Friday, November 8, 2024
spot_img
More
    HomeBusiness InsightsRevolutionizing Financial Services with Technology: MS Ramanujam, Equiniti India

    Revolutionizing Financial Services with Technology: MS Ramanujam, Equiniti India

    MS Ramanujam, IT Director at Equiniti India, has been at the forefront in shaping the company’s IT strategy since joining in 2006. With over 23 years of experience in diverse technologies, he has successfully aligned Equiniti India’s IT vision with evolving industry demands, ensuring continuous advancements in tools, security, training, and policy adaptation. Equiniti, a global leader in financial services and shareholder management, handles a staggering 70 million shareholder records and £90 billion in payments each year. In this exclusive interview, Ramanujam sheds light on how technology plays a crucial role in managing these large-scale operations and delivering secure, seamless solutions.

    TAM: How does Equiniti ensure seamless integration of cutting-edge technology in supporting shareholder solutions, particularly in managing large-scale shareholder records across global markets?

    MS Ramanujam: Our approach starts with the basics of how we build products that meet our customers’ needs. One of the key considerations is how our end-users will access our data. We look into state-of-the-art methods to achieve this.

    For example, we utilize cross-platform applications and implement the latest UX technologies and frameworks to deliver the best user experience across all form factors. We also integrate our telephony platform with these applications using APIs, enabling our agents to perform better and ultimately providing a smoother experience for our clients during calls.

    Several factors come into play, and we carefully select the right technologies to meet our requirements and deliver optimal experiences. As you mentioned, we work with some of the largest clients in the UK and US, so scalability is critical. Our business sees peaks and troughs in activity, which requires our applications and infrastructure to dynamically scale based on demand. We leverage cloud capabilities, specifically the elastic nature of cloud solutions, to accommodate these fluctuations.

    Additionally, our products are designed with concepts like microservices in mind. This allows us to loosely couple components, enabling us to scale precisely where there is a need for higher performance. During peak hours, we achieve the best possible performance without maintaining idle capacity during slower periods. This dynamic scalability starts from the design phase and is continuously optimized as business demands evolve.

    TAM: What strategies does Equiniti employ to safeguard data and maintain cybersecurity while delivering services?

    MS Ramanujam: Data security is of paramount importance to us, especially since we operate in highly regulated environments in both the US and UK. As you may know, Equiniti India primarily focuses on these two geographies. While we don’t have any clients in India, we serve some of the top companies in the UK and US, making compliance with data regulations crucial for us.

    For instance, adhering to GDPR and other data security standards, along with data residency requirements, is a key part of our day-to-day operations. We take several measures to ensure compliance with these regulations. For example, when our operations personnel process data, they do so through secure RDS sessions. This ensures that the data remains within the geographic boundaries of the respective country, even if the individual processing it is not physically present there.

    Our clients regularly conduct audits to verify our compliance, and these audits help reinforce their confidence in our adherence to security and regulatory requirements. Security is an ongoing focus for us, and we have a dedicated Group Information Security Office based in the UK, which oversees all information security aspects across our global operations.

    We employ a defense-in-depth approach to security, implementing multiple layers of protection to safeguard our data. This ensures that our data remains secure, which is continuously demonstrated to our clients through audits, to our internal auditors, and to the regulators.

    TAM: Gen AI is the new buzzword. How are you integrating advanced technologies to enhance customer experience across your solutions?

    MS Ramanujam: AI is the latest buzzword, and every business is exploring how to leverage this new technology. At Equiniti, we’re also working on initiatives to enhance user experience, though I can’t disclose the specifics right now. 

    In general, I believe that Generative AI (Gen AI) is set to revolutionize how customers interact with systems. Rather than relying on traditional chatbots, for example, Gen AI can make these interactions much more intuitive and human-like. With Gen AI in the background, users will feel as though they are communicating with a real person, receiving responses that seem more natural and human-driven.

    Websites, too, will become more responsive to users’ preferences, enhancing usability and increasing engagement. These are just a few ways I see Gen AI transforming how businesses connect with customers and how customers, in turn, interact with businesses.

    TAM: How do you ensure that your solutions remain relevant and competitive in an ever-evolving financial services landscape?

    MS Ramanujam: The simple answer to that question is to stay informed about industry developments, keeping a close eye on what customers need and how we can provide greater value. In such a highly competitive market, it’s essential to always stay on top. Another key aspect is anticipating what regulators are looking for and staying ahead of the game.

    Regardless of geography, regulators—especially in the financial services space—want maximum visibility into what’s happening for obvious reasons. They continually introduce new rules, controls, and guidelines. It’s important for us to understand what regulators are seeking and build those requirements into our products, so we’re ready when they implement new controls. This approach aligns with the growing focus on regulatory technology, or RegTech, which is an area we’re actively involved in.

    For example, Know Your Customer (KYC) processes have evolved significantly over the last decade, even in India. As systems become more interconnected, these processes will only improve. We’re closely monitoring these developments to ensure our products incorporate these capabilities, allowing us to provide even better service to our customers.

    TAM: Which are some of  the biggest technology trends set to transform the financial services industry, and what strategies do you have in place to stay ahead of these changes?

    MS Ramanujam: I touched on some of these points earlier, but in my personal view, the key technologies that are likely to transform the financial services industry are AI and machine learning (ML). These technologies will have a significant, positive impact on the industry. While chatbots are one aspect of AI, they’re just the tip of the iceberg.

    AI and ML can revolutionize how we conduct processes like KYC, anti-money laundering, and identifying ultimate business ownership. These measures are crucial for ensuring global safety, and AI/ML will streamline these controls, making them more transparent and straightforward. As more systems become interconnected, these processes will only improve and evolve over time.

    Looking ahead, I believe regulators will eventually have real-time access to information, allowing them to act swiftly as these technologies mature. This will enable businesses like ours to provide the necessary data to regulators faster and more efficiently. At Equiniti, we’re actively exploring these trends in our lab.

    For example, we recently hosted a conference in the UK where we invited clients to see what we’re working on in areas like T+1 settlements. We also encourage feedback from our clients, which is then incorporated into our products. Our dedicated product team ensures these inputs are considered and appropriately implemented in the services we offer.

    This creates a continuous feedback loop between Equiniti, our customers, and regulators. We keep listening and adapting, integrating these emerging technologies into our products to better serve our clients.

    RELATED ARTICLES

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Most Popular

    spot_img
    spot_img