KFin Technologies, India’s largest registrar and transfer agency and a market leader in the financial sector providing investor servicing have successfully completed the country’s largest-ever data transformation journey in the financial services space during the COVID-19 pandemic. The legacy modernization was spearheaded by its trusted technology partner – CtrlS Datacenters, Asia’s largest Rated-4 datacenter and managed services provider.KFin Technologies provides both investor and issuer services across asset classes for over 100 Million investors. The company is present across ~ 200 locations in India and in 13 countries globally covering Malaysia, Philippines, Hong Kong, Singapore, Canada, USA, Oman, United Kingdom, etc. To translate it’s vision to be the most preferred and proactive solutions provider for investment managers and intermediaries helping clients increase their market share by providing agile platforms for product innovation, widest geographical reach and create technology-enabled omnichannel investor services, the successful transition from legacy business to digital transformation was undertaken.
Earlier, KFin Technologies ’s legacy IT systems suffered from restricted scalability to align with fast growing needs of the organization, delimited competitive advantage due to lack of agility, silos within business units, centralized and old support functions reaffirmed the need to modernize the infrastructure and related applications. KFin Technologies decided to adopt the latest technologies and crystallized a vision to embark on a radical transformation journey to became a digital registrar by re-platforming its core technology and phasing out its outdated legacy systems to a newly built, fully integrated IT ecosystem thereby transforming the way it conducts its business and delivering enviable customer experience to its nine million investors.
“With global reach and millions of customers, it is crucial for us to provide real time, unique, innovative and seamless services to our clients. We are working towards accomplishing a steady mix of deep domain financial services delivery and transformational digitization. Pivoting from financial services provider to a Fintech but with accelerated transition into a TechFin in a split velocity model is the immediate goal of KFin.” Sreekanth Nadella, CEO, KFin Technologies said.
Sreekanth said that KFin Technologies is investing in bringing the right skill set and deploy cutting edge technologies to provide the first of the kind the solutions to the markets – be it their AMC’s or end customers. He added that Compliance to regulatory norms and securing the data and resources stand first in his priorities.
KFin Technologies has a huge amount of data to churn-out to provide the relevant customer insight, which led to a need for a scalable, on-demand platform. “As KFin Technologies was embarking on its journey towards digital, and designing a roadmap for new few years, the key business challenge was to keep our infra app and ecosystem highly stable, available and scalable,” Sathish Nuggu, CTO, KFin Technologies highlighted.
The company needed a strategy for storing, scaling, retrieving and securing the critical data seamlessly, in real-time. It partnered with CtrlS to migrate from legacy data center to the new state of the art facility.
Sathish Nuggu further explained, “As a fintech company it is a must to have robust products and services and deep engineering expertise to understand the growth patterns. Followed up with a stable infrastructure.”
Srinivas Peddada, Senior Advisor at General Atlantic and Chairman ITSC committee added that the planning and seamless execution of the complex migration project is an epitomizes the immense domain and technology expertise that the CtrlS team carries – it makes it a differentiator for years to come. Peddada further said, “CtrlS plays a critical role as KFin Technologies have outsourced their complete infra app and DB to manage. Therefore, CtrlS is primarily KFin Technologies data centres partners. In order to keep the business running, KFin Technologies keep the products up every day in and out 24×7”.
With superior technical skills and capabilities, CtrlS ensured KFin Technologies is future-proofed. Today, KFin Technologies not only has all its time to invest and understand its client’s pain points, create roadmaps for them to grow, create value for its customers but also has ensured its technology and business is scalable, available 24X7, optimized to enhance customer delight and the much desired competitive advantage. With a trusted technology partner in CtrlS their technology challenges are a matter of the past the company is now raring to go and has set its eyes on global expansion to take on new challenges, acquire new customers worldwide and conquer the global markets.
