Morgan Stanley CEO Ted Pick said that the ability of artificial intelligence to transcribe conversations and categorize them by topic could save financial advisers 10 to 15 hours a week.

The mentioned global company specializing in the provision of financial services has recorded the specified result during the use of a machine intelligence tool as part of its activities. The mentioned tool was named AI @ Morgan Stanley. The specified artificial intelligence-based product performs the tasks of transcribing and thematically categorizing conversations during meetings with wealth management clients. This was stated by Ted Pick during a speech at the Morgan Stanley Annual Conference on Finance, Payments, and Commercial Real Estate in the United States. According to him, the artificial intelligence-based tool demonstrated an enormous productivity quantum. He also stated that’s not even getting to anticipating what might be the right conversation to have.

Ted Pick says that financial advisors typically conduct conversations with wealth management clients three to four times a year. He noted that transcribing and categorizing each such conversation through the use of artificial intelligence saves time and generates information that can be useful for the mentioned specialists during subsequent communication with customers.

Ted Pick says that financial advisers can have point-by-point conversations with clients, reminding their interlocutors of topics that have already been previously discussed, and offering options for follow-up actions. In such cases, special attention is paid to issues such as taxation and real estate planning. It is worth noting that the list of topics does not end there.

In September, Morgan Stanley announced the launch of the process of functioning of its virtual assistant based on artificial intelligence. This AI tool is intended for financial advisors. At that time, the company said that the digital assistant facilitated access to 100,000 research reports and documents. Morgan Stanley is also testing another virtual instrument based on artificial intelligence. In this case, the company intends to launch a digital assistant that automatically summarizes the content of meetings with clients and generates follow-up emails.

In May, Morgan Stanley released a report stating that the debut of a new line of personal computers with artificial intelligence from Microsoft could stimulate PC sales growth. It is worth noting that recently the mentioned devices market has been going through a very difficult period associated with a drop in sales figures.

Morgan Stanley also reported that 75% of chief information officers in Europe and the United States are either evaluating or planning to evaluate personal computers with artificial intelligence.

It is worth noting that currently there is a process of active integration of AI into many spheres of activity. The availability of artificial intelligence is growing rapidly. In this context, it should be noted that cybercriminals also use AI, which is why their activities are gradually becoming more sophisticated and difficult to detect. Digital literacy is important in countering such encroachments. For example, a query in an Internet search system such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.