Data Management

10:00 AM
Connect Directly
Facebook
Google+
LinkedIn
Twitter
RSS
E-Mail
100%
0%

BNY Mellon Aims to Tap Data Science Talent In Silicon Valley

Looking for new ideas and talented data scientists, BNY Mellon has opened an innovation center in Palo Alto.

There are many financial services organizations who talk about innovation and technology, but only a few actually takes steps to explore all that newer technology can offer.

One financial firm, BNY Mellon, has recently opened up an innovation center in Silicon Valley to complement existing innovation centers in Jersey City, New Jersey; and Pune and Chennai in India.

The new facility will focus on big data tools and data sciences, cloud technology, mobile offerings, and decision science/analytics, according to Michael Gardner, managing director and head of the company's Silicon Valley facility. "We are looking to apply data to real business practices in financial services," Gardner said during an interview with Wall Street & Technology at the Palo Alto facility. "We are looking to do more than just apply data science in the [web] consumer space," where a lot of focus is on gaining page views or clicks. "We are looking at groundbreaking ways to apply data." For instance, Gardner describes many existing big data initiatives to be very narrowly focused, such as increases click throughs or enhancing sales opportunities. Banks, however, have much more robust data on customers and transactions, but haven't yet tapped into the potential that data science has in financial services.

BNY Mellon has existing projects focusing on data analytics, but it is looking to enhance existing analytics capabilities by bringing in fresh perspectives from Silicon Valley. "When you look at data analytics, it isn't like BNY Mellon doesn't know about [big data]," Gardner said. "But there are people in Silicon Valley who are two to three years ahead" of where many enterprises are with data analytics, he says. "That is why we are here. Silicon Valley has a great pool of talent."

Gardner says that the BNY Mellon Innovation Center in Palo Alto will have approximately 20 developers by the end of this year and almost 100 by the end of 2015. In order to compete for talent with Silicon Valley behemoths such as PayPal, eBay, Apple and Google, Gardner says BNY Mellon is partnering with universities, such as University of California, Berkeley, and is also offering potential employees something different than what is found at many technology organizations. "Berkeley just started two new data science programs," Gardner noted. "There are world class students here and data science is really just an emerging field. It has a long way to go."

Also, Gardner said the potential uses for BNY Mellon's data repository gets many developers excited. "Developers want to work on something that matters," he added. "We let them know the impact they could have on real business opportunities. Engineers want to have an impact and they want their code to be valued. Once people understand that BNY Mellon's private cloud almost powers one quarter of the global economy, they start to get excited."

Having a presence in Silicon Valley will help BNY Mellon as it looks for talent. "There is a global shortage of technology talent," Gardner said. "It's not as if Silicon Valley has a monopoly on innovation and talent. At the same time, you can't mandate that a company be innovative. That doesn't work. Every company is struggling to find good talent. It certainly doesn't hurt BNY Mellon to be here. It helps."

Gardner was most recently was with Apigee Inc., where he led research and development, support, security, and cloud operations. Previously, he held executive-level engineering posts at various startups and public companies in Silicon Valley, including LiveOps and eBay. He will lead BNY Mellon's efforts to foster collaborative innovation that leverages advanced and prototype technology to develop new offerings, improve customer service and reduce time-to-market.

"BNY Mellon already is known for being a foremost provider of technology solutions and infrastructure for the world's capital markets," Gardner said in a statement. "Through our connection to this community of open collaboration, we can further our promise of technological excellence by bringing new technologies with practical and proven business uses to market more quickly."

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
MedicalQuack
100%
0%
MedicalQuack,
User Rank: Ninja
12/2/2014 | 1:04:59 PM
Re: The California Code Rush...
They're already doing a bit of it, they buy the data from Mastercard and Visa.  Time for all to wake up and look at B of A, CIO of the year..you bet they are into to this, it's easy algo money. 

This is what we call the data selling for profit epidemic, not real noticeable as it goes on behind the scenes but it's pretty massive.  I have had conversations with the World Privacy Forum on this and we are in total agreement.  As a matter of fact I have a campaign to get a law passed to require all personal data sellers to be licensed so we know who they are.  43% of of marketers sell data and then they repackage us. 

My campaign won't stop data selling but will make it transparent so consumers have a look up to see who sells what kind of data and to what kind of companies, pretty straight forward and it's a start.  This is why all privacy fails as all the experts that talk about it, have no data mechanics logic and their perceptions are off, especially lawyers as all they do is verbiage.  I've been working on it for 3 years and regularly write to members of Congress and a lawyer at the FTC about it. 

