It will take a couple of years for BNY Mellon to cleanse its data so it can be used across the company, according to the bank's global head of digital partnerships, Lucien Foster.
“We are creating a data lake for ourselves and that is really the foundation of what the digital group is looking at and hydrating that lake,” said Foster on the sidelines of the Capital Markets Innovation Summit conference in central London. “It is a multiyear process, but it is about cleansing, normalising, and taking the data in a way that can be usable across our business units. It is an internal facing exercise.”
Earlier in the conference Mohammad Zaraket, the bank's EMEA digital lead, said it was in the final stages of building a second data vault for its customers, allowing them to use BNY Mellon data as well as third-party data in a single platform.
“We are creating a new business that is data analytic solutions. We already have the [data] feeds in different places, but now what we are doing is bringing this part, as data gets normalised and cleansed on one side and bring it to one single place… that vault is actually data agnostic,” said Zaraket.
On September 18, BNY Mellon announced it would be integrating its “data, analytics, and servicing capabilities with AIM, Bloomberg’s portfolio management, trading, and compliance solution.”
Later, on the sidelines of the conference, Zaraket said the client data vault would have an additional application allowing customers to generate analytics from the data.
“The studio is basically a place where now you have all the data in place, if you want to directly play with this data you can have some tools in there that your data scientist can do whatever they want to do to curate some insights from that data,” he said.
When new initiatives are underway, Zaraket said on the panel, each part of the organisation must bring a digital representative to distribute news of developments back to their side of the business.
“We ensure that every single business brings a digital representative for their business who will work directly with our team and has a reporting line to our digital officer,” he said. “So, whatever we do, whether it is to ensure that if it is only a business need being met, or if it is cross department and cross businesses those digital leads are aware of what is happening across the companies, and they are bringing the same message within the same style of organisation that they may have.
“So we slowly end up moving from that silo and end up away from the situation where in the past many thought we had the same solution existing somewhere else but just nobody knew it was the same thing happening,” said Zaraket.
Efficiently onboarding fintech vendors is becoming a priority, according to Foster.
“We are actively streamlining that [onboarding] process to bring them into our innovation centres, which is actually the physical location where the development will take place but then provide them with a sandbox environment with either cleansed data or even just dummy data that is in the right format so that the testing can take place very quickly,” said Foster on the panel.