Investment bank Morgan Stanley's MS wealth managers prefer talking to a person instead of using a chatbot for information, pouring cold water over the bank's attempts to infuse AI into its business.
What Happened: There are grumblings with Morgan Stanley that the AI chatbot it built in partnership with OpenAI is not being used by the target audience – wealth managers, according to a new report from The Information.
Morgan Stanley is one of the biggest customers of OpenAI – the two companies announced a partnership earlier in March 2023 to organize the bank's vast knowledge base. The idea was to make it easier for wealth managers to gather information and offer their clients relevant investment advice.
The bank formally launched an AI assistant in September, powered by OpenAI's GPT technology.
However, the report now suggests that wealth managers are not as excited as the bank's executives or OpenAI to embrace the AI assistant.
The OpenAI-Sam Altman drama has also led to some nervousness amongst the bank's executives, who were reportedly wondering what would happen to their chatbot if OpenAI went down.
At one point, there was a serious possibility of that scenario playing out, too, with 743 of 770 employees threatening to leave and join Altman at Microsoft Corp. MSFT.
While that did not happen, and Altman was reinstated as OpenAI CEO, it might have just given big businesses like Morgan Stanley and others a pause over relying too much on one company.
OpenAI's COO Warns Against Expectations Of Quick Results
Reports of Morgan Stanley executives grumbling over the slow adoption of its AI assistant come at an interesting time. OpenAI's chief operating officer, Brad Lightcap, warned business customers against expectations of quick results.
"I think the overhyped aspect is that it, in one fell swoop, can deliver substantive business change," Lightcap told CNBC in an interview.
He cautioned business customers against looking for a "silver bullet answer" to their hopes of a 15% year-on-year growth or million-dollar cost cuts.
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Read Next: Sam Altman Is ‘Trying To Live Years In The Future,’ My Job Is To Focus On Today, Says OpenAI COO
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