A program of strategic technology investments is at the heart of BNY Mellon's ongoing commitment to empowering clients and reducing cost and risk.
Speaking at the recent Morgan Stanley Financials Conference, Brian Shea, CEO of Investment Services at BNY Mellon, reiterated the company’s goal of becoming the investment industry technology leader through a ‘digitization’ of the business.
“Around technology we are already getting more for less,” Shea told conference delegates. “We've generated around an 8% increase in our technology development capacity while our actual total technology expenses have declined – and we see those trends continuing.”
Through a shared vision and the leadership of Suresh Kumar, BNY Mellon’s Chief Information Officer, BNY Mellon's technology team is driving enhancements to both the client and employee experience. "We are extending our technology leadership across the investment lifecycle, positioning us to achieve our three strategic objectives: number one, to be the highest value provider of Investment Services globally; secondly, to be the industry service quality and productivity leader; and thirdly, to be the investment industry technology leader," Shea said.
Central to this strategy is the company’s next-generation ecosystem, NEXEN, which Shea described as “a real game changer for us and for our clients.” “NEXEN is going to help drive innovation, increase our speed to market and provide an outstanding client experience and a more consistent client experience across the entire suite of BNY Mellon Investment Services capabilities,” he said.
An “intelligent and secure” open architecture platform which will be rolled out in phases starting later this year, NEXEN will ultimately offer BNY Mellon’s clients a single gateway for all the investment services solutions the company offers, while also offering market-leading third-party applications that will be integrated into the platform.
“NEXEN will deliver integrated business solutions – ours and third parties – and other capabilities and data to our clients across all devices,” he added. “It will provide a consistent client experience regardless of the business unit, the region or the device that you use. By intelligent, we mean it will have application programming interfaces (APIs) which will enable our clients and selected third-party solution providers to render their own innovative solutions through our platform.”
Another pillar in the company’s technology strategy is BXP – the BNY Mellon Extreme Platform. A secure private cloud platform, BXP “is changing what's possible in terms of our client solutions,” said Shea. “Activities that used to take our development teams months or weeks now take minutes. We have 204 applications, almost 60% of our target application set, now up and running on the platform, and it's improving our development productivity and our speed to market for client solutions.”
In addition, fresh insights and new value for clients are being generated through Digital Pulse, BNY Mellon’s big data analytics platform, which enables the company to provide real-time information and create actionable insights to improve both its own and clients’ business performance. “Digital Pulse captures, stores and analyzes all the things we do – it already covers some 1 billion events monthly, and will continue to grow until ultimately we capture all of our processing events in the system,” said Shea.
“We're leveraging Digital Pulse to increase efficiency, to improve our client experience, to lower structural cost and risks and to generate new revenue from our business intelligence services. As an example, we're already applying business intelligence to mutual fund distribution analytics and fund flows to collateral optimization to securities finance availability and to liquidity management to help our clients manage their cash more effectively.”