Key Takeaways: To continue its legacy of innovation, BNY modernized its entire IT infrastructure with partners like Dell. This transformation enabled the company to become a leader in applying AI and helping shape the future of finance.
Founded by Alexander Hamilton in 1784, The Bank of New York Mellon (BNY) is America’s oldest bank and the longest continuously operating financial services company in New York City. With innovation foundational to its legacy, BNY has a history of pioneering firsts — like being the first publicly traded company on the New York Stock Exchange — and has long supported the U.S. Department of Treasury. This forward-thinking spirit drives its latest chapter: a sweeping IT transformation designed to carry its legacy into the future.
At the recent Dell Technologies Forum in New York City, Jisoo Lee, managing director at BNY, shared insights into this journey. Over 200 years of organic growth had created a complex IT environment, presenting an opportunity to modernize for greater efficiency, reduced costs, and stronger cybersecurity.
A bold vision for the future
Leadership recognized the need for a modern, unified IT foundation to maintain BNY’s legacy of being first. The goal: A complete overhaul of its data centers and compute stack while ensuring exceptional customer experiences and secure operations. This ambitious effort, by Jisoo’s own admission, aimed to create a standardized, scalable platform to enhance efficiency, deepen client relationships, and enable future innovation.
Jisoo credited the success to a massive team effort, involving hundreds of engineers from BNY and trusted partners like Dell. Together, they transitioned from legacy systems to robust Dell platforms, including PowerEdge servers and PowerMax storage, creating a flexible, resilient infrastructure.
Earning the right to innovate with AI
This transformation laid the groundwork for BNY to confidently invest in emerging technologies like AI. BNY’s AI investments focus on enhancing client experiences and optimizing operations. The company is also exploring cutting-edge fields, further solidifying its position as an industry innovator.
By streamlining operations and achieving economies of scale, the company built its own proprietary enterprise AI platform (Eliza), scaled over 120 AI-enabled solutions, and advanced agentic AI capabilities that empower employees to better serve clients.
Lessons for leaders
BNY’s journey offers valuable insights for organizations aiming to stay ahead in a rapidly changing world:
- Modernize early: Addressing legacy systems proactively creates capacity for growth and innovation.
- Foster a culture of collaboration: Empower employees with a shared vision for progress.
- Value true partnership: Transformation is a team effort. Working with partners who share your vision and can provide expertise and support is crucial. As Lee shared, “When you have the culture with an external provider like Dell, there’s little you can’t achieve!”
- Embrace ambitious goals: Don’t be afraid to be first. Setting bold goals and having the courage to pursue them is what separates leaders from the rest.
By honoring its innovative past and building a future-ready platform, BNY exemplifies how legacy and modernity can combine to drive progress.
