BNY Mellon Partners with Microsoft for Data Management
Posted by Colin Lambert. Last updated: February 7, 2024
BNY Mellon and Microsoft have announced a partnership to develop a new data management platform using the banks analytics and data capabilities and the tech giant’s Azure cloud solution.
The firms say the alliance, which will operate on a global basis, will help enable financial institutions to navigate complex market dynamics with precision and agility while enhancing risk management and optimising operational efficiency. As part of what is an expanded collaboration, the two companies will look to explore how artificial intelligence (AI) technologies can be incorporated for improved productivity and better-informed decision making. BNY Mellon will also migrate its data and analytics workloads to Microsoft Azure.
As part of the arrangement, BNY Mellon will take advantage of multiple technologies from Microsoft to develop data management and software products tailored to the unique needs of capital markets firms. This includes data and analytics associated with increasing investments in private markets and alternative assets. The bank says the integration of these advanced analytics capabilities will provide its clients with near real-time, data-driven decision-making tools that can help improve agility and adaptability in the fast-evolving capital markets landscape.
The collaboration will also accelerate the release of BNY Mellon’s next generation data and analytics cloud-based Software-as-a-Service (SaaS) offering. The bank says this will help clients fast-track their asset onboarding and take advantage of optimised data and analytics at scale, and provide them with continuous integration and delivery of new features and upgrades.
“The technology and data ecosystems are becoming more complex, competitive and cost-intensive for our clients,” says Akash Shah, chief growth officer, BNY Mellon. “Combining BNY Mellon’s data infrastructure and analytics services with Microsoft’s cloud solutions will provide our buy side and sell side clients with a leading data management solution designed to offer deeper insights and actionable data that can help improve their investment performance, distribution reach, and risk management.
“For 240 years, we have been building new solutions to help our clients grow their businesses, and this is the latest step towards making investing more effective, easier, and less expensive,” he adds.
Karen Del Vescovo, US financial services lead, Microsoft, adds, “The collaboration with BNY Mellon sets the stage for a new era in capital markets, where the fusion of data analytics and emerging technologies, such as AI, powers unprecedented platform innovation and provides an ecosystem of capabilities across investment and data lifecycles.”