Morgan Stanley has recently completed the launch of its second generative AI application, which is specifically designed for its financial advisors. The company relies on self-developed solutions in collaboration with OpenAI, rather than using standard market tools.

The new tool, AI @ Morgan Stanley Debrief, summarizes video conferences and drafts follow-up emails based on these meetings. This is the second generative AI application that Morgan Stanley has developed in collaboration with OpenAI. Back in September 2023, an AI knowledge assistant was introduced to help financial advisors quickly find information from Morgan Stanley research.

The collaboration with OpenAI began at the beginning of 2022 and enables Morgan Stanley to develop customized tools that can be seamlessly integrated into existing workflows. "Through close collaboration with Morgan Stanley, we had the opportunity to develop and deploy AI that meets the demands of a highly regulated industry," said Brad Lightcap, COO of OpenAI.

Alexandra Mousavizadeh, co-founder and CEO of Evident, emphasizes that the trend towards developing one's own solutions is becoming increasingly significant.

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"Besides Morgan Stanley, other financial service providers are also relying on tailored solutions. BNP Paribas is partnering with Mistral AI, while TD Bank is collaborating with Cohere. However, banks like Goldman Sachs also use standard solutions such as Microsoft's GitHub Copilot and combine them with custom applications.

David Wu, Head of Product and Architecture Strategy for AI at Morgan Stanley, explained the advantages of the self-developed tools: "One could argue that Zoom or Teams can also summarize meetings. But even if the product exists, there are benefits to developing and customizing it internally to better meet our user needs." Morgan Stanley was able to integrate the new tool into existing systems like Microsoft Outlook, Zoom, and Salesforce, significantly improving the advisors' workflow.

Although it is still too early to share concrete results of the new tool, Morgan Stanley is satisfied with the previous usage of the AI knowledge assistant. 98% of the teams use the tool regularly. Morgan Stanley emphasizes that the integration of AI into existing workflows is a continuous process and the company constantly reviews its strategy to derive the best benefit from the available technologies.

With these developments, Morgan Stanley emphasizes its innovative approach to developing customized AI solutions that are perfectly tailored to the needs and workflows of its financial advisors.