BNY Mellon announced today that it has been named winner of the NOVA Award for Innovation in Technology for its Robotic Process Automation (RPA) program. NOVA Awards, sponsored by NICSA, recognize excellence in innovation and leadership within the asset management industry.
The award follows an earlier recognition by RPA technology firm Blue Prism for “Best Use of Blue Prism to Deliver Business Value,” honoring the business benefits, greater ROI, improved customer experience, top-line growth, mitigated risks, and increased customer retention delivered by BNY Mellon’s RPA Program.
“We continue to innovate with smart technologies to be more efficient and better serve our clients,” said Doug Shulman, BNY Mellon’s Global Head of Client Service Delivery (CSD). “Automation via robotics is one way we are automating our processes and freeing our people up to do more valuable analytical and client services work.”
BNY Mellon’s RPA program began with tightly controlled pilots at the start of 2016. By the end of that year, over 150 bots were in production. The program has continued to grow through 2017 to over 250 bots in production. It has delivered measurable improvements to quality, and efficiency by automating certain manual processes.
BNY Mellon is also beginning to explore the use of Artificial Intelligence as a way to complement RPA. While RPA extends people’s reach and speed in handling data, AI can take it one step further, and help people make better decisions.
“Fast forward 10 years,” said Shulman, “and a number of smart technologies—from robotics to artificial intelligences to natural language processing—will change the way banks run. These technologies are still in their early years, but they will drive major innovations in our industry.”
NICSA is a not-for-profit trade association that connects global asset management industry participants in order to develop, share, and advance leading practices. It was founded in 1962 as an informal forum for operations and shareholder service professionals in the mutual fund industry, under the name National Investment Company Service Association.
For over fifty years, the Association has offered a collective, timely view on evolving themes shaping the financial services industry. Deep expertise and unique perspectives come together in an open and collaborative environment to tackle the strategic implementation of the industry’s most vital issues.