Digital Transformation at BNY Mellon | Pershing


Recorded at the BNY Mellon | Pershing INSITE 2022.  Media Center Powered by:

Advisorpedia interviewed Emily Schlosser, Chief Operating Officer at BNY Mellon | Pershing, at BNY Mellon | Pershing INSITE in June, 2022.

Related: How Advisors Can Thrive as the Industry Evolves

Resources: Integrated Partners | Flyer Financial Technologies



Shannon Rosic, Emily Schlosser

Shannon Rosic  00:05

When it comes to digital transformation, Pershing is definitely one company to watch. I'm joined by their CEO Emily Schlosser to learn more. Emily, welcome. Thank you so much for joining me.

Emily Schlosser  00:16

Thank you for having me.

Shannon Rosic  00:17

Absolutely. . .

So let's dive right in. We're seeing all things tech here at INSITE. But what is Pershing specifically focused on when it comes to digital interfaces?

Emily Schlosser  00:25

Yeah, we're really looking at our world through the lens of our clients. So when you think about our digital interfaces, we have our Net X investor platform, that's the interface through which investors interact with us and their accounts that they have at Pershing, we're rolling out a brand new interface for that platform, really thrilled to unveil that. We also have a new version of our advisor platform. Net X 360. Plus is now live. And our wealth management clients, their home office, employees can use that platform as well to really manage their businesses and build scale, so that they can continue to grow. So, lots of great stuff happening in technology. And I would be remiss if I didn't talk about Pershing X, which is our advisory platform that we are building the MVP for that will be live at the end of this year. So, it is in production. And we are having a lot of conversations with clients about what will be included and how that's going to look and feel this week and INSITE.

Shannon Rosic  01:26

So are clients actually driving helping drive that innovation and what are they really asking for?

Emily Schlosser  01:32

Yeah, absolutely. We have voiced to the client, in printed all over the design for Pershing X, and a handful of things that they're looking for, I would say the biggest is data interoperability. So we think about Pershing X, it's really a toolkit for advisors to manage their day. And it incorporates various applications that they can use for financial planning, portfolio management, CRM, billing, reporting. One of the pain points and advisors has been have been grappling with is the notion that they have disparate systems for all these things. They're entering the same data over and over again, none of them talk to each other, a big part of what we're trying to solve with Pershing X.

Shannon Rosic  02:15

Yeah, so you hear about that swivel chair effect a lot in this industry. And what I've been hearing too is, is firms are really focusing on deep integrated workflows. And so it sounds like Pershing is headed down that path to really solve for that as well. So in terms of, of trends, that you're following Pershing, you know, obviously, you have the clients expectations and wants and needs driving this innovation, but you know, what other technology has caught maybe Pershing’s eye that you're going to be watching? Is it machine learning? Is it AI, what's next,

Emily Schlosser  02:46

It's all of those things we're keeping our eye on, on all of that kind of waves of the future and technologies. So one of the great things that we're unveiling in Net X 360. Plus this week, is machine learning and AI capability built into our search. So you'll find that the search capability within the application is much more user friendly, you don't have to know exactly what you're searching for. The machine will help you figure that out. And it just makes the whole experience much more intuitive.

Shannon Rosic  03:16

It's really been incredible to see this industry have this digital transformation. And now you're seeing that technology is really augmenting the experience. It's still advisors are, I would say more important than ever, especially in the environment that we're in, but you're seeing technology really augment the full experience. And that's, that's amazing to see what how far we've come.

Emily Schlosser  03:36

Yeah, I think that's exactly right. And we're also seeing it in the realm of just what you can do with data these days, the level of analytics and insights that can really help advisors kind of hone what their investors really need and how they can best position their investors to grow their wealth. It's incredible the power that they have.

Shannon Rosic  03:55

And I have to ask, because data is such a big concept. And if you don't, you know, it's like oil or gold really, at this point, having all those data points. But if you don't have a strategy behind it, it can be a liability instead of an asset. So how is Pershing helping their clients to handle all of that?

Emily Schlosser  04:14

I think that's absolutely right. I mean, listening Info is a big topic. In every conversation that we have. The Bank of New York Mellon has incredible capabilities around making sure the data is secure, that it's well protected. And that it's well used, because you're right, it can span the gamut from being a liability to being kind of a missed opportunity to being a real asset. And so we're really leaning into that, you know, the right hand side of that spectrum and helping our clients use their data in really powerful ways.

Shannon Rosic  04:49

Absolutely. Well, looking forward to what's next for Pershing. Emily, thank you so much for your time.

Emily Schlosser  04:53

Thank you so much. Great to be here.

Shannon Rosic  04:56

For Advisorpedia. I'm Shannon Rosic.