IMD & IRD Awards 2022: Best enterprise data management vendor—BNY Mellon

OVERVIEW

Data lies at the heart of investment decision-making, yet it is often difficult for those working across the investment lifecycle to access high-quality data. Common issues include data silos and fragmented technology, which often require complex workarounds to maintain existing processes. However, in today’s market, financial institutions demand larger amounts of data to differentiate themselves and require ever-faster methods to consume it. BNY Mellon seeks to address to these challenges with its Integrated Data Platform.

THE SOLUTION

BNY Mellon’s Integrated Data Platform combines data providers, internal and external vendors, and other third parties with its data-driven applications and solutions. A cloud-native offering that was built using Snowflake and Microsoft, the platform includes Eagle Data Management, Data Vault, and Data Studio. 

Using the platform, clients can access, connect and blend near-time information across their entire organization. It enables them to explore large datasets and create presentations, reports, and client communications using up-to-date data and eliminates the need for revision or reformatting. The platform also allows clients to plug in APIs, business tools and applications, as well as third-party and BNY Mellon’s own applications.

In June 2021, Data Vault was made available on the platform and provides notable enhancements. These include rapid data collection of large, complex volumes of data, thanks to Data Vault’s capability to rapidly ingest financial and non-financial datasets. It also aids connectivity of data across an organization, with clients able to blend external and internal data regardless of where the data is stored or any legacy systems used. Finally, the use of machine learning (ML) accounts for any out-of-range or missing data; once data is validated, it is stored in an intelligent catalog, which serves as a single source of truth for the entire institution’s data landscape. 

WHAT’S TO COME

BNY Mellon will continue to build and expand relationships with other ecosystem providers. It will also continue to develop connections with external APIs and applications across the investment lifecycle. A key focus will be to offer new exploration and visualization capabilities on the Integrated Data Platform to enable users to explore, experiment, visualize and analyze varied datasets. Using a no-code framework, clients can take control of data experimentation and identify patterns that can inform business decisions, while simple-to-use graphic representation enables users to cut data according to their needs. 

WHY THEY WON

BNY Mellon is the only end-user firm to win a category in this year’s IMD & IRD Awards, thanks to its cloud-native Integrated Data Platform. The offering has three prongs: Eagle Data Management, a decades old, tried-and-tested EDM platform that can be implemented as part of the Integrated Data Platform suite or as a standalone offering; Data Studio, designed to help firms analyze data and share insights across the business; and Data Vault, allowing users to blend large data volumes from multiple locations.