It’s now been 3 1/2 Years since BNYM initiated a high tech Digital Team to automate and streamline processes. We used to have regular updates on how great it’s going to be but it’s now been a few years with no news. Was this a four year program or something and if so are they planning a really big 4 year announcement this September?
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So there was a townhall this week. Did they actually say anything? Anything at all? All I heard was we are doing so much and this is great and we have wins. But that was it. Nothing underneath the stupid smiles. Waste of time and money.
So hard to know what to believe here but the only tangible deliveries seem to be bringing a few Front Office systems together which were already more or less together, migrating a few applications to a new Contract lifecycle management system with AI searching and new client inquiry system for OPs to look up clerical questions. These deliverables do seem to be fairly light coming up on 4 years of digital.
Think that @llk+1fXUcUhH has it right. There is indeed more activity for the Digital Initiative on Linked In than inside the Bank, while we remain mired in the early 1990s. At least we managed to get Exchange back after BONY converted us back to 1984 Lotus Notes.
@3njk+1fUv6iZd. The digital team needs to provide some achievements to our organization. We are now three years past the honeymoon. We've displaced so many competent technologists.
There is a time, and that time has come, to justify the investment. It feels as if we are working for the federal government… and not in a good way.
who cares...
@2wfo, Suresh stopped talking about Pershing and self driving cars long enough to mention block chain?
The digital team is also spearheading the firm’s efforts in blockchain production development? Weren’t we “spearheading the firm’s efforts in blockchain production” for 3 years under Suresh before he foolishly announced that we have “created our own currency”. So is it 6 years in now or was it a clean fresh start?
How do people get, and more than that, keep these lucrative jobs without any measurable deliverables? We have several hundred top flight engineers who could easily lead a digital project with actual results.
So much happening, so much hot air. Front Office Solutions is not a new product. It's simply a bunch of disparate activities that were fragmented across LOBs brought into one group because, as usual, the Bank was behind competitors. How much revenue is that crapbag bringing in? I'll give you one guess and another one for what FOS stands for ...
Also, same question about the strategic partnerships: how much revenue?
The Digital team was the driving force behind several big ticket growth or efficiency initiatives since you last saw an update. An entirely new product has been created (Front Office Solutions) which provides trade execution and transition management services to clients, and is a step forward in the firm’s efforts to gain more access to our clients’ front office wallet. The digital team is also spearheading the firm’s efforts in blockchain production development and liaises on our digital assets product offerings in Asset Servicing. Treasury Services is focusing on stablecoins and is partnering with our digital teams on bringing digital cash offerings to clients. Digital was only partly focused on process improvement, I’d say their biggest wins have been in developing new things to sell to clients rather than focusing on our internal ops groups and brining efficiencies there. A few efficiency projects I can think of that Digital has touched or headed are the contract lifecycle management program, which in part is a cleanup exercise but Digital has helped get a long term AI-powered repository put in place which will help sales and RM teams quickly find and utilize past contracts. Another is the transition to a new client inquiry system that allows for more streamlining within our ops teams that need to answer clerical questions about actions being taken on behalf of client instructions.
One last thing I’d call attention to is our Digital Partnerships group, which has built a suite of portfolio fintechs in the last few years which we’ve either partnered with to drive efficiencies or new products, or have made proprietary investments in these fintechs to generate an investment return. The most notable of these is probably Fireblocks, which is partnering with us to help build out our Digital Asset Custody offering.
Lots has happened in three years, just not all of it being blasted out to everyone in an email or focused on operations/process improvements. Digital has been massively helpful in accelerating our ability to have new offerings to sell to clients.
I got the middle digit update last January and haven't been happier.
The problem is that they got rid of all of the people who knew anything about records and digital information, and kept the ones that had been rated "BE" for several years because they knew how to suck up to management.
I see Roman posting blogs in linkedin. Blogging is the only digital initiative that is taken. I am sure he is been instructed keep all your digital initiatives in social media don't ever try to change the factory model of 18th century the way bank functions.