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Financial Stocks Newsbeat! Bank of New York Mellon Corp (BK), Progressive Corp (NYSE:PGR)

Shares of Bank of New York Mellon Corp (NYSE:BK) ended Thursday session in green amid volatile trading. The shares closed up +0.09 points or 0.22% at $40.18 with 5.03 million shares getting traded. Post opening the session at $40.46, the shares hit an intraday low of $40.12 and an intraday high of $40.78 and the price vacillated in this range throughout the day. The company has a market cap of $42.93 billion and the numbers of outstanding shares have been calculated to be 1.07 billion shares.

On Sept. 15, 2016 BNY Mellon has named Niamh De Niese Director and Head of its EMEA Innovation Centre, based in London. As head of the centre, De Niese will expand the innovative solutions delivered via BNY Mellon’s NEXEN digital platform, driving client engagement and building relationships with the region’s burgeoning fintech community.

BNY Mellon’s EMEA Innovation Centre provides a collaborative environment for cross-business client experience delivery and technology teams to partner with client companies and fintechs to explore and rapidly prototype new solutions to help clients solve their most complex problems and create value.

“Our network of global innovation centres is a core part of BNY Mellon’s NEXEN digital transformation strategy,” said Lucille Mayer, Global Head of Innovation and Client Experience Delivery at BNY Mellon. “Our EMEA Innovation Centre is ideally located to be a catalyst centre for new solutions that we can envision and develop alongside our clients and fintechs. Under Niamh’s leadership, we anticipate a step-wise increase in collaborative innovation in financial services.”

De Niese has held a number of senior technology and innovation leadership positions in the financial services and consulting industries. Most recently, she was Head of Visa’s European innovation labs in London, Berlin and Tel Aviv where she set the innovation strategy and delivery methodology for all digital innovation client co-creation and thought leadership projects across the company. She holds a Bachelor’s of Science degree in Computer Science and Business from University College Cork.

One of BNY Mellon’s six innovation centres based around the world, the EMEA Innovation Centre opened in October 2015. In addition to the EMEA centre, BNY Mellon operates innovation centres in Pune and Chennai in India, and in Jersey City, N.J., Silicon Valley (Palo Alto), Calif. and Pittsburgh, Pa. in the United States. Additional centres will soon open in Oriskany, N.Y. and Singapore.

Shares of Progressive Corp (NYSE:PGR) ended Thursday session in red amid volatile trading. The shares closed down -0.08 points or -0.26% at $31.02 with 2.01 million shares getting traded. Post opening the session at $31.30, the shares hit an intraday low of $31.01 and an intraday high of $31.36 and the price vacillated in this range throughout the day. The company has a market cap of $18.03 billion and the numbers of outstanding shares have been calculated to be 581.92 million shares.

On September 7, 2016 The Generali Group and The Progressive Group of Insurance Companies, among the world leaders in car insurance telematics, entered into an R&D collaboration to improve their individual data analytics capabilities and foster product offering.

Thanks to this agreement the two groups will share knowledge in telematics to benefit from synergies of scope, scale and expertise. Leveraging their experience as the leaders in the markets in which they operate, Generali and Progressive will further innovate their behavioral profiling systems to explore a new generation of customized car telematics solutions which will reward safer drivers, helping them to improve their driving through personalized customer feedback.

Valter Trevisani, Chief Insurance Officer of Generali, said: “The collaboration with Progressive allows Generali to accelerate the execution of the strategy in regards to Connected Insurance and advanced analytics. Joining forces with a leading player like Progressive will enable a further step in sophistication of our product offering and data analytics capabilities, to support an additional improvement of our technical performance.”

Pat Callahan, Personal Lines President of Progressive Insurance, said: “Progressive pioneered telematics usage in the US auto insurance marketplace, and we’re constantly striving for customer-centric improvements to those capabilities. Consumers continue to opt into our voluntary Snapshot program with increasing frequency and we know that key driving behaviors – like actual miles driven, braking, and time of day of driving – can carry more than twice the predictive power of traditional insurance rating variables, like a driver’s demographic profile, and the year, make and model of the insured vehicle. Collaborating internationally with Generali allows us to further expand and deepen our customer insights in order to help safer drivers save even more money through our Snapshot program.”


About Mary Jones

Mary Jones has been a columnist on financial. Because of having financial background, Mary Jones has been well known in his community regarding writing blogs on financial for many financial news sites and now it is our honor that Mary Jones started writing financial news for us recently.

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