US-based financial services company Bank of New York Mellon (BNY Mellon) has teamed up with professional services company Accenture to modernise its financial services offering.

The collaboration will initially focus on the development and delivery of data management and analytics products.

It will combine Accenture’s data, AI, and platform engineering expertise with BNY Mellon’s financial data and analytics services.

The two companies will leverage advanced technologies to harness the power of data to help their joint clients drive accelerated growth.

In addition, the collaboration will help introduce new services across private markets and wealth management technology and support their expansion into new markets.

BNY Mellon chief growth officer Akash Shah said: “Transforming how organizations 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 utilize the power of their data to drive efficiency and growth.

“In our 240th year of business, we are proud that our experience helps provide innovative solutions and capabilities for our clients.”

BNY Mellon and Accenture will work together, building on the expertise and platforms, to help clients achieve their goals and create better client experiences.

BNY Mellon’s Data and Analytics business is a provider of pre-eminent software, data management and an analytics platform for capital markets.

The business unit recently announced a strategic alliance with Microsoft to transform capital markets and the broader financial services industry.

BNY Mellon will use Microsoft Azure cloud and extensive financial data and analytics capabilities to provide its clients with a leading data management solution.

Furthermore, BNY Mellon and Accenture plan to collaborate in the future to bring the newly developed services to market and to transform the financial services industry.

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.”