CIBC Mellon, our winner in North America and Canada, continues to refine its comprehensive asset-servicing business model, emphasizing innovation, process efficiency, and exceptional client service. Jointly owned by Bank of New York Mellon and Canadian Imperial Bank of Commerce, CIBC Mellon leverages CIBC’s local knowledge in the Canadian market with BNY’s technology and global custody infrastructure to serve institutional clients in Canada and globally. This has resulted in consistent growth in its franchise. Assets under administration recently surpassed 3 trillion Canadian dollars (about US$2.2 trillion).
Ongoing prior ities focus on broadening customer relationships and services through continual investment in IT and through partnerships with the fintech sector, to provide greater levels of core service automation with enhanced transaction transparency and execution efficiency. This includes better straight-through processing for a seamless and secure transmission of client data, investment in pre- and post-trade communication services for trade matching and routing, and tracking of the settlement lifecycle. Project Fuel, an enterprise-wide data and innovation initiative, is focused on transforming the client experience by equipping clients with tools to manage and analyze data more effectively, improving transparency and accelerating decision-making for more effective client service.
Additionally, the bank continues to enhance its online reporting platform, NEXEN, which integrates data and predictive analytics services to provide clients with faster, realtime cash position and activity reporting through an improved user interface. Digital assets are expanding in the market. CIBC Mellon is collaborating with stakeholders in Canada and globally, and with BNY’s digital-asset unit, to develop offerings for this asset class. This involves bolstering data analytics capabilities and digital infrastructure with enhanced customization, automation, and service flexibility to assist clients in the launch of new offerings that include alternative-asset ETFs and cryptocurrency funds.
Methodology
In selecting the institutions that reliably provide the best services in these local markets and regions, Global Finance’s editorial board considered market research, input from expert sources, and entry information from the banks themselves. The criteria included such factors as customer relations, quality of service, technology platforms, and post-settlement operations, as well as knowledge of local markets, regulations, and practices.
