As UBS pivots internationally toward becoming a more agile organization, its India business will play a more important role in product development, according to the Swiss bank. According to Uday Odedra, India head, UBS Business Solutions, “a lot of work around automation and simplification of the core infrastructure could be done outside of India.”
In India, 4,000 of the financial institution’s 7,000 employees work in the IT department.
UBS just released its mission statement, which focuses on rethinking the capacity to invest and connect people. This translates to becoming more sensitive to customer needs and improving customer experience while remaining conscious of environmental and social factors.
“For lots of that, technology is a key differentiator. For any organization that’s been around some time, there’s most likely some aspect of modernization that must be accomplished,” mentioned Odedra. “If you concentrate on the place you wish to be… you wish to be extra data-driven and have the ability to join past your boundaries way more simply.”
This is where India can play a critical role in using AI to automate processes, modernize, and migrate to the cloud. “I feel the important thing pivot for us is to hyperlink these capabilities collectively, each inside India and extra throughout the globe to our consumer worth streams in order that the infrastructure groups, software help groups, software growth groups, and product administration groups within the enterprise are all working collectively. When it comes to a worthy stream, I feel this pivot is admittedly necessary,” mentioned Odedra.
In India, UBS has three services where a large portion of its engineering staff resides. The company began with specialized know-how units in the country, which have now been integrated with the rest of the global firm.
“We have now leaders of varied capabilities who sit on the worldwide management groups of their world capabilities,” mentioned Odedra.
With the Chinese tech crackdown driving international cyber traders to go elsewhere for capital, it looks that the funding pipeline for Indian startups isn’t about to dry up again soon.
For the past six years, the Swiss bank has been active in India.
Odedra mentioned, “What we did not need India to be was only a quantity play taking a look at value arbitrage. So, successfully, once I got here into India, I constructed it like I’d have constructed out of London or New York or Zurich or Hong Kong, trying on the area and at issues that we may do so as to add worth.”
He also mentioned that when it comes to hiring, the main goal could be to include capabilities rather than numbers. Unlike other international firms with operations centers in India, UBS has been recruiting graduates and training them, as well as hiring veterans from the military services, which Odedra claims have worked well for the bank.