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regulatory landscape. It’ s a balance of big and small, global and local. Cullen often describes CIBC Mellon as the Canadian arm of BNY’ s global asset servicing network, with deep roots and client relationships in Canada thanks to CIBC. This dual identity enables the firm to tap into cutting-edge technologies, risk management practices and product capabilities from its multinational parents, then tailor them to Canadian client needs. He points to the firm’ s culture of focus on client service, innovative technology and operational excellence – a culture reinforced by both parent organisations.
Innovation in operations Perhaps the most dramatic change Cullen has witnessed in asset servicing is the rise of automation and data analytics in what was once a manual, paper-driven business.“ Innovation in the custody space is largely driven by rapid advancements in technology and the growing power of data analytics,” he says.“ At CIBC Mellon, teams are witnessing transformative progress in areas such as automation and artificial intelligence, which are revolutionising how transactions are managed and processed allowing for greater efficiency, accuracy and speed in daily operations.”
Subsequently, mundane back-office tasks that might have taken hours of human effort can now be completed in seconds with the right algorithms. Cullen notes that the firm is actively investing in cutting-edge technologies to streamline processes and deliver real-time insights to clients. The goal is to shift staff away from repetitive workload and toward highervalue analysis and client service. One recent example is CIBC Mellon and BNY’ s launch of the first integrated investment operations solution for a Canadian insurance company.“ This solution represents a comprehensive service model, including the first outsourced general insurance fund accounting solution in Canada,” says Cullen. He stresses that innovation isn’ t pursued for its own sake, but to add tangible value:“ Our commitment to continuous improvement, agility and staying ahead of industry trends enables us to provide exceptional value and maintain our competitive edge,” he says.
The future of asset servicing Looking ahead, Cullen expects the asset servicing landscape to continue shifting – and perhaps at an even faster pace.“ The industry is poised for significant transformation in the coming years,” he predicts. On the horizon are new technologies like digital assets and blockchain, which“ will revolutionise the way securities are issued, traded and settled,” according to Cullen. Today’ s custodians may soon find themselves safekeeping tokenised stocks or bonds, not just paper certificates or electronic records. At the same time, clients and regulators are demanding greater transparency, security and realtime processing in every transaction. This is pushing firms to upgrade systems and rethink old processes. Regulation, too, remains a wild card. From evolving accounting rules to heightened cybersecurity requirements, asset servicers will need robust, flexible infrastructures to keep up.“ At CIBC Mellon, we are committed to staying at the forefront of these changes,” he says, ensuring the firm continues to provide clients with cutting-edge solutions and services whatever the future may hold. Part of that readiness comes from drawing on its shareholders’ strengths – whether it’ s CIBC’ s deep knowledge of Canadian banking or BNY’ s investments in global fintech and risk management. If the past few years have proven anything, it’ s that adaptation is essential. Cullen admits that one of his constant concerns is cybersecurity, given the rising sophistication of cyber threats. But here again, he draws confidence from preparation:“ Our cybersecurity strategy benefits from the considerable focus, investment and resources of CIBC in Canada and BNY globally, ensuring we are well positioned to protect our clients,” he notes. From his vantage point, the future of asset servicing will be defined by those who can blend scale with agility. As Mal Cullen guides CIBC Mellon beyond the $ 3 trillion milestone, he is effectively balancing two imperatives: safeguarding the trust it took decades to earn, and reinventing the business to meet the demands of the next decade. It’ s a juggling act he embraces. After all, as Cullen puts it, relentless adaptation is part of the job description when you’ re a“ leader in asset servicing.” And if CIBC Mellon’ s trajectory is any indication, the company is well on its way to defining what asset servicing will look like in the years ahead – global yet local, efficient yet innovative, and always prepared for what’ s next.
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