According to a report by Business Insider, Morgan Stanley, a leading global financial services firm, is planning to implement artificial intelligence (AI) technology to handle customer service tasks, potentially replacing some of its summer interns by 2024. The move is part of the company’s efforts to streamline operations and enhance efficiency. The AI system will be trained to handle routine inquiries and tasks, freeing up human employees to focus on more complex and high-value activities. While the exact details of the AI implementation are not yet known, it is expected to involve natural language processing and machine learning algorithms to understand and respond to customer queries. This decision reflects the growing trend of AI adoption in the financial services industry, where companies are leveraging advanced technologies to improve customer experience, reduce costs, and gain a competitive edge. However, concerns have been raised about the potential impact on employment, particularly for entry-level positions traditionally filled by interns and recent graduates.
Source: https://www.businessinsider.com/ai-customer-service-morgan-stanley-interns-2024-8