Morningstar has recently taken a major leap forward into the digital world by introducing their chatbot “Mo” to beta. Powered by the OpenAI technology from Microsoft, “Mo” is now available on multiple Morningstar platforms such as the Investor, Research Portal, Direct and Advisor Workstation. Making his debut on stage during last month’s Morningstar Investment Conference in Chicago alongside the company’s CEO Kunal Kapoor, it was a dynamic duo to say the least.
Mo was asked a lot of questions during the conference, such as what makes a good financial advisor? His response was that a good advisor should have a wide range of expertise, be able to add value to clients through their skills and advice, have a certified financial planner credential, and prioritize understanding a client’s goals and intentions.
Unlike the majority of apps these days, Mo was intentionally designed not to remember everything as a security measure. This data security is a priority for Morningstar, who instructs users not to share confidential information with the chatbot.
Mo is powered by the Morningstar Intelligence Engine, a platform that combines Morningstar’s extensive investment library with the Azure OpenAI service. This AI technology helps simplify the process of understanding and researching the millions of available investment options. It provides a quick and concise response to users’ questions within seconds, rather than searching through a list of results. It is important to note however, that Mo does not provide any type of investment advice.
James Rhodes, the Chief Technology Officer at Morningstar, explains that the reception of Mo during the conference was extremely positive and has only continued to grow ever since its beta launch last week. Already, there have been over 10,000 questions asked to Mo between individual investors and professionals using the product.
This is just the beginning for Mo. Morningstar is no stranger to innovating with technology and pushing boundaries. They plan on introducing many more applications built on the Morningstar Intelligence Engine, and continue to watch the development of their 5-week-old chatbot.
Morningstar, founded in 1984, is a leading provider of comprehensive global investment analysis used by both individual investors and financial professionals. Their mission is to create great investment experiences for investors and those who serve them. They strive to deliver in-depth information, unbiased advice, and innovative products to help better serve advisors, investors, and other stakeholders.
Kunal Kapoor, the CEO of Morningstar, is an accomplished financier and leader. Having graduated from the Wharton School of the University of Pennsylvania and Harvard Business School, he has worked in a variety of industry roles throughout his career including GSAM, BlackRock, and CQS Asset Management. He has also founded two venture-backed firms, Verus Financial and Finlistics Solutions, and developed new business models around personal finance. Now as the CEO of Morningstar, he is continuing to generate innovative ideas and lead the charge in the tech world.
