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AI on Wall Street
One place AI is seeing excellent market penetration is financial services.
Kieran Ryan
October 30, 2024
TODAY’S STORY
One place AI is seeing excellent market penetration is financial services.
Some 50% of Morgan Stanley’s 80,000 employees use generative AI tools, and about 60% of JPMorgan Chase’s 316,000 employees have access to a platform using OpenAI’s models.
When you look at use cases, it becomes evident why banks have become power users of generative AI tools. At Morgan Stanley, employees instantly extract answers from the company’s knowledge database rather than manually sifting through more than 70,000 reports the bank produces annually. The result—it takes salespeople one-tenth of the time to respond to the average client inquiry.
Given the productivity gains, it’s no surprise that banks are pushing further adoption. It also doesn’t hurt that banks are some of the most significant investors in the new technology outside of VCs.
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Thanks for reading,
Kieran & Justin Ryan
