BNY unifies tech solutions in Q2

BNY is unifying products and solutions on its platform to ensure its investment capabilities are readily available to clients in one place. With BNY’s capabilities all in one place, the financial institution has created a more streamlined and cost-effective tool for wealth advisers that brings together Pershing, investment management solutions and BNY Mellon Advisors, according to a June 4 release. "Our team is in full execution mode and we’re starting to demonstrate the power of our franchise and of operating as one BNY for our clients and shareholders,” Chief Executive Robin Vince said July 12 during the bank’s second-quarter earnings call, noting, the New York-based financial institution is “delivering the whole of the company.” For example, Pershing, the bank’s clearing and custody service provider, is now “very much at the heart and benefiting from that integration with all of the other capabilities that we have,” Vince said. Clients can access multiple BNY capabilities on one platform to: [caption id="attachment_57374869" align="alignright" width="300"] (Courtesy/BNY)[/caption] Manage accounts; Allocate assets; Manage investment products and customizable tax solutions; Utilize the Wove investor tool; and Access custody and clearing services. “This is a comprehensive, unified package leveraging the breadth of BNY to make clients’ wealth advisers' lives easier,” Vince said. BIGGER PICTURE: As the bank unified its platform in Q2, it also added tools to Wove, the wealth management platform provided by BNY’s tech arm Pershing X, Noam Tasch , head of revenue at Pershing X, previously told Bank Automation News . “Wove is a very big investment for us in terms of technology over multiple years,” Chief Financial Officer Dermot McDonogh said during the call. In June, BNY added the following tools: Wove Investor: A tool that allows investors to view information from multiple accounts in one place. Wove Data: A cloud platform designed for C-suite executives at wealth management firms to manage data and gain insights. Portfolio Solutions: A time-saving tool that boosts research efficiency. BY THE NUMBERS: BNY reported in Q2: Software and equipment expenses increased 6% year over year to $476 million; Total revenue at the bank increased 2% YoY to $4.6 billion; and Noninterest expenses fell 1% YoY to $3 billion. TRANSACTION: BNY announced an agreement with pan-Asian life insurance group AIA Group Limited , according to a July 12 BNY release. “AIA has announced that they will implement BNY’s special investment operations, data management services and technology with BlackRock ’s Aladdin to create a connected and scalable ecosystem to support the company’s evolving investment activities,” Vince said on the call. FORWARD LOOK: BNY is also innovating and developing new products and solutions for international clients, McDonogh said. “The international business is also a key growth opportunity for us,” McDonogh said. MARKET REACTION: Shares in BNY (BK) were up 5.2% at market close on July 12 to $64.69. BNY Mellon has a market capitalization of $48.4 billion. [stock_market_widget type="inline" template="generic" assets="BK" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" realtime="true" api="yahoo-finance"]. Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here . Editor’s note: Bank Automation News has updated this story to correct the spelling of BNY CEO's name Robin Vince.

BNY unifies tech solutions in Q2

Software, equipment expenses increased 6% YoY to $476M

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BNY unifies tech solutions in Q2

Software, equipment expenses increased 6% YoY to $476M

Wells Fargo invests in branch tech

Goldman optimistic about AI financing

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