Banks or insurers have been grappling with a legacy technology problem. Institutions have incrementally added technologies over time for systems that don’t speak to each other, and this has created points of friction with customers.

To address this interoperability issue, BNY Mellon created its own startup to provide wealth advisors with a solution that seamlessly connects the components of a client’s financial picture in one setting. The startup, Pershing X, debuted its Wove wealth management platform this month to offer the core applications that advisors need.

“This lack of interoperability is a real problem for advisors,” said Ainslee Simonds (pictured, right), president at Pershing LLC. “When you phone and you ask a question, they really don’t know the last thing you did or the last thing they were working on, and that is really frustrating for individual investors. What we have built is the industry’s first operating system for wealth management technology.”

Simonds spoke with theCUBE industry analysts Dave Vellante and Lisa Martin at Snowflake Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. She was joined by Rinesh Patel (left), global head of industry and financial services at Snowflake Inc., and they discussed how BNY Mellon’s technology will help wealth management advisors and their clients. (* Disclosure below.)

Data-driven timely insights

In April, BNY Mellon’s Pershing X announced a collaboration with Snowflake to integrate Data Cloud with Pershing X’s suite of data offerings for clients. By working with the Snowflake Financial Services Data Cloud, Pershing X developed a process for clients to have faster and more efficient access to their data.

“We take the client data; we enrich that with the data coming from third parties, from the marketplace,” Patel said. “That allows us to provide those advisors deeper, differentiating, timely insights to make those informed decisions in a very complex condition.”

An important part of managing wealth advisory services involves security. The Pershing X solution will include core applications used by advisors, such as advanced data reporting, financial plan building and flexible billing, all of which need to be carefully protected.

“Bank of New York Mellon manages about a quarter of global wealth, so we have to be very careful with our clients’ information,” Simonds said. “One of the reasons that we wanted to work with Snowflake is the investment that’s being made in the safety and security of the platform, because that really matters to us.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of Snowflake Summit:

(* Disclosure: Snowflake Inc. sponsored this segment of theCUBE. Neither Snowflake nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE