DUBLIN, Feb. 5, 2024 /PRNewswire/ — The “The Bank of New York Mellon Corporation – Digital transformation strategies” company profile has been added to ResearchAndMarkets.com’s offering
This report provides insight into BNY Mellon’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.
The Bank of New York Mellon Corp (BNYMC) is a provider of investment solutions. Its portfolio of offerings consists of investment services, assets servicing, Pershing, custody, corporate trust, foreign exchange, securities finance, clearing, and collateral management services. The company’s wealth management offerings include private banking, wealth and estate planning, family office services, and information management. Its other services include corporate treasury business, leasing activities, derivatives and other trading, corporate and bank-owned life insurance, business exits, and renewable energy investment.
In May 2023, BNY Mellon launched its new Digital R&D Hub in Dublin that aims to drive innovation in the areas of artificial intelligence (AI), machine learning, and data analytics for BNY Mellon clients globally. This includes an initial investment of €8 million, with support from IDA Ireland, which will strengthen BNY Mellon’s role as a leader in developing AI technologies and expand on existing technology capabilities in Ireland. The investment will also lead to a more than doubling of the digital team in Dublin and the initial creation of 30 technology specialist jobs by the end of 2025.
The BNY Mellon Accelerator Program supports Series-A to Series-C fintech companies which develop advanced digital solutions for the most pressing challenges confronting BNY Mellon. Throughout the year, the accelerator program issues a list of problems for which BNY Mellon seeks solutions from startups across the world. It then selects startups with the most viable solutions and admits them into the program. Selected startups demonstrate their solution for a particular challenge through a proof of concept (POC).
Report Scope
BNY Mellon uses an indigenously developed artificial intelligence (AI)-powered platform to accelerate payment transactions. The platform uses machine learning (ML) techniques to quickly extract and standardize different data such as account details, payment account and beneficiary details to automate wire payments. BNY Mellon also leverages AI-based bots to minimize costs and repetitive tasks.
BNY Mellon’s Data Vault, a cloud-based data management and analytics platform is integrated with multiple data sources, including data vendors, third-party data providers as well as its own data management solutions to help clients store and manage their investment data for over 20 years. BNY Mellon’s customers use Data Vault to consolidate large amounts of data from multiple sources at one place and analyze them to make informed business decisions.
BNY Mellon has a comprehensive cybersecurity program to protect its clients’ information, its business operations, and the assets it has under custody. BNY Mellon monitors all its businesses, operations, technology, staff, and cybersecurity from its Cyber, Technology and Operations Center in New York, which deploys advanced monitoring, artificial intelligence and machine learning for detection and rapid response, helping to protect clients and their assets.
Reasons to Buy
Gain insights into BNY Mellon’s tech operations.
Gain insights into its tech strategies and innovation initiatives.
Gain insights into its technology themes under focus.
Gain insights into various product launches, partnerships, investments, and acquisition strategies.
Key Topics Covered:
Overview
Digital Transformation Strategy
Accelerators, Incubators, and Other Innovation Programs
Technology Focus
Technology Initiatives
Investment
Acquisitions
Partnership, Investment & Acquisitions Network Map
ICT Budget and Contracts
Key Executives
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