BNY Mellon’s technology arm, Pershing X, is looking to migrate its data and applications to the cloud to scale its wealth management platform, Wove.

Pershing X’s Wove, launched in June, integrates with technology tools to build data reporting analytics and financial plans, and for billing, trading and rebalancing, according to a BNY Mellon release.

The migration to the cloud will help Pershing X attract more clients to the platform as cloud-based operations add efficiency by bringing data storage to a centralized location, Sarah Chain, head of digital product at Pershing X, told Bank Automation News.

To make the move, Pershing X is looking to data cloud computing company Snowflake to move their data and applications to the cloud — a deal made in April, according BNY Mellon’s April press release.

Other financial institutions, including Citizens Bank, Fifth Third and Wells Fargo, are also looking to the cloud for efficient operations.

Citizens Bank, for one, is working with Amazon Web Services and Equinix to move all of its operations to the cloud by 2025 to reduce data server costs, Chief Information Officer Michael Ruttledge at Citizens Bank previously told BAN.

Wove has been in beta testing for six months and is looking to onboard not only new clients, but also clients who have used Pershing’s advisory applications in the past, Chain said.

“We really feel like that will help us not only be able to enhance our platform faster but provide a significant quality data set of data solutions for our clients,” she said. “You know, I’m really looking forward to being able to scale, being able to move faster as far as how we’re delivering and enhancing the platform.”

Cloud and AI

Pershing X is also looking to AI to deliver product enhancements, Chain told BAN. The company plans to provide personalized financial planning to clients through the technology.

It is doing so by working with AI-driven financial advice delivery software company Conquest Planning and through the launch of its AI-driven financial planning tool, Strategic Asset Allocation Management — which went live last month.

For the remainder of the year, more features and tools will be added to the Pershing X platform as client needs arise, Chain said.