New York-based BNY Mellon has struck a deal to infuse natural language generation (NLG) technology to serve asset managers and asset owners.
On Tuesday, the financial services giant announced a partnership with U.K.-based Arria NLG and that it has already integrated the technology into its Eagle Performance and Data Management solutions suite.
NLG is a form of artificial intelligence that can extract information from various complex and disparate data sources and communicate them in “natural language” – as if it was being spoken or written down. Arria NLG offers an API allowing it to be easily integrated into BNY Mellon’s various platforms, as well as any digital voice platform.
“Our natural language artificial intelligence technology helps generate automated, real-time insights and narratives in plain, easy-to-understand language directly from data,” said Sharon Daniels, CEO Arria NLG, in a released comment. “We are pleased to accelerate speed to new potential sources of untapped alpha for BNY Mellon Data and Analytics Solutions’ clients to help them make better informed investment decisions and more effectively grow assets.”
BNY Mellon claims that the partnership will allow it to blend artificial intelligence, data and modern technology to create better user experiences for financial services professionals, asset managers and the end investor by offering accelerated data analysis and insight.
In a demonstration of the technology, BNY Mellon showed how in-depth reports on any portfolio or individual investment can be generated at the click of a button, including full investment commentary over customizable time periods and ESG scoring.
As a result, any available subjective information on an investment can be delivered by one person in an average of four seconds.
“We are excited to offer Arria’s NLG capabilities inside our leading platform to help clients meet compliance needs while responding to constant market and regulatory changes,” said Charles Teschner, global head of data and analytics solutions, BNY Mellon, in comments released Tuesday. “This collaboration helps our clients to generate consistent bias-free professional commentary, scale their data reporting operations and significantly reduce the time and effort in analyzing large volumes of data.”