BNY Mellon will leverage the partnerships with three FinTech firms and one of the world’s largest hedge funds for new AI, machine learning and risk solutions.
Sibos 2019 in London saw several key announcements from securities services providers over the deployment of APIs, AI and DLT.
Custodians will have to hire new people to oversee and govern the deployment of artificial intelligence tools.
SmartStream deploys new technologies allowing business users to reconcile complex sets of data in seconds.
The appointments follow the recent addition of an artificial intelligence (AI) and robotics expert from State Street last month.
A UBS survey showed 87% of participants from banks with assets of $250 billion and above believe technology spending will increase annually over the next three years.
BNY Mellon has already made some progress in implementing robotics and machine learning to its asset servicing business.
Deutsche Bank is looking to further develop its digital capabilities, following the go-live of its chatbot Debbie last year.
Hedge fund administration has been cited as the perfect testing ground for new technologies, such as artificial intelligence and natural language processing.