India is poised to become a pivotal global innovation hub for Broadridge Financial Solutions, according to Chris Perry, President of the U.S.-based fintech company. Perry highlighted the company's strategy to leverage artificial intelligence and digitization to propel its next phase of growth.

Broadridge, a major technology provider for banks, financial market intermediaries, and asset managers, is expanding its Indian operations beyond cost-efficiency to establish a global center for product and research development. Perry stated the company has a multi-million dollar revenue target for India. He emphasized that the goal is to transform India into a center of opportunity, innovation, and leadership, supported by substantial investments in local talent, digital capabilities, and community programs.

"India's combination of engineering talent and renewable energy growth gives it an edge in powering the AI revolution," Perry noted. He also pointed out the importance of preparing for the challenges that will arise from AI-led changes, stating that India needs to shift from labor arbitrage to innovation-led growth to truly lead this revolution.

Broadridge has been operating in India for nearly three decades and currently has an offshoring capacity of 5,000 people. The company's long-term digital transformation strategy includes an investment of over $1 billion in AI, embedding it into every facet of its operations and products.

Perry noted that India has played a crucial role in Broadridge's growth into a global fintech company with a market capitalization of $25 billion, a significant increase from the original company's $1.5 billion when it was part of ADP. He emphasized the company's commitment to talent development in India, recognizing the country's strong university system.

Broadridge's India center has been instrumental in driving innovation, introducing a framework known as ABCD (AI, Blockchain, cloud, data, and digitization). This framework is implemented directly from India, delivering global market solutions through product management and engineering teams. To address skills gaps, Broadridge collaborates with engineering colleges to introduce mainframe courses, ensuring a steady supply of skilled professionals.

Kishore Seshagiri, Chief Digital Officer at Broadridge, mentioned that India is at the forefront of their zero-distance strategy across engineering, operations, and client engagement. Broadridge India is unique as it is the only location where all Broadridge business units have a presence. This co-location enables the company to play a key role in the transformation and innovation shaping Broadridge and the broader financial services and capital markets industry.

Broadridge India provides essential engineering and infrastructure support, managed services, operations support, and shared services functions like HR, finance, and digital marketing. Approximately 60 to 65 percent of their 5,500 associates in India are in engineering and software development roles, with the rest in operations and shared services.

Sheenam Ohrie, Managing Director, India at Broadridge, stated that Broadridge's India team has made significant contributions to product development, including BondGPT and Distributed Ledger Repo. The company plans to expand its tech staff in India by 26% to 6,800 people over the next three years, primarily hiring software engineers.

Broadridge's expansion plan includes exploring opportunities for acquisition and partnerships, depending on market dynamics. The company serves a diverse client base, including Wells Fargo, Bank of America, Northern Trust, Citibank, and Invesco, many of which have GCCs in India.