BNY Mellon's Pershing launches new big data analytics
BNY Mellon's Pershing unit has launched new big data analytics capabilities to help advisors improve processes, find income opportunities and perform new benchmarking analyses. The new services are available through Pershing's NetX360 platform.
The capabilities come as advisors and wealth managers are facing increasing pressure from tech-savvy robo-advisors to compete in data management and analytics. Pershing, which along with its affiliates provides global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers, says the data tools were designed to help advisors proactively anticipate and address client needs.
"We've seen big data being put to work in other industries in ways that help businesses better understand their clients and improve business outcomes," said Patrick Yip, director of advisory market technology strategy at Pershing. "Big data doesn't just allow us to see more, it allows us to see things better and differently."
The new big data tools deliver several very different types of analytics. A dashboard tool predicts potential retention issues through a visual view of a firm's incoming and outgoing customer account transfer totals. The analytics summarize the outlook for retention risk, helping firms mitigate attrition.
A data tool called OpportunityView for Fully Paid Securities, introduced in beta last summer, uses big data analytics to identify fully-paid securities lending income opportunities for qualified investors on a daily basis, and match them for consideration against every position across all qualified clients. The solution automates and streamlines a traditionally manual and time-consuming task, reducing the process to a single click.
The new big data analytics tools also include dashboards that allow advisors to visualize or benchmark trends related to their job functions. The dashboards cover functions such as client segmentation, comparisons based on active and new accounts, and top households by assets under management.
"We continue to invest in big data to deliver innovative solutions to help our clients be more productive in running their business and more effective in servicing their clients," Yip said.
- read the PRNewswire release
BNY Mellon says its move to cloud-based API infrastructure is already yielding results
Northern Trust readies for potential trickle-down effect of robo-advisory on fund administration