In order to foster innovation in the fields of artificial intelligence (AI), machine learning, and data analytics for BNY Mellon clients around the world, the company announced the opening of a new digital R&D hub in Dublin.

The project involves a €8m initial investment with funding from IDA Ireland, which will enhance BNY Mellon’s position as a pioneer in the development of AI technologies and boost the company’s technological capabilities in Ireland.

By the end of 2025, the investment will also result in the creation of 30 new expert jobs, more than doubling the size of the Dublin digital team.

“Having a leading-edge firm such as BNY Mellon choose Dublin for its Global Digital R&D Hub is a real vote of confidence in Ireland and our talented workforce,” said Simon Coveney, Ireland’s Minister for enterprise, trade, and employment.

“The €8m investment will allow for exciting research in AI technologies and data analytics to support their clients’ needs.”

“Delivering innovative solutions for clients has been at the heart of BNY Mellon’s long and proud history in Ireland for almost three decades,” said Paul Kilcullen, BNY Mellon CEO of funds services Ireland and Ireland country manager.

“This investment reinforces BNY Mellon Ireland’s position at the leading-edge of financial services research and development and helps cement Ireland’s position at the forefront in driving innovation in the financial services sector globally.” 

The bank filed the most patent applications in its history last year as a result of BNY Mellon’s increasing investment in advanced research, development, and service.

A variety of AI and technology experts, including experienced data scientists, product and design thinking experts, and others are sought after by BNY Mellon in Ireland

The team, which is based in Ireland, will assist the bank in achieving its European and international R&D goals.

The exciting STEM (science, technology, engineering, and mathematics) momentum in Ireland will be built upon, with a focus on the growth of the next generation of talent.

The digital R&D hub in Dublin will also work with educational institutions to sponsor and support advanced AI research, giving graduate students career and mentoring opportunities.