Global financial services company BNY Mellon has partnered with Accenture to transform financial services offerings to power accelerated growth for their joint customers.

Both companies will focus initially on data management and development and delivery of analytics products.

BNY Mellon chief growth officer Akash Shah said: “Transforming how organisations better manage and leverage increasing volumes of data is a priority for BNY Mellon.

“By harnessing the latest technology and our shared expertise with Accenture we can support clients in transforming their operating models to utilise the power of their data to drive efficiency and growth.”

The partnership will expedite the introduction of new services across private markets and wealth management technology by combining Accenture’s data, artificial intelligence (AI), and platform engineering expertise with BNY Mellon’s financial data and analytics services.

BNY Mellon and Accenture also aim to facilitate the expansion into new markets through the collaboration.

Besides, BNY Mellon will also collaborate with Accenture to build exceptional client experiences by incorporating the former’s expertise and platforms to help clients achieve their goals.

The two companies also intend to further partner on bringing the newly developed services to market in the future to transform the financial services sector.

Accenture strategy and consulting group chief executive Jack Azagury said: “BNY Mellon has a bold vision—to reinvent how it serves its clients with data and analytics so that they can reach new levels of agility, performance and returns.

“We are proud to advance our commitment to helping BNY Mellon use next-level technologies to set a new bar for the industry and drive more value creation for its business and its customers, and we are excited about our joint opportunity to bring new capabilities and products to clients in the market.”

According to BNY Mellon, its data and analytics business offers pre-eminent software, data management and an analytics platform for capital markets.

In February this year, BNY Mellon forged a collaboration with Microsoft for transforming capital markets and the larger financial services sector with an expanded capital markets data and analytics platform.