Roman Regelman, the head of digital, who is in the thick of the action at the 235-year-old investments firm, calls it ‘digitising this very bank’, or an end-to end transformation, rather than working with fintech firms or creating a parallel bank.
The transformation seems to be at variance with the trend of slowdown in revenue from the banking and financial services sector for IT services firms. This is largely because a lot of the transformation initiatives are now being spearheaded internally by banks.
“BNY Mellon relies on the expertise of our people to develop our core IP, rather than outsourcing it to external vendors. That’s the trend that I see the industry is moving towards, and it allows us to keep that knowledge in-house,” said head of technology for BNY Mellon in India Nitin Chandel, who oversees the firm’s almost 7,000-member-strong technology team in Pune and Chennai. Over the past few years, there has been adistinct shift in the role of the India centres, he said. “A lot of our technology development is led from here and we are at the forefront for expertise in AI and ML.
The robotics CoE is led out of India with a dominant part of the team here,” said Regelman, who was in Pune last week.
BNY Mellon has 15,000 people in India across technology and operations — about a third of its total headcount. “IT services have done well on labour arbitrage, but that’s no longer the name of the game,” he said.
Most services firms are struggling with high levels of attrition and trying to shore up talent by hiring from colleges and training them, a model perfected over the years. However, banking customers who are looking at more value-added work are now demanding highly skilled people on their projects from vendors.
“We have a great training programme and can train people ourselves, so why would we need their freshers?” Regelman said.