Bank Of New York Mellon launched three new data and analytic products with Microsoft last week to provide data services to investment institutions. The three products, namely, Data Vault, Distribution Analytics and ESG Data Analytics, will be available on Microsoft Azure.

The New York-based bank, which has over $468 billion in assets, said that the new data services are designed to improve data management processes for the buy-side;, support the customization of investment portfolios with environmental, social and corporate governance (ESG) factors, and improve the traction of U.S.-listed fund launches.

“We have been working on these products for the past year because we are targeting our clients’ unmet needs,” said Charles Teschner, global head of data and analytic solutions at BNY Mellon. “Distribution Analytics and ESG Data Analytics address two top priorities that were most often expressed by clients.”

The Data Vault allows BNY to create data operations on Microsoft Azure that help clients create robust data sets from anywhere instead of from a physical office or server. The Distribution Analytics application uses machine learning based on data from broker dealers and advisers to derive predictive drivers of demand for mutual funds and exchange traded funds in the U.S.

“The distribution analytics solution was a big need of our customers,” Teschner said. “It will help investors assess risk better in volatile market conditions and make insightful investment decisions.”

ESG Data Analytics, meanwhile, uses artificial intelligence to help clients better align their investments with ESG values.

“We all know that data is the ‘new oil,’ and BNY wanted to provide solutions for an asset class in its own right,” Teschner said. “We will continue to enhance these offerings with new features and with feedback from client usage.”

BNY Mellon joins a growing list of banks and fintechs that are overhauling their institutional investing technology. Pagaya, a fintech that uses AI to guide institutional investing, recently raised $102 million in a Series D. Bank of America, meanwhile, upgraded its self-directed investment platform in May, outfitting the technology with personalization, a centralized dashboard and ESG value alignment.

“ESG is a top priority for our firm. We know — based on feedback from our clients and internal research — many investors want to invest in companies that benefit social, political and environmental causes,” Cory Triolo, a consumer investments digital solutions and experience executive at the bank, previously told Bank Innovation. “We now take ESG considerations into nearly all online experiences for finding, validating, and monitoring investments in the self-direct space.”

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