BNY Mellon
Nominated Award: Best Application of AI to achieve Social Good and Best Application of AI in a Large Enterprise
Website of Company: www.bnymellon.com
For over 230 years, Bank of New York Mellon (BNY Mellon) has been at the center of the global financial markets, providing the world’s leading institutions the tools, capabilities, and services to be distinctive investors. BNY Mellon has approximately $15 billion in revenues and market capitalization of approximately $50 billion.
BNY Mellon is a leader in the world of investment services and investment management, and our businesses support the full range of stakeholders of the financial system including:
• Managing the custody of over $31 trillion financial assets of the world’s leading institutional investors, hedge funds, sovereign wealth funds, and corporates
• Investing over $1.8 trillion as one of the largest global asset managers across a wide range of asset classes
• Providing collateral, liquidity, and funding for the world’s largest banks through our markets franchise
• Serving family offices and high net worth individuals in our top 10 wealth manager ($250 billion assets)
• Providing a full suite of solutions to advisors, broker-dealers, family offices, hedge and ’40 Act fund managers, registered investment advisor firms and wealth managers (over $1.8 trillion in client assets) • Advising large global corporations on a range of trust and other solutions Providing integrated managed data services to asset managers (over $4.7 trillion)
In addition, BNY Mellon is a strategic partner to a variety of financial technology companies and a convener of influential industry and market structure forums.
What we are doing: We launched just over two years ago a global digital team, led by Roman Regelman, a former BCG partner who drove a number of large scale digital transformations for global financial services clients.
The Digital team drives BNY Mellon’s core digitization strategy and is responsible for mapping our digital future, investing in digital client and internal capabilities, including data management, analytics, artificial intelligence, machine learning, blockchain and others.
Reason for Nomination
Enabling our clients make ESG-aware investments.
BNYM’s ESG Data Analytics application is a cloud-based application that mass-customizes investment portfolios to clients’ individual ESG factor preferences.
ESG ratings for investable instruments against different ESG subcategories are provisioned by a number of third party providers. Along with the ratings or scores, these third party data providers define their own ESG taxonomy to organise ESG subcategories under Environment, Social, and Governance pillars. On the other hand some ESG taxonomies are recommended by public governance bodies like the UN (UN Sustainable Development Goals taxonomy). The AI/ML and data science at BNY Mellon, led by senior data scientist in the Dublin office, used natural language processing (NLP) to map different ESG taxonomies in real time, which enables the end user to view ESG subcategories mappings across different taxonomies. This enables end users of our ESG app to analyse investment portfolios across different measurement regimes.
Product website: https://www.bnymellon.com/us/en/solutions/data-and-analytics/esg-analytics.html
BNY Mellon is the largest global custodian and the oldest US bank. Its presence in Ireland includes an AI/ML and data science team that is growing in size and gaining more visibility across the bank, and also expanding its reach to the local ecosystem such as universities (UCD, Trinity, DCU, UCC, MTU, NCI), data science communities, and start-ups. BNY Mellon started to organise face to face meet- ups on various topis (e.g. data science, diversity driving innovation) for the first time in Ireland during 2022 and to invite data science students for site visits.