Tech-Driven Transformation: Broadridge’s Tom Carey on the Future of Wealth and Capital Markets
Published by Outlook Business | June 2024
Introduction: The Digital Revolution in Wealth and Capital Markets
The financial services industry is undergoing a seismic shift, driven by rapid technological advancements, evolving client expectations, and the globalization of talent. At the forefront of this transformation is Broadridge Financial Solutions, a global fintech leader, whose President of Global Technology and Operations, Tom Carey, recently shared his vision for the future of wealth and capital markets in a compelling interview with Outlook Business.
This article delves into Carey’s insights, explores the implications for professional services companies establishing global capability centres (GCCs), and highlights how Han Digital’s talent market expertise is shaping the future workforce for this evolving landscape.
Broadridge’s Vision: Technology as the Cornerstone of Financial Evolution
Tom Carey emphasizes that technology is no longer a support function but the very backbone of modern financial services. According to Carey, “The future of wealth and capital markets is being rewritten by AI, cloud computing, and data analytics. Firms that fail to adapt will be left behind.”
Broadridge’s global strategy focuses on three pillars:
- Digital Transformation: Leveraging AI and automation to streamline operations, reduce costs, and enhance client experiences.
- Globalization: Building resilient, scalable operations through global capability centres that harness diverse talent pools.
- Client-Centric Innovation: Delivering personalized, data-driven solutions that anticipate client needs and regulatory demands.
Carey’s vision aligns with recent research by Deloitte (2024), which underscores that digital transformation is now a top priority for 89% of financial institutions worldwide, with a growing focus on cloud-native platforms, cybersecurity, and AI-driven insights.
AI, Cloud, and Data: The New Competitive Edge
Broadridge’s investment in artificial intelligence and cloud infrastructure is not just about efficiency—it’s about redefining client engagement and operational resilience. Carey notes that AI is enabling hyper-personalized wealth management, automated compliance, and predictive analytics for risk management.
Key trends shaping the sector include:
- AI-Powered Personalization: Machine learning algorithms analyze client behavior to offer tailored investment advice and proactive service.
- Cloud-Native Operations: Cloud platforms provide scalability, agility, and enhanced data security, crucial for global operations and regulatory compliance.
- Data-Driven Decision Making: Advanced analytics transform raw data into actionable insights, supporting everything from portfolio management to fraud detection.
According to McKinsey’s 2024 Global Banking AI Survey, financial institutions that have adopted AI at scale report a 15-20% increase in productivity and a 10% reduction in operational costs.
The Rise of Global Capability Centres: A Strategic Imperative
As the financial sector digitizes, the need for agile, globally distributed operations has never been greater. Broadridge’s approach mirrors a broader industry trend: the rapid expansion of Global Capability Centres (GCCs) in strategic locations such as India, Eastern Europe, and Southeast Asia.
GCCs are no longer mere cost centers; they are innovation hubs, driving R&D, digital transformation, and customer experience enhancements. A NASSCOM report (2024) highlights that India alone hosts over 1,600 GCCs, employing more than 1.7 million professionals and contributing significantly to global digital transformation initiatives.
For professional services companies, establishing a GCC is now a strategic move to:
- Access specialized tech talent and domain expertise
- Accelerate digital innovation and time-to-market
- Enhance operational resilience and business continuity
- Ensure compliance with evolving global regulations
Broadridge’s own GCCs exemplify this approach, serving as centers of excellence for AI, cybersecurity, and digital product development.
Talent: The True Differentiator in Tech-Driven Finance
While technology is the enabler, talent is the true differentiator. The global race for skilled professionals in AI, data science, cybersecurity, and digital product management is intensifying. Broadridge’s Tom Carey highlights the importance of “building a culture of continuous learning and innovation, where talent can thrive and lead the next wave of transformation.”
Recent research from Gartner (2024) reveals that 70% of financial services CEOs now identify talent acquisition and retention as their top strategic priority, ahead of technology investment.
