India’s rapid transformation into a global hub for artificial intelligence (AI) innovation is attracting attention from leading financial institutions and includes U.S.-based investment bank Morgan Stanley. The investment bank is exploring partnerships with Indian AI startups and it is a gesture towards a notable shift in the perspective of American financial giants to enhance India’s technological space.
Sal Cucchiara, Morgan Stanley’s Chief Information Officer for Wealth and Investment Management Technology, said that the Indian AI startup ecosystem is impressive and highlighted the growth journey that has rapidly taken the startups from ideation to maturity. The annual CTO Innovation Summit of the bank in India has provided an ideal platform to evaluate as well as engage with local tech innovators.
India’s attractiveness lies in its startup ecosystem and also in its vast tech workforce. Morgan Stanley has invested heavily in its operations here equipped with more than 8,000 of its 24,000 global technologists based in India. Its team plays an important role in developing, maintaining and expanding the tech capabilities. Cucchiara stated that India’s importance is clear and it is that the country has been a great source of global delivery for them.
Morgan Stanley has already demonstrated its AI capabilities with tools like “Assistant” and “Debrief.” The tools are developed in collaboration with OpenAI and are designed to simplify as well as streamline internal processes. The “Assistant” was launched in September 2023 and provides financial advisors with easy access to a vast database of research documents. It also reduces advisor call volume by 40%. The “Debrief” tool was rolled out in June 2024 and automates meeting summaries as well as transcriptions.
The AI industry often raises concerns about workforce reduction and the approach of Morgan Stanley suggests otherwise. Cucchiara emphasized that AI is creating more demand for skilled professionals rather than replacing them. He said that everybody thinks that companies are going to require less people but they need more to fill the demand that they have. India’s role in this journey is only set to expand.