BNY Mellon Launches Digital Content Experience to Explore How Digitalization is Transforming Correspondent Banking

SYDNEY, Oct. 23, 2018 /PRNewswire/ -- BNY Mellon today released a special edition "magazine" at the Sibos conference in Sydney. The content explores how rapid digitalization has affected correspondent banking and how it will shape the future.

"Digital Technologies and the Future of Correspondent Banking – Where are we headed?" features exclusive articles authored by BNY Mellon subject matter experts in Asset Servicing, Treasury Services, and Technology. It also offers an integrated content experience with print articles, a downloadable app, and rich digital features for additional depth and insight, including an interactive wall in BNY Mellon's booth at Sibos.

As part of this launch, BNY Mellon conducted a poll of 72 Treasury Services global bank clients. This research found that 76% of respondents to date believe emerging technology will have game-changing impact to the way they conduct business. Visitors can add responses to this survey using the interactive wall and see updates to the results in real time.

The digital articles explore the survey results as well as whether financial institutions are doing enough to digitally transform themselves; how open banking, distributed ledger and Real-Time Payments are transforming payments; and how emerging technologies such as the Internet of Things and artificial intelligence are re-shaping the trade business. Other key topics include the next generation of custody services; the recent rise of cryptocurrency as a new asset class; the changing regulatory landscape; and the interplay between disruption and partnership with banks and fintechs.

"SWIFT's theme for Sibos, 'Enabling the Digital Economy' is both highly relevant and timely," said Paul Camp, Chief Executive Officer, BNY Mellon Treasury Services.  "Around the world, our clients are all embarking on their own digital journeys, across industry segments and across geographies.  BNY Mellon's goal is to enable our clients to be successful, to be their partner-of-choice both for their objectives today, and for their strategic business priorities going forward. We are committed to and investing in digitizing financial services and are proud to share our insights with our clients and the broader industry using a digitally innovative format to do so."

Among the survey findings discussed in the articles, two key highlights emerge:

• Internal resource constraints that slow or prevent adoption
• Lack of understanding about the potential use cases for banking in the Internet of Things, analytics and business intelligence, blockchain and distributed ledger technology, artificial intelligence, machine learning, and natural language processing.

BNY Mellon's research also showed that more than half of respondents believe Real-Time Payments, SWIFT gpi, and Cross Border Real-Time Payments can be fully implemented in two years or less. However, two-thirds of respondents cite a need for internal infrastructure upgrades to help ensure the successful implementation of these enhancements and services. As institutions consider outsourcing technology development, more than 80% believe that third-party reputation and customer service are the most important factors in helping to determine the right partner. The interactive content of the magazine provides insight and guidance on these questions.

To learn more about the content experience and the Treasury Services global bank client survey results, please visit our website here, or at booth number F12 if you are attending Sibos.

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of September 30, 2018, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Contact:                      

Cheryl Krauss
+1 212 635 8176
[email protected]

Frank Pinto
+1 917 309 1065 
[email protected]

SOURCE BNY Mellon

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