What was the challenge?
Morgan Stanley was facing the challenge of enhancing their financial advisers’ efficiency in a rapidly evolving AI landscape. They needed to decide whether to use off-the-shelf AI tools or develop custom solutions that could seamlessly integrate with their existing systems and workflows.
What action did they take?
Instead of opting for ready-made AI tools, Morgan Stanley chose to build their own applications in collaboration with OpenAI. They developed two tools: an AI knowledge assistant and a meeting summarisation tool called AI @ Morgan Stanley Debrief, which can summarise video meetings and draft follow-up emails.
It could also sift through massive amounts of data, including research reports, market updates, and internal communications to extract relevant information and deliver it concisely to financial advisors, helping them stay informed and prepared for client meetings.
What were the results?
While it’s too early to share results for the new meeting summarisation tool, Morgan Stanley reports that 98% of teams are regularly using their AI knowledge assistant. The company has successfully deployed these custom AI solutions, integrating them with their existing systems like Microsoft Outlook, Zoom, and Salesforce.
Debrief has improved the productivity of Morgan Stanley’s financial advisors by providing them with tailored, actionable insights quickly. This tool has streamlined the research process, enabling advisors to focus more on client interactions and strategy rather than data collection and analysis.
What marketing lessons can we learn?
- Customisation is key: Building tailored AI solutions can better meet specific business needs and integrate seamlessly with existing workflows.
- Strategic partnerships matter: Collaborating with AI leaders like OpenAI can lead to more effective and industry-specific solutions.
- User adoption is crucial: Focus on creating tools that fit into employees’ existing workflows to encourage widespread use and maximise ROI.
Conclusion
Morgan Stanley’s approach to AI adoption showcases the potential benefits of developing custom solutions over using off-the-shelf products. By collaborating with OpenAI and focusing on tools that integrate seamlessly with existing systems, they’ve created AI applications that are seeing high adoption rates among their teams. This strategy highlights the importance of customisation, strategic partnerships, and user-centric design in successful AI implementation, offering valuable lessons for other companies looking to leverage AI in their operations.