Sell-Side Technology Awards 2020: Best Outsourcing Provider to the Sell Side—Broadridge Financial Solutions

Sell-Side Technology Awards

For the fifth year in a row, Broadridge Financial Solutions has won the best outsourcing provider category in the annual SST Awards. Last year, WatersTechnology reported that Broadridge had invested in disruptive technologies like machine learning (ML) and robotic process automation. This investment has continued over the last 12 months and the company now offers 40 natural language processing and machine learning components in production associated with critical functions. 

Kevin Moran, managing director and global head of business process outsourcing (BPO), says artificial intelligence (AI) has become a core competency for the company over the past year. “We want to generate efficiencies and automate tasks, provide scale for our clients, but also mitigate risk. So we have rolled out a strong enterprise risk management competency in the BPO, and that is driven by our ability to deploy AI, machine learning and robotics,” he says. 

Broadridge sees robotic process automation as the “onramp” to a spectrum of digital transformation, Moran says, with the company moving along that spectrum to automating key tasks for clients, including reconciliations, settlements, margin, corporate actions and asset servicing. “RPA gives us the opportunity to look at the core functions of capital markets to see how those functions can be improved first through repetitive patterns to automate them,” he says “Once that happens, we can move up the spectrum and call it ‘machine learning,’ as there are fewer exceptions and patterns, and you are able to apply rules to take those patterns to the next step of action.”

One example is a partnership with Singapore-based Tookitaki on an AI and ML platform that can be deployed for reconciliation and matching. Broadridge has also been working on a suite of supervision tools. The company has a workflow tool that was developed for in-house use, and then rolled out to clients. As it evolves its automation capabilities, it is also developing a similar tool for machine, rather than human, workers. This tool will allow clients to supervise not only the bots within Broadridge’s BPO, but also any digital labor client that firms might be using themselves.

Broadridge partnered with IBM in January to create the Broadridge Private Cloud, a hybrid model to deliver software-as-a-service solutions. “We want to create an open architecture that allows our clients to be more agile as they pursue innovation in their own digital transformations,” Moran says. The company’s Global Asset Servicing solution is already available on Amazon Web Services, he adds. 

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