Bank of New York Mellon (BNY Mellon) has set up a technology lab in Stanford Research Park in Palo Alto, Silicon Valley, with an aim to enhance digital offerings.
The lender will appoint 20 employees by this year end and eventually ramp up recruitment efforts in the next year, reports The Financial Times.
Go deeper with GlobalData
The employees of the lab will work on a host of technology projects such as Digital Pulse, which is the bank’s initiative to assess its big data.
Michael Gardner, designated as head of the centre, said that through this centre, the lender intends to tap into the collaborative culture that pervades the technology landscape.
Suresh Kumar, BNY Mellon’s chief investment officer, said: "We’re looking at the disruptions that are taking place in other industries – publishing, transportation, hospitality – and now you see a lot of disruption in the payment space and finance. We can’t wait for someone to disrupt us and then react. We need to be in offensive mode here."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
