With every advancement in technology, the opportunities to reshape the way that global industries operate increase. Whether it is finance, heavy industry, transportation, or agriculture, an injection of new ideas can create staggering efficiency opportunities or new markets. However, new technology alone doesn’t immediately transform an industry; you need the right mix of ingredients. At BNY Mellon, we’ve found three that play a critical role in our success.
There’s nothing that says a startup has ambitious goals like declaring, “we’re building a platform.” Essential to a platform is providing an environment for people to integrate, build apps, and deliver third-party goods. But what makes a platform successful?
Successful platforms share a number of important characteristics. They’re multi-sided, meaning that suppliers and consumers can directly interact over the platform. They’re open, meaning that new products and solutions can be built on top of the platform with minimal roadblocks. They have a consistent experience, where consumers and producers can always expect a certain quality and sameness in their dealings with the platform.
Not all platforms are created equal. In the case of BNY Mellon, our NEXEN platform focuses on those successful characteristics to create an amazing experience for our users and engineers alike.
In addition to the right platform, you need collaborators with certain types of minds to work in a platform environment. With first-party and third-party engineers alike, you need people skilled in reusing resources and maximizing the value of data. Engineers who have a keen understanding of a quality experience are essential in continuing to enhance a digital platform.
Engineers at BNY Mellon, as well as engineers at startups, FinTechs, and other clients that we partner with share these attributes. It’s about finding ways to leverage common components and maximize API reuse. The benefits of a platform scale exponentially when you have the right people, those who understand how to embody these behaviors.
BNY Mellon recognizes the value of startups and FinTechs clearly. The trend of technological innovation and entrepreneurship lends itself increasingly to collaboration in constraint free environments, where each person is available to push their imaginations to create solutions. Our partnerships seek to position these solutions towards opportunities to dramatically change the financial services landscape.
How do you encourage the behaviors necessary to bring the right people together to work on a successful platform? You need the right type of space. The key is creating a physical and digital workplace that encourages inter- and intra-team collaboration, which favors reuse and service ownership, and rewards the implementation of good ideas.
The most difficult challenge is changing an organization, and changing the way that people work. Physical space plays an important role, which is why BNY Mellon’s Innovation Centers serve as the engine in our digital strategy. While some organizations intentionally splinter their people into “the old way” and “the new way”, only companies that can successfully influence the hearts and minds of all their people will end up with a healthy platform ecosystem.
Platform, People, Workplace: A Potent Combination
With the right platform, people, and workplace, an organization has the ability to revolutionize the way that they deliver goods and services. A new technology or new market doesn’t cut it; you need to embody change in a way that is more fundamental to the organization.
Whilst just several years into our digital transformation, BNY Mellon is embracing these three attributes. The journey to reshape the financial services industry is not over, but we are already seeing the value for our clients and the industry.
If you’re interested in learning more about BNY Mellon’s digital transformation, you can:
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