BNY Mellon technology arm Pershing X is collaborating with cloud-based software provider Salesforce to automate data exchange for a unified platform for wealth management firms.  

Combining the Salesforce Financial Services Cloud with Pershing X’s Wove platform will help advisers increase productivity and “reduce administrative tasks through automated bi-directional data exchange,” Michelle Feinstein, vice president and general manager of global wealth and management at the customer relationship platform, told Bank Automation News. The collaboration will “improve adviser insights and client outcomes through personalized and relevant data” usage, she added.

Pershing X and Salesforce are developing two applications that integrate Pershing X’s wealth management tools with Salesforce. They will be available for all Salesforce AppExchange customers using Financial Services Cloud, Sales Cloud and Service Cloud, Feinstein said. 

Salesforce’s Financial Services Cloud will also help Wove clients modernize how advisers manage their onboarding and engagement, she said.  

Nearly 61% of customers prefer to manage their investments digitally, while 34% have switched wealth managers for a more digital experience in the past year, according to a recent release from Salesforce. 

“The new partnership will deliver enhanced connectivity that will further enable Wove’s interoperability value proposition,” Noam Tasch, head of revenue at Pershing X, told BAN.  

“We can leverage our complementary domain expertise to deliver a pre-configured solution built for advisers on the rails of a leading [customer relationship management] platform — and create a seamless experience for clients.” 

Pershing X is looking to migrate its data and applications to the cloud to scale Wove, which was launched in June.  

The migration to the cloud will help Pershing X attract clients to the platform as cloud-based operations add efficiency by bringing data storage to a centralized location, Sarah Chain, head of digital product at Pershing X, previously told BAN. 

The $1.9 trillion BNY Mellon increased its software and equipment spending by 11% year over year to $450 million in the second quarter, per the bank’s June earnings report.