If you like, kick in a few dollars to help as it sure would be appreicated.  Just read the other day most consumers don't know what a data broker is so they are hard pressed to see the rest of what's going on out there.  I call it an epidemic. 


I told my readers 2 years ago about the voice algorithms used to determine your current state so again it's what folks want to see at times too, I get that and some choose to be bliss but today what you don't know can hurt you.  I've been a victim of flawed data selling myself so there's the motivation in the detailed work on this, it's there.  With repackaging data bases, you get queried into a new data base with a combination of two and if the flawed data is in there, it pops back up again after you as a consumer on your own dime, get it removed, very frustrating and very sloppy data work to say the least as they don't care, flawed data gets the same price as good data sadly. 
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
12/2/2014 | 12:28:25 PM
Re: The California Code Rush...
Yikes, that is some pretty scary stuff. Hopefully banks don't go crazy with selling data. Customers will definitely backlash against that.
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
12/2/2014 | 12:28:11 PM
Re: The California Code Rush...
Yikes, that is some pretty scary stuff. Hopefully banks don't go crazy with selling data. Customers will definitely backlash against that.
MedicalQuack
50%
50%
MedicalQuack,
User Rank: Ninja
12/2/2014 | 11:33:55 AM
Re: The California Code Rush...
Yes, agree that's the issue, better customer service but that's an overhead and the data selling epidemic in the US is in full swing.  Look at how MasterCard has just blown it out of the water with your transactions being available for almost anyone to buy and the bragged about it too before they opened the NY ecommerce center. 


It's part of what's wrong with the economy with data selling.  In the health insurarance business they use software that releases a million agorithms to evaluate your current state of mind when you are on the phone with them.  It was originally developed in Israel and I followed it along a bit with the progression and we have a double sell here with it.  Originally the software was to help match callers with call center folks that would do best handling their calls.  It may still do that too but I hear a lot of complaints and what they don't tell you about this software is that it makes a file analyzing your voice and then they turn around, score it, and sell files to the tons of behavioral folks out there that mess with this type of stuff for studies, etc. 

Every time I write about it the Univ of Minnesota certainly pings my site as they store the algorithms that analyize your current state on the phone and I don't think they like a lot of publcity on it. 

You can look up my post on it and I used a good video with Christopher Steiner talking about the software was well..the million algorithms.  So it's probably the double sell here but selling data and the easy money is purely the motivation of all of this when you see the likes of Walgreens and CVS making 1-2 billion a year, just selling data:)  MasterCard with their data selling revenue I might guess is offsetting some of the defaults on credit cards with this big revenue stream too:)  Use Steiner as a search word on my blog and you can find information on this or I have a link on my Killer Algorithms page too, and search that on Google too as it's a collection of videos from folks smarter than me telling the layman what's going on in algorithm world behind the scense that you can't see:)

 

 

 
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
12/2/2014 | 11:16:13 AM
Re: The California Code Rush...
Yes, a number of traditional companies have established centers in Silicon Valley. And, as people have been saying for the past few years: it's all about the data.

Technology has advanced to the point where enterprises can actually do something with the data sitting in their data centers. If a bank goes ahead and sells its data, it might anger its customers. But if it uses data to provide better service, or better products, then I think most people will be OK with it.
MedicalQuack
50%
50%
MedicalQuack,
User Rank: Ninja
12/2/2014 | 11:08:22 AM
The California Code Rush...
There was another bank too who opened up a lab in Silicon Valley too, and it's the California Code rush as I call it.  Everyone wants code, code and more code.

CVS doing the same thing except they are doing one in both Boston (another code area) and in Silicon Valley so they can maximize their in house data and sell more personal data.

By comparison too you have insurers running more cash for code contests and look at the marketing here from United Healthcare..write code for us for free now and get a ton of recogntion and help us gather more information on the very important 50+ crowd.  We know what that's all about too, need more data and consumer scoring to sell as United is one of the big leaders w/selling consumer data.  ARRP is partnered in here too:)

Silicon Valley technologies have done a great job with mining consumer data and know how to make money off it and thus when you here "e-commerce" today, well there's part of your translation, more data to sell and market. 

 
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
5 Things to Look For Before Accepting Terms & Conditions
5 Things to Look For Before Accepting Terms & Conditions
Is your corporate data at risk? Before uploading sensitive information to cloud services be sure to review these terms.