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BNY Mellon announced a collaboration with Accenture to introduce new services across private markets and wealth management technology at a faster pace.
It combines Accenture's data, artificial intelligence and platform engineering expertise with BNY Mellon's comprehensive financial data and analytics services.
The initial focus is on data management and analytics product development and delivery for the companies' joint clients. They plan to collaborate further on bringing newly developed services to market.
"Transforming how organizations better manage and leverage increasing volumes of data is a priority for BNY Mellon," Akash Shah, chief growth officer, said in a prepared statement. "By harnessing the latest technology and our shared expertise with Accenture, we can support clients in transforming their operating models to utilize the power of their data to drive efficiency and growth."
It is the latest such announcement by BNY Mellon as part of its technology and ecosystem strategy that focuses on building new solutions to help clients growth their businesses. In February, BNY Mellon's Data & Analytics announced a strategic alliance with Microsoft, focused on developing next-generation data management and software products tailored to the unique needs of capital markets firms.
BNY Mellon said the business is a long-established provider of software, data management and an analytics platform for capital markets with $47 trillion data assets on the platform and more than 800 clients.
The Bank of New York Mellon Corp. (NYSE:BK) was created in 2007 through the merger of the Bank of New York and Pittsburgh-based Mellon Financial Corp. It is the second-largest bank in the Pittsburgh metro according to deposit market share. BNY Mellon is scheduled to report first quarter 2024 earnings on Tuesday.
Accenture is a professional services firm operating internationally. Based in Dublin, Ireland, it has a U.S. headquarters in New York.