Welcome to our new content series “Meet the Team,” which spotlights talented people, timely trends and innovation from different businesses at BNY Mellon. We’re kicking off the series with Doug Shulman, Senior Executive Vice President and Global Head of Client Service Delivery. He recently spoke with us about the benefits of artificial intelligence and robotics automation, what it means to be a technology company with a balance sheet, and how we partner with fintechs. An excerpt of our conversation is below.
How are you working with artificial intelligence and robotics at BNY Mellon?
I think we’re just in financial services starting to scratch the surface of artificial intelligence. If you think about artificial intelligence, it’s really a machine that keeps learning and emulates the human thought process and so it keeps evolving. If you think about robotics, you program in a rote set of very predictable actions and a bot can do that. We’re definitely running pilots using both.
We think of robotics process automation as just one tool in a smart technology toolkit. And so what we’re doing is working to match robotics with artificial intelligence, with optical character recognition, and again, all part of just building out this digital journey, that just all of our processes are undertaking and that all of our clients are expecting from us. We’ll use robotics to get the work done so that it can be done quickly so only the more complicated and complex issues go to a human being. I think that we’re pretty far along, but even though we’re pretty far along in comparison to other companies, it’s still early days.
So we’ve learned a bunch of lessons, first of all we thought maybe a bot could do the work in the US of pulling down data from a client’s website and we realized unlike a person whose going to sleep, bots don’t need to sleep. And so they can actually pull a triple shift. And so they can do 8 hours in the US, they can do 8 hours in EMEA, 8 hours in Asia, and then they can start all over again. And so, early on, we were talking about how many bots there were in production- we’re now learning, you know, that we might have a bunch of bots in production, but that we can actually take some of them out of production, because one bot could do the work that two bots were doing earlier. This is just part of our ongoing learning process.