Morgan Stanley's move is one of the first announcements by a financial incumbent after the viral success of OpenAI's ChatGPT.
Similar to ChatGPT, the tool will instantly answer questions for advisors. But it is based on GPT 4, which is aAnd instead of the entire contents of the internet, this tool generates responses only on the 100,000 or so pieces of research that Morgan Stanley has vetted for this use, which should cut down on errors. To further reduce mishaps, the bank has humans checking the accuracy of responses, he said.
"We're trying to actually break the platform" through human testing, he said. "With high-quality information, the better models and an ongoing monitoring process" the bank is confident in its new tool, he said.by McMillan, including the 2018 introduction of machine-learning algorithms that prompt advisors to reach out to clients or take other steps.
"I think every industry is going to be in some way disrupted for what I'll describe as routine, basic tasks," McMillan said."These things don't have any empathy; they're just very clever math that is able to regurgitate knowledge," he said.
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