Four business benefits of generative AI in wealth management

The potential risks and rewards generative pre-trained transformers, more commonly known by its acronym GPTs, such as OpenAI's GPT-4 in financial services have been much debated. Yet regardless of opinion, one point is indisputable: GPTs are here to stay. As such, one of the biggest risks to wealth managers when it comes to GPTs is ignoring them and failing to explore the opportunities that they can bring. Wealth managers, such as Morgan Stanley, which have embraced GPTs are transforming their business and stand to open up an increasingly large competitive gap on the rest of the market. ...