BNY Mellon has formed a strategic alliance with Microsoft to offer its buy and sell side clients a cloud-based data and analytics platform.
Under the deal, BNY Mellon will use Microsoft technology to develop data management and software products tailored to the needs of capital markets firms. The integration of advanced analytics capabilities will provide BNY Mellon's clients with near real-time, data-driven decision-making tools.
BNY Mellon's data and analytics suite will also be fully available on the cloud through its SaaS offering.
Meanwhile, the partners will explore how AI can be incorporated for improved productivity and better-informed decision making.
Akash Shah, chief growth officer, BNY Mellon, says: "The technology and data ecosystems are becoming more complex, competitive and cost-intensive for our clients.
"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."