(Bloomberg) -- Bank of New York Mellon Corp., the longest operating company in New York, the oldest member of the S&P 500 and the first stock listed on the New York Stock Exchange, is doubling down on AI to help drive its expansion, according to its chief executive officer. 

“It’s going to create great opportunities for our client-facing businesses,” Robin Vince said in an interview on Bloomberg TV. “We have the opportunity with our people to really help make their roles more efficient and to be able to focus them on serving our clients. People don’t want to spend time necessarily doing those internal tasks that are inefficient.”

The bank’s push into AI gathered momentum last year, according to Vince, with an AI hub and a large team focused on the technology. The bank also has AI-powered software currently in market providing solutions to clients, he said.

“On the client side, we touch 20% of the world’s investable assets, so the data that we have from that — that allows us to serve back to our clients great insights,” he said. “That’s going to be a ripe vein of opportunity.”

The 240-year-old firm is planning to expand through organic growth by offering existing clients access to other platforms, he said. As it seeks to grow, it may acquire particular capabilities but Vince said “transformational M&A” is not a high priority.

“Our team has been laser focused over the past 18 months on helping our firm really be more for our clients. That’s the very heart for us of organic growth,’ he said. “We serve so many clients all around the world, in all parts of the financial system, and yet we do relatively few things with many of them. The opportunity to do more of the things that we do, bring more of our platforms to our clients, is a very significant opportunity.”

Powerful Engine

When it comes to the US economy, it has “surprised to the upside over the course of the past year,” Vince said. A confluence of interest from overseas investors, the availability of labor, the abundance of raw materials, as well as AI, “collectively are really creating a pretty powerful economic engine,” Vince said.

The CEO said the robust economy has complicated Federal Reserve efforts to bring inflation down. 

“These things are making that last mile of inflation sticky,” he said.

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