Morgan Stanley (NYSE: MS) recently unveiled a new artificial intelligence tool, AI @ Morgan Stanley Assistant, designed to aid its financial advisers in swiftly accessing various research papers and documents.
This move would likely streamline the bank's operations and enhance its digital offerings.
However, the initial reception of this AI tool has been less than stellar, with several insiders pointing out its limitations and inefficiencies, the New York Post reports.
Despite the bank's efforts to modernize its services, the AI tool has faced criticism for its lack of accuracy and responsiveness.
Some users have reported frequent unhelpful responses, such as "I'm unable to answer your question."
Furthermore, comparisons have been drawn with other generative AI tools like Microsoft Corp (NASDAQ: MSFT) backed OpenAI's ChatGPT and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google's Bard, with Morgan Stanley's offering seemingly falling short.
There's speculation that the bank's push towards AI might be more about optics than utility.
Some insiders have labeled the initiative as a mere publicity stunt, while others have criticized the bank for rebranding existing tools under the AI banner.
While tools like Bard and ChatGPT are known for their sophistication, they primarily offer general investment information.
In contrast, Morgan Stanley's AI tool aims to provide specific financial guidance. However, the current feedback suggests that it hasn't yet hit the mark.
Andy Saperstein, Morgan Stanley co-president, emphasized the central role of financial advisers and expressed confidence in the transformative potential of generative AI.
The bank also highlighted the positive and productive feedback from its advisers regarding the AI tool.
With the rise of AI, banks are in a race to harness its potential and stay ahead of the curve. Morgan Stanley's recent partnership with OpenAI, the creators of ChatGPT, is a testament to this trend.
This collaboration aims to provide financial advisers with a tool for drafting emails, updating databases, and offering financial insights. However, the primary role of providing investment advice remains a human endeavor.
Price Action: MS shares traded lower by 0.43% at $84.54 on the last check Friday.