AI-fying finance can make it more accessible: Vinayak Naik, SVP of Broadridge India
Broadridge is a fintech firm that provides infrastructure to companies involved in capital markets, wealth and investment management.
Infusing finance with conversational artificial intelligence (AI) can work wonders in opening up the complex world of bonds and markets, according to Vinayak Naik, Senior Vice-President of India.
Speaking at the 14th edition of YourStory's flagship startup-tech event, TechSparks 2023, Naik said the company has launched several products intersecting generative AI and finance, such as Bond GPT and Trade GPT—chatbots that help investors find bonds or equities to invest in via dialogue.
The fintech firm provides the infrastructure to companies involved in capital markets, wealth and investment management. It is also employing AI to develop products, right from the requirement stage and analysing the requirement to coding and testing.
"Web3 and AI are big areas for us," said Naik.
On the Web3 front, the company said it is working on several proof of concepts and ensuring its products are Web3-ready and can handle cryptocurrency.
"We're just making sure our trade desks are able to handle trading in cryptocurrency," Naik said.
He's also positive that there will be regulations in the Web3 space soon, given the spate of "high profile failures" that have happened over the last year, globally.
"We realise there is no regulation in this space, but in critical markets such as EU and Canada, we do believe regulations will come soon."
Naik, an optimist undeterred by the turbulence in Web3, asserts that once asset and wealth managers begin embracing digital assets, governments will inevitably be compelled to formulate regulatory frameworks.
Broadridge has more than $6 billion in revenue, as per the company’s website. It has over 300 different products, including stacks that help legacy systems digitise.
Managing a team of 3,000 people teaches you a lesson—or many. What Naik has learned from his experience is that fostering an environment of 'fail fast, fail forward' can help encourage innovation.
"I think success comes when you work very hard, and have near-death experiences," he said.
Of course, thinking about the end customer is always more important—and helpful.
"Tech is changing so rapidly all the time... you have to make sure you're working closely with the customer and bouncing product developments off the market and customers," he added.
Edited by Affirunisa Kankudti