BNY Mellon to expand work done out of India

New York-based BNY Mellon is increasing the share of work done out of India, fifteen years after the 235-year-old investment firm set up operations in the country.

Quite a few of its technology initiatives are already led out of India, especially around digital transformation, which is currently under way at the bank.

Going forward, the focus will be to grow functions where India remains under-penetrated, said Sudish Panicker, managing director and head of operations, BNY Mellon, India.

“We will continue to grow in maturity and complexity. We will continue to look at what is done from centres like India, leverage capabilities and talent pool to grow functions that have opportunities for scale,” he said.

Accounting is one such area where Panicker expects its Indian operations to start doing more end-to-end work.

BNY Mellon is also working to set up centres of excellence across multiple disciplines within key operations centres, including India. A number of change and transformation programs in asset servicing operations across custody and accounting are being driven from here. It is likely to set up a centre of excellence for testing in India, which it will use to drive key transformation projects.

The India facility started out as an in-house centre, but has evolved to become a key hub for operations, technology and business teams, Panicker said.

Many of its core functions are run out of India, where it has about 7,000 employees across Pune and Chennai. Most of the components of the asset servicing and trade and cash processes are managed out of India, apart from key parts of several other functions.

Over time, a number of global roles have also moved to India, with people in Pune and Chennai running certain functions within the region or globally.

The thrust towards digitizing the bank has also led to centres like India gaining a more prominent role, with many of the transformation initiatives being led out of here.

“As we reimagine our business, we are looking at new and enhanced ways to add value by simplifying, modernizing and reducing risk,” he said.

This is in line with the shift seen across global captive centres of financial services firms, which have now evolved to playing a key role in technology development for their parent entities.

While the company will continue to increase its India headcount, Panicker said that the emphasis was on automating core functions.

“Folks who understand business and clients can help execute change and leverage insights from data to drive greater value for our clients and business,” he said.

The company relies on a mix of campus and lateral hires, focusing on both training existing employees on new skills and domain expertise, as well as hiring people with the required skill sets.