The Smart List: Broadridge makes critical move to cloud without disruption to clients
Financial services company prepares for the future with AI, blockchain, cloud and digital technologies
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As a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers, Broadridge Financial Solutions is the backbone of financial markets. It owns 98 percent of the stock trading proxy business in the United States and settles 25 percent of New York Stock Exchange trades daily. Suffice it to say, if Broadridge goes down, Wall Street goes down.
So when the infrastructure that supported Broadridge’s Fixed Income Platform, which manages $6 trillion a day in securities, experienced failures, the company moved its critical daily processes from a traditional IT architecture to a dedicated private cloud.
Broadridge CIO Mark Schlesinger, Broadridge VP of IT Scott Anderson and IBM Services Global Project Executive Loyd Simpson discuss Broadridge’s critical move to cloud.
What is Broadridge’s business + technology vision?
Scott: Our traditional model was service bureau with software solutions. Now we’re expanding and evolving our application toolset, modernizing our solutions, adopting AI, looking at blockchain, and driving it all to the cloud. Digital has become a big part of what we do.
Mark: Internally,we’re calling this Broadridge 3.0, because it’s really about taking Broadridge to the next level.
How have you gone about bringing that vision to life?
Mark: Innovation comes in a couple of ways. First, we consider how we want to take our current products and platforms to the next level to continue to service our clients in a secure, reliable and consistent manner. Then we consider how to enable those things, as well as new solutions using what we call the ABCDs of technology: A for AI and robotics, B for blockchain solutions, C for cloud and D for digital.
Loyd: It’s an iterative journey. We began by supporting the Fixed Income Platform for Broadridge, which was specifically designed on the IBM iSeries platform. Then we explored the IBM iSeries cloud capabilities. After that, we were able to go into the design of the overall architecture. Throughout the process, we knew the criticality of the systems. We knew we couldn’t take chances. We worked with Broadridge to develop a custom project plan that we used to execute the entire migration.
Scott: IBM Services positioned our data center growth and provided way more services than we could provide internally. It was an amazing opportunity for us to scale and gain industrial strength resiliency.
What does “building smarter business through technology” mean to you?
Scott: For Broadridge, the definition of building smarter business through technology continues to evolve. Technology used to be such an inhibitor to our business because it was always something that needed to be built, acquired, secured and measured. We need to think of technology as something that needs to be basically available for our clients. It needs to be able to have our solutions loaded and go.
Mark: Delivering smarter business through technology is taking components of technology and wiring them together to create a solution that not only drives good business value for Broadridge, but also becomes something that our clients feel is a critical solution for them to further enhance their business.
What’s next for Broadridge?
Mark: Really taking those ABCDs and putting our solutions into the marketplace. Proving that these newer technologies really do make a difference will differentiate Broadridge and will help our clients differentiate themselves in their own market spaces.
Loyd: The next level is to continue to expand this platform into Broadridge’s global markets. The beauty of the private iSeries cloud solution is that they can take this footprint and replicate it across the world.