Transformative power of Generative AI and ensuring ethical implementation in workplace

Generative AI holds immense transformative power in the workplace, revolutionizing industries across the board. With the ability to generate new content based on patterns in data, generative AI opens up possibilities for enhanced customer service through advanced chatbots capable of handling expansive queries during product launches. Moreover, it accelerates innovation and problem-solving in fields such as architecture, engineering, and product design by simulating scenarios and generating alternative design options. 

However, as organizations harness the potential of generative AI, it is crucial to ensure ethical implementation. This involves taking a holistic approach, which includes evaluating and addressing ethical considerations such as bias, privacy, data security, intellectual property, and output quality. By actively collaborating with legal, risk, and compliance partners, businesses can design and build robust controls to mitigate potential concerns and uphold ethical standards in the application of generative AI in the workplace. On this AI Appreciation Day, Anju Tiwari, Managing Director, Wealth Management Technology, Morgan Stanley spoke to Dataquest on the adoption of Generative AI and Its implications.

DQ: What is your perspective on the future of AI? How will generative AI change the way we work?

Anju Tiwari: AI has enormous potential and will have an impact across all industries. Generative AI refers to algorithms that generate new content based on patterns in data that the technology has been trained on. Generative AI has the potential to power chatbots to handle expansive customer queries during a new product launch. It could accelerate innovation and problem-solving in fields like architecture, engineering, and product design by simulating scenarios and generating alternative design options. And programmers could leverage code assistants to complete standard coding tasks.

DQ: How are you skilling your employees to develop and work with generative AI?

Anju Tiwari: Skilling employees on Generative AI will be an ongoing investment as the field continues to evolve. Morgan Stanley is providing resources and encouraging employees to learn through a variety of channels such as technical teach-ins, online learning tools and hackathons where employees will collaborate and leverage generative AI to solve business challenges.

DQ: What are the ethical considerations while using generative AI and how do you ensure an ethical implementation of AI and automation?

Anju Tiwari: There are many ethical considerations when using generative AI. We take a holistic approach in evaluating these considerations and in designing and building controls to mitigate any concerns. Our technologists work hand in hand with our legal, risk and compliance partners to develop our solutions with due attention to factors such as bias, privacy, data security, intellectual property and output quality.

DQ: Can you elaborate on some use cases for generative AI?

Anju Tiwari: We recently announced our partnership with OpenAI which give us early access to their new products and AI experts to create solutions unique to our needs. Our Wealth Management division will leverage their technology across Morgan Stanley’s vast intellectual capital to deliver relevant content and insights into the hands of Financial Advisors in seconds. The solution is currently being tested and will help drive efficiency and scale. This is just the first of a variety of use cases where this technology could be applied.