Hedge fund administration has been cited as the perfect testing ground for new technologies, such as artificial intelligence and natural language processing.
The bank has already automated 40 processes through RPA for its securities services business, and is looking to deploy AI in a number of client-facing areas.
BNY Mellon will build a global digital team across the bank, with the aim to attract new talent and setting its strategic digital direction.
Having been dramatically oversold, custodians are becoming more rational in what robotic technologies can and cannot be used for.
Asset manager panellists at Fund Forum have seen a change in mindsets towards AI, but remain wary around full-scale adoption.
Trades by JP Morgan and Citadel processed by ‘no-touch’ platform designed to remove post-trade manual processes.
The partnership signals how banks are now more open to FinTech collaboration enhance non-differential processes in the middle- and back-office.