5 questions with … Morgan Stanley Head of AI Jeff McMillan


Morgan Stanley’s Jeff McMillan, head of firmwide synthetic intelligence, is targeted on growing and deploying AI all through the operations of the $212 billion monetary establishment. 

The New York-based FI  appointed McMillan to the newly created place March 14, he informed Financial institution Automation Information. McMillan beforehand served as chief information and analytics officer for eight years on the FI, in keeping with his LinkedIn profile. 

Jeff McMillan (Courtesy/LinkedIn)

“Morgan Stanley created this function to make sure the suitable AI technique and governance are in place,” McMillan informed BAN.

In an interview with Financial institution Automation Information, McMillan mentioned his priorities, the place Morgan Stanley goals to deploy AI and the potential affect of gen AI on the monetary companies trade. What follows is an edited model of the dialog: 

Financial institution Automation Information: What’s the total technique at Morgan Stanley?

Jeff McMillan: Via our distinctive partnership with OpenAI, Morgan Stanley has early entry to their new merchandise and AI consultants to create an answer distinctive to our wants. Our first use case in our wealth administration division, the AI at Morgan Stanley Assistant, brings Morgan Stanley’s expansive mental capital to the fingers of our advisers in seconds and in an simply digestible format. Consider it as having our chief funding strategist, chief international economist and international equities strategist on name — 24 hours a day.

Now we have efficiently deployed the AI Morgan Stanley Assistant to our monetary advisers — totally rolled out in September 2023.  

BAN: What are some use circumstances being explored? 

JM: To optimize effectivity, we are going to roll out AI in Morgan Stanley Debrief, a device that acts as an AI-enabled assistant taking notes on an adviser’s behalf in conferences with shoppers, summarizing key dialogue matters and surfacing motion objects. The device works by transcribing shopper conferences, offered the shopper offers their specific prior consent. After the assembly, it summarizes key factors, creates an e mail for the monetary adviser to edit and ship, after which saves a word into Salesforce. It’s essential to notice that Debrief doesn’t share any data with third events and each shopper may have the chance to consent to the know-how prior to make use of. If a shopper doesn’t really feel comfy, the know-how is not going to be used for the assembly.  

BAN: What are your short- and long-term targets for AI at Morgan Stanley?  

JM: We’re figuring out near-term use circumstances that each enterprise space can have interaction with, be taught and ship worth. To this finish we’re additionally planning on growing and deploying a sequence of firmwide coaching modules personalized to totally different roles. A lot of that is about demonstrating the worth and challenges these instruments current to all workers and getting them pondering creatively concerning the future. 

In the long run, AI at Morgan Stanley goes to be an interplay layer that sits between our workers (advisers, bankers, gross sales power, and so forth.) and all of the instruments and knowledge they presently have entry to. The objective is to scale back the complexity of our platform and make every thing extra seamless through the use of language to get what you want versus the historic types of menus, search and numerous clicking round.  

In the end, you’ll have the ability to use simply your voice. The AI can create proposals, consider different market situations, rebalance portfolios, construct monetary spreadsheets, and assist in a wide range of repetitive operational or administrative duties. And I wish to reiterate the worth right here is about serving to individuals do a greater job for his or her shoppers by making them smarter and extra environment friendly.  

I’m hopeful that AI will unlock extra time to do the issues we get pleasure from that are working with our shoppers to assist them remedy their complicated challenges and to be engaged, versus much less. It’s not going to occur instantly. However we’ve been very deliberate about mapping out the totally different constructing blocks. 

BAN: How is Morgan Stanley seeking to implement generative AI? 

JM: As a part of my new function, I’ll work intently with groups throughout Morgan Stanley to leverage gen AI in a control-forward, scalable manner. To that, their use circumstances are finest served in the event that they fall underneath one among 5 buckets:

  1. Search perform: Enable customers to entry structured and unstructured content material, in addition to information and analytics that may use pure language prompts.  
  2. Summarization: Enable workers to digest, classify and summarize enter paperwork or transcribed audio/video. 
  3. Interpret and consider purposes: Analyze, apply logic and draw conclusions on textual content or audio content material. 
  4. Generate options: Create authentic content material primarily based on reference supplies and prompts in textual content or picture format. 
  5. Translation: Present the flexibility to translate content material throughout 53 languages. 

BAN: What affect will generative AI have on monetary companies? 

JM: Generative AI marks a brand new period of innovation, with the promise to unlock new enterprise capabilities, pioneer strategies of worth supply, and doubtlessly broaden corporations’ vary of services and products. It empowers organizations to create new merchandise and applied sciences with considerably much less friction. Additional, corporations shall be more and more rated and valued by their skill to leverage and combine AI to drive operational effectivity and productiveness.   

Early-bird registration is now accessible for the inaugural Financial institution Automation Summit Europe 2024 in Frankfurt, Germany on Oct. 7-8! Uncover the most recent developments in AI and automation in banking. Register now.  



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