Tech-Driven Transformation: Broadridge’s Tom Carey on the Future of Wealth and Capital Markets

As financial institutions navigate technological change and rising client expectations, operational efficiency and digital innovation have become top priorities. Tom Carey, President of Capital Markets, Wealth and Investment Management Solutions at Broadridge, speaks with Outlook Business about how the company is helping firms modernize legacy systems, adopt emerging technologies like AI, and prepare for a future defined by data-driven decision-making and seamless client experiences.

1. 35% of Broadridge's workforce is in India. Do you have any plans on the horizon to hire more in India?

India continues to be central to Broadridge’s global growth and strategy. With over 35% of our global workforce already based in India, we are actively investing in expanding our talent pool through multiple avenues. This includes strengthening our campus hiring efforts—20% of our annual hires are fresh graduates, with robust partnerships across 15 premier institutions (e.g. MIT Jaipur and PES University). A significant milestone in this direction is our recent Memorandum of Understanding (MoU) with Lovely Professional University (LPU), marking the beginning of an industry-academia collaboration. This partnership aims to bridge the gap between academic learning and industry expectations by equipping students with real-world skills and practical exposure to be industry ready.

We are always on the lookout to hire top talent, particularly full stack software engineers, as we continue to modernize our existing legacy technology and drive long-term transformation. Our hiring plans are not just about numbers; they reflect a commitment to inclusive growth, skilling, and building future-ready capabilities aligned with our long-term goals.

2. How have your India operations evolved over time?

Our legacy in India spans nearly three decades, beginning with D.E. Shaw, followed by Wilco, ADP, and now Broadridge. What started as an execution-focused presence has since evolved into a strategic powerhouse at the core of Broadridge’s global transformation. Today, our India Global Capability Centres are not just delivery hubs; they are centres of excellence for product development, platform engineering, and innovation.

At Broadridge, we follow a clear and purposeful framework of ‘Run’ and ‘Grow’ that guides our transformation. “Run” ensures the continuity and reliability of core services and operational platforms, while “Grow” is building new solutions, enhancing client capabilities, and innovating with AI and next-gen tech. India has historically played a foundational role in Broadridge’s Run operations. Today, it is equally central to our Grow strategy – developing next-gen capabilities, leading global product development, and driving innovation.

When Broadridge became an independent company from ADP in 2007, we had around 500 associates in Hyderabad. Today, we have over 5,000 associates across India, forming a vital part of our 15,000-strong global workforce. From the beginning, our focus has been on harnessing India’s immense intellectual capital to drive engineering excellence and global impact.

We’ve adopted a “glocal” delivery model that enables our India teams to work directly with global financial leaders—like Citibank, Wells Fargo, and Northern Trust—not merely as offshore support, but as co-creators of cutting-edge fintech solutions. India is now at the forefront of several of Broadridge’s global innovation initiatives, including our ABCD innovation framework: AI, Blockchain, Cloud, Data & Digitization.

Flagship GenAI-powered platforms are being conceptualized and developed out of Broadridge India. We're also investing in the future by building mainframe talent through partnerships with Tier-2 colleges and nurturing a vibrant fintech ecosystem through mentorship engagements with T-Hub and ISB Labs.

India is no longer a back-office function for Broadridge - it’s a central engine for growth, transformation, and innovation, helping shape our journey toward achieving all our goals.

1. There is a significant amount of marketing in fintech surrounding generative AI. How much of it is real vs hype? Are there any specific use cases that are value-accretive and made possible only due to AI?

There is no shortage of hype surrounding generative AI in fintech. However, beneath the marketing narratives lies a growing stack of real, value-accretive applications delivering measurable impact today. Like most emerging technologies, reality exists on a spectrum-equal parts over promised and underutilized. 

Our approach to generative AI is grounded in practical value creation rather than the pursuit of proprietary large language models (LLMs). By integrating AI into targeted areas, we focus on enhancing operational efficiency, improving risk management, and elevating client experiences across the financial ecosystem. Several high-impact solutions exemplify this approach.”

BondGPT is leveraged by over 700 institutional traders, transforming unstructured bond market data into real-time, structured insights that drive smarter trade execution. OpsGPT, currently being piloted by five leading global banks, streamlines and strengthens post-trade operations—a critical capability amid the industry's shift toward accelerated settlement cycles like T+1 and eventually T+0.

DistributionGPT empowers more than 500 fund executives with dynamic insights into fund flows, market trends, and regulatory shifts, enabling more agile and data-driven distribution strategies.

Internally, BroadGPT serves as a productivity co-pilot for over 15,000+ Broadridge associates, automating and optimizing tasks across software development, client onboarding, and service operations.

