As part of our “Meet the Team” series, we sat down with Doug Shulman, Chandresh Iyer, Jon Theuerkauf and Jeannette Osterhout for a roundtable discussion to hear their thoughts about the industry. In this final of three parts, the team talks about the role of artificial intelligence, collaborating with fintechs and the importance of resiliency. Some excerpts of our conversation are below.
On the evolution of artificial intelligence
Doug Shulman, Senior Executive Vice President and Global Head of Client Service Delivery: The way I always think about all our smart technology is how can we give our employees tools to free them up to do the harder analytic work, to interact with clients, and to really add value where a machine can actually do something else that the employee doesn’t have to do, so they're freed up. My favorite example of artificial intelligence with robotics is we have a lot of inboxes that clients either send a question or they look for a transaction, and because of the size of our organization that can be voluminous and then we need to route that to the right place. We used an artificial intelligence algorithm and six months of data to look at an inbox and see where was the most efficient place to route something, so if we sent it this way it took 12 hours to resolve; if we sent it this way it took 24 hours to resolve. We then used robotics attached to it to actually resolve some of the things, if you just need to pull a piece of data, and then it would actually get routed to a person if you needed to do the higher value work. I think the future is – people love to talk about artificial intelligence or robotics, or workflow. I think it’s packaging them all together and figuring out how you use technology to better serve the client, make it easier for the employee to do their job, and make it more efficient for everybody.
Jeannette Osterhout, Managing Director of Strategy and Planning: Ultimately it’s about robots or bots sitting side by side with our employees, so if you take a future of fund accounting, you'd see bots doing the rules-based work, you'd see machine learning helping us learn and become smarter over time, and their content is really focusing on the more complex pieces of that work.
On BNY Mellon’s aspirations for resiliency
Chandresh Iyer, CEO of Alternative Investment Services and Structured Products: Risk and resiliency is part and parcel of our life. I think it is fundamental to our very existence and I think that just is part of our fabric within the organization. I think if risk is not front and center, I think that just underlines our core tenets of trust. Risk and resiliency is just the way we think about how we deliver services, and it is just part of our day-to-day being.
Jon Theuerkauf, Managing Director and Group Head of Performance Excellence: All the way down to the frontline individuals, so one of our programs is our Five Habits programs, and in one of the habits is around standard operating procedures. In order for people to become an accredited team that receives their bronze level accreditation this year, they have to go through all their standard operating procedures on those teams to make sure that they have everything in place, that they are all up to date, that the way they say they are doing their work on paper is the way they are actually performing that work, and that includes their control checks. We have taken it very, very seriously within operations, which I think is just a reflection of the overall bank.