Broadridge Financial Solutions is making significant strides in nurturing local talent to accelerate its global growth and innovation. With India evolving as a major hub of intellectual property for the company, the global fintech player with over $6 billion in revenues is shifting focus from just being a global capability centre (GCC) to becoming a transformation centre. It plans to undertake more product research and R&D work at its two locations in Bengaluru and Hyderabad.
At present, Broadridge has 5,200 associates in India that account for over 40% of the company’s global strength. As part of its multi-pronged growth strategy, more of the company’s tech leadership is to be based and leading out of India for global operations.
Broadridge plans to explore, not only the Indian markets, but also surrounding markets to identify where the company’s capital markets and wealth management solutions have direct or immediate fitment. Broadridge will be launching case studies and, within the next 12 months, the aim is to decide which products are compatible with the market and can be sold. The expansion plan also includes exploring opportunities for acquisition and partnerships, depending on market dynamics.
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Back in the years, many US-based companies entered the Indian market primarily for labour arbitrage and cost savings. However, Broadridge never came to India with this mindset since its establishment, Chris Perry, the company president, told FE.
Previously known as ADP Brokerage Services Group, Broadridge Financial Solutions was spun off in 2007. “India has played a crucial role in our growth into a global fintech company with a market capitalisation of $25 billion, up from the original company’s (ADP) $1.5 billion. “We are prioritising talent development in India as the country has a strong university system,” said Perry.
Broadridge serves a diverse client base, including Wells Fargo, Bank of America, Northern Trust, Citibank, and Invesco, many of which have GCCs in India. “We engage with our clients through a local account management model, allowing for a ‘glocal’ approach that eliminates the need for customers to contact global teams for support,” Perry explained.
Currently processing $10 trillion in transactions daily, Broadridge accesses vast amounts of data, which is synthesised to create opportunities for clients to enhance their customer offerings. “We are not only leveraging generative AI for improved customer outcomes but also developing data products like BondGPT and OpsGPT to empower our clients in serving their customers more effectively,” said Sheenam Ohrie, MD, Broadridge India.
Perry mentioned that India centre has always been instrumental in driving innovation at Broadridge, introducing a unique framework known as ABCD (AI, Blockchain, cloud, data, and digitisation). This ABCD of innovation is implemented directly from India and continues to deliver global market solutions through product management and engineering teams.
To address the existing skills gap, Broadridge collaborates with leading Tier 2 engineering colleges to introduce mainframe courses, ensuring a steady flow of skilled professionals. Another standout initiative that Broadridge India is particularly proud of is its programme to hire women graduates from rural areas in collaboration with Unnati Foundation. It aims to co-create with the startups within the broader fintech ecosystem and has established partnerships with T-Hub and ISB Labs, sponsoring several hackathons.
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