BNY Mellon's concrete Big Data plans
Without a doubt, Big Data is the buzz-term of the year.
The idea has taken hold at the conceptual level, and not just in the financial services industry. All of a sudden, everyone wants to play Moneyball and sing the praises for polling guru Nate Silver. In the financial services industry, people have been on the lookout for more actual applications of Big Data, anything that takes us beyond the rhetoric and into real world implementation.
This brings me to BNY Mellon, which has embarked on an ambitious overhaul of its IT infrastructure, with Big Data playing a leading role. The goal is to deploy data more strategically. A BNY Mellon executive explained to btn that, "For example, for regulatory purposes we had to keep certain transaction and customer information that could help serve clients in other ways. But for the most part, we would only use the data if a regulator asked for that information. But why can't we use that for other purposes?"
The bank "hopes to repurpose trade data to efficiently search cost basis information - or the original value of an asset for tax purposes adjusted for splits, dividends and return of capital distributions - which is used to determine the capital gain. By obtaining this information, the bank plans to determine and provide intelligence about what a client is likely to look for in an effort to expand customer service for the person that's executing the trades."
As part of the new Big Data project, the bank aims to break down data silos, enabling "centralized access to its data regardless of which data center it chooses for storage."
To some, all this starts sound a little like a Holy Grail solution. It's all been before in vendor marketing. Still, the BNY Mellon project will be closely watched across the industry.
- here's the article