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.
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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."
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