As artificial intelligence-powered solutions make inroads into an array of industries, Wall Street is making advances of its own. Financial major Morgan Stanley (NYSE:MS) is introducing an OpenAI-powered assistant called Debrief for its financial advisors.
Morgan Stanley Embraces AI
The tool will help Morgan Stanley’s army of financial advisors by taking notes of and summarizing client meetings. It will also draft an email for an advisor to edit. Subsequently, advisors can send the communication at their discretion. The assistant could potentially drive efficiency gains in Morgan Stanley’s wealth management unit as advisors will have more time on their hands for client engagements.
The introduction of Debrief comes after Morgan Stanley picked up Microsoft (NASDAQ:MSFT)-backed OpenAI as its sole wealth management strategic partner last year. In October, the company rolled out an AI-powered chatbot that helps employees quickly access MS’ intellectual capital.
Notably, Morgan Stanley envisions AI as a layer that can operate between its employees and the variety of tools they utilize. The company plans to roll out Debrief to nearly 15,000 of its advisors early next month.
What Is the Price Forecast for MS Stock?
Morgan Stanley’s share price is already up by nearly 20% over the past year and the company’s focus on driving efficiency could be a key driver of its future growth. Overall, the Street has a Moderate Buy consensus rating on the financial behemoth, alongside an average MS price target of $103.14.
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