BNY Mellon takes on big data
The American Banker said this week that BNY Mellon is taking on a major IT project that's reimagining everything about how the $1.4 trillion-asset bank stores, crunches, uses and delivers data.
The company will leverage big data--or what CIO Suresh Kumar says is the greater use of larger volumes of nontraditional, unstructured data and search analytics--to see their own business and relationship in a more collaborative manner in which information gathered for a single purpose can be crunched to help decisions enterprise wide.
The bank hopes, for example, to repurpose trade data to efficiently search cost-basis information, which is used to determine capital gain. The bank will be able to determine and provide intelligence about what a client is likely to look for in an effort to expand customer service for the person who's executing the trades.
Author John Adams said BNY Mellon is embarking on its project at a time when almost all banks are sorely behind in collecting and crunching customer and market information. "Entire retail industries are moving ahead of banking when it comes to reaching customers where, when and how they want to be reached," Adams wrote. "It's a holy grail that still eludes almost all traditional financial institutions, and it's why you hear so much about PayPal, Square, Movenbank, Google (NASDAQ: GOOG) and even Wal-Mart doing the innovative work in user experience that banks should be doing."
Through this big data project, BNY Mellon will enable centralized access to its data regardless of which data center it chooses for storage. The bank has data centers around the world and its strategy will be independent of physical location.
- see today's American Banker