By Tatiana Bautzer and Lananh Nguyen NEW YORK (Reuters) - Wealthy clients going to a Morgan Stanley banker to discuss their investments may soon have a ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW YORK - Wealthy clients going to a Morgan Stanley banker to discuss their investments may soon have a different sort of experience: having a chatbot listen to their conversation.
Bankers, meanwhile, can use the chatbot to quickly find research or forms instead of sifting through hundreds of thousands of documents. "It quickly became clear we needed to partner with them, they were far ahead of everybody else," he said. "The adviser is still at the center," said Cucchiara. For now, employees view the technology as a helpful tool and aren't worried that they'll be replaced by bots, he said.The AI initiative is part of Morgan Stanley's strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion.
JPMorgan Chase named Teresa Heitsenrether its chief data and analytics officer in June to lead AI adoption across the largest U.S. lender. Rival Bank of America's virtual assistant, Erica, has had more than a billion interactions with clients since it was introduced in 2018.
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