BNY Mellon is set to invest €8 million in establishing a new digital research and development hub in Dublin, aimed at fostering innovation in artificial intelligence and data analytics for its global client base.
With support from IDA Ireland, this investment will more than double the current digital team in Dublin and create an initial 30 specialized roles by the end of 2025. The bank is looking to attract a diverse range of AI and technology professionals, including seasoned data scientists and experts in product design and strategic thinking.
In addition to its internal initiatives, the new hub will partner with educational institutions to sponsor and facilitate advanced AI research, creating valuable career and mentorship opportunities for graduate students.
Paul Kilcullen, CEO of BNY Mellon Funds Services Ireland and Country Manager for Ireland, stated, “This investment underscores BNY Mellon Ireland’s commitment to being at the forefront of financial services research and development, while also reinforcing Ireland’s role as a leader in global financial innovation.”
Recently, developers in Ireland have played a vital role in advancing BNY Mellon’s Predictive Analytics for Trade Settlement project, which leverages AI and other cutting-edge technologies to enhance predictions of settlement failures in the industry.
Currently, BNY Mellon employs an estimated 1,700 individuals in the Republic, providing administrative services for various funds, including equity, bond, money market, and exchange-traded funds.