A significant portion of this work is not only being conducted in India but is also led by technology leaders in India. These tools are not experimental; they are in active use today, delivering measurable improvements in speed, accuracy, and cost-efficiency.

4. India has been trying to drive the adoption of its Unified Payments Interface abroad. It is nearing Visa's daily transaction volume. Do you think UPI can be exported as a competitor to Visa, Mastercard?

India’s Unified Payments Interface (UPI) is a remarkable example of how inclusive innovation at scale can fundamentally transform the way a nation transacts. The fact that UPI is now clocking over 650 million daily transactions — nearly matching some of the largest global payment networks — speaks volumes about its efficiency and how deep it has penetrated the payments ecosystem in India.

What sets UPI apart is its real-time, interoperable, and low-cost framework, which has enabled widespread adoption across segments — from large enterprises to small merchants and everyday consumers. Today, it powers more than 83% of India’s digital payments volume, which reflects both its robustness and reach.

What’s equally exciting is UPI’s growing international footprint. Countries across Asia, the Middle East, and Europe are recognizing the value of UPI’s infrastructure, and India is taking thoughtful steps to build bilateral corridors — such as with Singapore, the UAE, and Australia — that can help streamline cross-border payments.

Rather than viewing this as competition, I see it as a convergence — a global effort to create more inclusive, accessible, and interoperable financial ecosystems. India’s experience with UPI offers a strong blueprint for how technology and policy can come together to drive meaningful financial inclusion, not just domestically but globally.

1. From your vantage point, how do you see financial institutions navigate crypto? Are they becoming softer and more accommodative across geographies?

Financial institutions worldwide are steadily evolving in their approach to crypto, shifting from hesitation to cautious engagement, and now toward strategic integration.

The Broadridge Crypto Adoption Survey shows that nearly one-third of institutions have already implemented crypto-related strategies, signalling that the space is no longer being ignored despite volatility. Importantly, the focus is expanding beyond speculative trading in cryptocurrencies like Bitcoin or Ethereum to the underlying blockchain infrastructure and the digitization of traditional assets, which are seen as transformative long-term opportunities.

It's also crucial to clarify that the term ‘crypto’, from a mature perspective, is less about speculative tokens and more about regulated digital assets — a technological and economic paradigm with the power to reshape global markets. By filtering out the noise around various coins and focusing on utility and financial fundamentals, institutions are uncovering real, long-term value.

Across North America, Europe, and Asia-Pacific, there's a clear trend toward more open, progressive stances on digital assets. Institutions recognize the potential of digital assets to transform capital raising, trading, asset servicing, and investor communication, driven by key factors.

First, there’s strong demand for always-on markets that offer greater efficiency and liquidity. Second, tokenized traditional assets like mutual funds and private equity are blurring the lines between conventional and digital finance. Third, evolving regulatory frameworks, especially around investor protection and legal status, are making crypto more viable and attractive for institutions. This creates a safe, investor-friendly environment where innovation can flourish.

Lastly, as institutions grow more comfortable with regulation and see blockchain’s potential to underpin core operations, they’re becoming active participants in shaping the digital asset future.

While regulatory clarity is still a challenge in some regions, the global direction is clear: strategic engagement over avoidance. Financial institutions that prepare now will lead in the digital asset era. Those who don’t risk being left behind.

6. What are your plans for India as a market?

We plan to significantly expand our presence in India by transforming Broadridge India from primarily a technology and innovation hub into a key market for our products and services. This involves growing our local talent pool to modernize technology, developing AI-driven financial solutions tailored to client needs, and adopting a localized approach to client engagement. Our strategy includes entering the market through acquisitions and partnerships while leveraging India as a center for product development, innovation, and delivery across all areas of our business. We are also focused on building trust in AI technologies and ensuring regulatory compliance, reflecting our commitment to aligning with India’s growing economic importance and the evolving financial services landscape.

1. Do you think stringent data localisation rules in India are a challenge for global players to operate here?

It’s worth noting that several countries such as Switzerland, Australia, and Canada have stringent data localisation rules, yet remain integral players in the global digital economy. There is no one-size-fits-all approach to operating in the global market, and businesses must be mindful of local data policies and compliance frameworks.

India’s push for data localisation is reshaping how global financial and technology firms operate in the region. The intent is to strengthen data privacy, security, and sovereignty within the ecosystem. While it requires strategic investment and operational adaptation, global firms that see long-term value in the Indian market often work toward compliance and localisation as part of their growth strategy.

 Companies that adapt strategically, through local partnerships, infrastructure investments, and regulatory engagement, can still thrive in India's rapidly digitising market. Data localisation requires investment and adaptation, but global firms that align with India's regulatory framework can unlock trust, market access, operational benefits, and long-term strategic advantage in one of the world’s most dynamic digital economies.