Morgan Stanley has developed an AI-powered chatbot to help its workers sift through the bank’s research.
AskResearch was originally created for internal use by analysts and sales employees, but the bank plans to offer it to clients in early 2020 via a mobile app.
The chatbot is the latest effort by Wall Street to create AI-powered virtual assistants to cut down on menial work for employees and clients.
D’Arcy Carr, global head of research, editorial and publishing at Morgan Stanley, told Business Insider that the chatbot helps find research efficiently and can also uncover new data.
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Wall Street loves to speculate about the drastic ways artificial intelligence could change how it does business, but the main goal of the technology is a simple one: to help people work more efficiently.
Research is one area ripe for automation, given the sheer volume of data that banks produce and how time-consuming internal and external client requests for information can be. Morgan Stanley sees a solution in AskResearch, its AI-powered chatbot.
Since an internal launch last year, the bot has evolved from answering simple questions (“Which analyst covers Apple?”) to more complex ones (“Which stocks did Morgan Stanley upgrade last week?”). Morgan Stanley hopes the chatbot will be offered to external research clients early next year through a mobile app.
“Our vision is really, how do we get the most relevant content out to the people that will get the most value from it?” Eden Kidner, head of research technology at Morgan Stanley, told Business Insider. “We decided the most natural way for us is to adopt the flexibility of a virtual assistant or chatbot where we are not restricted by the traditional user interface.”
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Often pitched as a virtual assistant — like Apple’s Siri or Amazon’s Alexa — chatbots are seen as a way to help companies cut down on mundane tasks. Bank of America’s “Erica” is already helping Main Street manage its accounts, while PayPal is hoping to reduce costs by automating customer service requests. A report by Juniper Research in 2017 estimated chatbots could deliver over $8 billion a year in cost savings by 2022.
Kidner said Morgan Stanley started by developing a list of the most common questions its analysts and sales employees ask when searching for information from internal research content.
Natural language processing was applied to questions like “What is your bull case for Apple?” and “What is our US GDP forecast?” to allow the bot to recognize the prompts and provide the correct information. The team could then build from there after going live by analyzing other commonly asked questions submitted by employees, Kidner said.
See more: PayPal’s CFO believes AI can save the company $25 million a year by automating one area of customer service
The bank spent the past year improving the bot to answer more complex questions (“What is Morgan Stanley’s view on gold?”), which involve pulling unstructured data that …read more
Source:: Businessinsider – Finance