive to run the new group. According to people who know the matter, the company is creating a new operation dubbed North America AI Center that will combine its operations in Toronto and Mountain View, California.
Samsung’s latest actions are the most unambiguous indication that leading technology firms globally are increasingly bold in their approach to artificial intelligence. For companies that produce gadgets, such as Samsung and Apple, incorporating artificial intelligence capabilities is viewed as a strategy to encourage customers to replace their devices more often.
Elon Musk vs. OpenAI
Separately, Tesla CEO Elon Musk dropped a lawsuit against OpenAI over claims that the startup had breached its promise by prioritizing profits over humanity. The billionaire investor had filed the case against the company, concerned by how close it was becoming with Microsoft. The lawsuit came as Microsoft invested over $10 billion, a move that Musk stated violated the company’s founding agreement of being a nonprofit that developed artificial intelligence.
Musk was an early backer of the startup and has been at loggerheads with it ever since it started taking investment dollars to accelerate its AI innovations. Having severed ties with the startup, Musk has begun his own AI startup, which he says is an alternative to OpenAI.
