PHOENIX, June 12, 2019 /PRNewswire/ -- BNY Mellon's
Pershing ("Pershing") today announced a series of strategic
initiatives to help clients accelerate digitization of their
business models. The initiatives around automation,
integration and digital experiences will transform the way
financial professionals conduct business on the Pershing platform,
helping them drive efficiencies and deliver a better client
experience.
"Rapid advances in technology are changing expectations and
creating new pressure points for our industry," said Ram Nagappan,
chief information officer of Pershing. "The need to operate with
speed and efficiency is becoming more profound, forcing firms to
modernize technology and digitize service. The initiatives we have
underway are designed to help clients achieve their transformation
goals and deliver on the promise of exceptional client
experiences."
A top priority for Pershing is streamlining the service
experience to help firms become more customer-centric and drive
profitable growth. To achieve that goal, Pershing is focusing on
two main areas: 1) streamlining and digitizing the wealth
management journey and 2) delivering differentiated experiences
through open integration.
Streamline and digitize the wealth management
journey
Pershing's efforts around new digital solutions and
advanced technologies will enable clients to spend more time
delivering value-added services to investors. Among these
initiatives are:
Streamlining client onboarding to enable advisors with
multiple account opening capability, expanded e-signature
opportunities and a client-centric framework for client-based
versus account-based views. In addition, for firms looking to
customize forms, Pershing is integrating a dynamic forms solution
with fewer pages and signatures and increased flexibility. These
enhancements will deliver advisors an industry-leading, end-to-end
client onboarding experience that is simpler and more
intuitive.
Delivering data driven insights to empower advisors and
help them more effectively set and measure their business goals.
Pershing is rolling out a new capability, Money in Motion
Dashboard, which will help firms and advisors measure their overall
business performance outside of the markets and identify trends in
their business through net asset flows and key performance
indicators (KPIs).
Adding digital engagement solutions to accelerate
the service experience. Pershing will introduce click-to-call chat
solutions for advisors, which will allow for real-time problem
solving and screen sharing via the Pershing portal. Pershing will
also launch a pilot of chat support on its Wealth Reporting
solution this summer.
Further, the firm is building mobile alerts for cash
disbursement authorization and verification. This feature will
allow the advisor to send a notification to the investor's mobile
device to let them know that their request to move money is ready
for approval. The investor can then log on to Pershing's
NetXInvestor® portal and approve the transaction with
one click.
Exploring advanced technology to construct a digital
assistant that will help clients drive increased automation and
become more efficient. This year, Pershing is testing chatbots,
artificial intelligence, simplified security and embedded robotics
process automation.
Re-engineering operational processes to align with the
new digital environment. Pershing is streamlining cost basis,
billing, and corporate actions to make them more straight-through
and intuitive to increase advisor-client service levels. Pershing
is also planning to rollout digital e-delivery and voting
capabilities for proxy and prospectus records, driving efficiencies
and reducing costs.
Deliver differentiated experiences
Pershing is focused on delivering solutions that will enable
advisors to create differentiated experiences, build their brand,
and offer personalized interactions.
Delivering value with open integration: Seamless and
meaningful integrations are critically important to firms and
advisors. Pershing is expanding integration services for vendors
and clients to make the integration experience easier.
- Vendors: Pershing has formed a new Integration Advisory Council
with 14 strategic third-party partners to build relationships and
collaborate more closely on integration opportunities. These firms
represent some of the most important parts of the advisor value
chain, such as prospecting and customer relationship management,
wealth and financial planning, and proposal and model management.
Pershing will also work closely with the Integration Advisory
Council to develop an integration maturity and certification
methodology that would set a standard for assessing an industry
participant's current level of integration maturity and help
clients gain a new level of confidence as they evaluate the growing
number of integration players across the industry.
- Clients: Pershing continues to deliver in-demand integrations
with select third-party providers for broker-dealer and advisory
clients. For clients seeking to create custom experiences aligned
to their brand, Pershing continues to provide flexibility and
choice by building out its library of APIs and making the
integration journey easier.
Building the future professional experience: Pershing
continues to make progress on delivering an enhanced, intuitive,
and efficient professional experience, making a critical shift from
an account-centric to a client-centric approach to help advisors
better engage and manage client relationships. The firm is
reimagining foundational elements of its platform, with the goal of
supporting flexible firm hierarchies, streamlining the managed
accounts process, and displaying asset classifications consistently
across all products such as NetX360®, NetXInvestor,
Statements, and Wealth Reporting in the longer term.
In addition, Pershing has enhanced a number of its existing
screens, such as balances, holdings, activity, projected cash flow
and search capabilities for advisors and front office users.
Pershing is also making enhancements to single account order entry
for equities and mutual funds. All these enhancements will be
available within NetX360 (Windows and web versions) as well as the
next generation of NetX360, called NetX360 Wealth.
Enriching the investor journey: Investors' planning needs
evolve as they go through different life stages and advisors need
the tools to support them along the way. In response, Pershing is
expanding capabilities in NetXInvestor to offer more self-service
and wealth planning features for investors. Among the enhancements
on the way are real-time fund transfers and a new earned income
page, which will display daily taxable and non-taxable income. In
addition, Pershing plans to add asset movement functionality for
retirement accounts to empower clients to initiate money movement
online and track the status of outbound required minimum
distribution and tax election status.
"We continue to bring the latest technologies to the wealth
management community to help them transform and digitize their
business models. These efforts demonstrate our commitment to
building an ecosystem that will support our clients' changing
business needs far into the future," concluded Nagappan.
For more information on Pershing's technology, please visit
www.pershing.com.
About BNY Mellon's Pershing
BNY Mellon's Pershing and
its affiliates provide advisors, broker-dealers, family offices,
hedge fund and '40 Act fund managers, registered investment advisor
firms and wealth managers with a broad suite of global financial
business solutions. Many of the world's most sophisticated and
successful financial services firms rely on Pershing for clearing
and custody, investment and retirement solutions, technology,
enterprise data management, trading services, prime brokerage and
business consulting. Pershing helps clients improve profitability
and drive growth, create capacity and efficiency, attract and
retain talent, and manage risk and regulation. With a network of
offices worldwide, Pershing provides business-to-business solutions
to clients representing approximately 7 million investor accounts
globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon
company. Additional information is available on pershing.com,
or follow us on Twitter @Pershing.
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 March 31, 2018, BNY Mellon had
$33.5 trillion in assets under
custody and/or administration, and $1.9
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.
Sanuber Grohe
+1 201 413 2247
sanuberbilguvar.grohe@pershing.com
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SOURCE BNY Mellon