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Fidelity International (FIL), the global retirement solutions and investment services provider, sees India as a major source of innovations and digital capabilities for its global customers and operations.
Fidelity International has three global capability centres in India. Besides its centres in Mumbai and Gurgaon, it opened a 700-seat centre in Bengaluru last year. The company has been present in India for over 20 years.
“I see India playing a critical role within Fidelity International,” Rohit Jetly, Head of Platform Delivery for Global Platform Solutions and Site Head-India, told businesslinen. At 4,700, its India workforce accounts for 40-45 per cent of its global headcount. “That tells you how important India is,” he added.
Fidelity International manages around $714-billion assets of over 2.9 million clients across Asia Pacific, Europe, West Asia, South America and Canada. A substantial chunk of the offshore funds offered to its customers globally are invested in the Indian markets. Jetly declined to give a number but sai, “That’s a sizeable chunk of investment money that comes into India overall.”
In India, its global capability centres (GCCs) form the technology backbone for its operations. This includes user experience in digital interface, use of artificial intelligence in the investment process, and data analytics . “We also house what we call the innovation garage here in India. This is about experimenting with newer age techniques and trying to bring the mainstream within the organisation.”
Moreover, in India the company sources more than just tech capabilities, he says. “India offers a lot of deep skills and expertise. It’s no longer about tech,” Jetly said. “We do global distribution business services. We do a lot of different shared services in general counsel, finance and human resources areas.”
While the company may not open more centres in India for a while, it will however invest more to expand capabilities at the three existing centres, he said. “I expect Bengaluru to become kind of an intersection for the kind of capabilities we want to develop.”
He said that GCCs in India were evolving to offer more than just tech support for their parent entities. They are also being used to accelerate operations using locally available talent.
FIL’s units in India are becoming global hubs of capabilities, he said.
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