Han Digital: Bridging the Talent Gap for Global Capability Centres
In this rapidly evolving landscape, Han Digital stands out as a strategic partner for organizations building and scaling their GCCs. With a deep understanding of talent markets and strong connections with senior leadership across industries, Han Digital enables companies to:
- Map and Access Niche Talent Pools: Han Digital’s proprietary talent mapping tools identify emerging skillsets in AI, cloud, cybersecurity, and digital product management across global markets.
- Accelerate Leadership Hiring: Leveraging relationships with senior executives, Han Digital facilitates the rapid onboarding of transformational leaders who can drive GCC growth and innovation.
- Design Future-Ready Workforce Strategies: Han Digital consults on workforce planning, upskilling, and organizational design to ensure GCCs remain agile and competitive.
- Foster Diversity and Inclusion: By tapping into diverse talent pools, Han Digital helps organizations build inclusive teams that fuel creativity and resilience.
For professional services companies, partnering with Han Digital means gaining a competitive edge in talent acquisition, leadership hiring, and workforce transformation—essentials for thriving in the tech-driven future of wealth and capital markets.
Case Study: Building a GCC for Digital Wealth Management
Consider the journey of a leading global bank that recently partnered with Han Digital to establish a GCC focused on digital wealth management solutions. The objectives were clear:
- Build a team of 500+ professionals in AI, data analytics, and digital product development
- Onboard senior leaders with proven track records in fintech innovation
- Design a talent strategy that supports rapid scaling and continuous upskilling
Han Digital’s market intelligence enabled the bank to:
- Identify top talent clusters in Bengaluru, Hyderabad, and Pune
- Accelerate C-suite and VP-level hiring through targeted executive search
- Implement a robust diversity hiring program, resulting in a 40% increase in female tech hires
- Launch a digital academy for ongoing workforce development
The result: The GCC became a global center of excellence, delivering AI-powered wealth management products that set new industry benchmarks for personalization and client engagement.
Future Outlook: What’s Next for Wealth and Capital Markets?
As we look ahead to 2025 and beyond, several trends will shape the future of wealth and capital markets:
- AI and Automation at Scale: AI will move from experimentation to enterprise-wide adoption, powering everything from investment advisory to regulatory compliance.
- Hyper-Personalization: Clients will demand bespoke solutions, driven by real-time data and predictive analytics.
- Global Talent Ecosystems: GCCs will become the nerve centers of innovation, powered by diverse, future-ready talent.
- Regulatory Agility: Firms will invest in RegTech to navigate complex, evolving compliance landscapes.
- Sustainable Finance: ESG (Environmental, Social, Governance) criteria will become integral to investment strategies and reporting.
Broadridge’s Tom Carey sums it up: “The winners in this new era will be those who combine cutting-edge technology with world-class talent, agility, and a relentless focus on client outcomes.”
Best Practices for Professional Services Companies Establishing GCCs
For professional services firms looking to establish or scale global capability centres, the following best practices are critical:
- Align GCC Strategy with Business Goals: Define clear objectives for innovation, cost optimization, and client experience.
- Invest in Talent Intelligence: Use partners like Han Digital to map talent markets, identify skill gaps, and design future-ready workforce strategies.
- Foster a Culture of Innovation: Encourage intrapreneurship, continuous learning, and cross-functional collaboration.
- Leverage Technology for Agility: Adopt cloud-native platforms, automation, and AI to drive efficiency and scalability.
- Prioritize Diversity and Inclusion: Build teams that reflect global markets and client bases, fostering creativity and resilience.
- Ensure Regulatory Compliance: Invest in RegTech and data governance to navigate complex regulatory environments.
By following these guidelines, firms can create GCCs that are not just operational hubs, but engines of innovation and growth.
Conclusion: Embracing the Tech-Driven Future
The future of wealth and capital markets is being shaped by technology, talent, and the ability to innovate at scale. As Broadridge’s Tom Carey and industry research make clear, the winners will be those who invest in digital transformation, build agile global capability centres, and prioritize talent as their most valuable asset.
Han Digital’s unique understanding of talent markets, combined with its connections to senior leadership, positions it as a vital partner for organizations navigating this transformation. For professional services companies, now is the time to embrace a tech-driven, talent-first approach to building the financial institutions of tomorrow.