In an exclusive interview, Anand Ramakrishnan, Managing Director of EQ India, explains the intricacies of the company's dynamic growth, fintech strategies, talent development, and commitment to sustainability
In an exclusive interview with ET Edge Insights, we delve into the dynamic world of EQ India with the Managing Director, Anand Ramakrishnan. As the driving force behind EQ India, Ramakrishnan provides invaluable insights into the company’s operations, growth strategies, talent development initiatives, and sustainability endeavours.
The article unveils EQ’s use of technology in the fintech realm and highlights its global expansion goals, with India playing a crucial role. Ramakrishnan emphasizes the company’s commitment to talent development, fostering innovation and excellence among its workforce. The interview also offers insights from EQ’s leadership on managing challenges and sustaining growth in the dynamic fintech environment.
EQ India operations
EQ India handles the share registry for approximately 37 million shareholders globally, managing a vast 90 billion shareholder records. The company’s responsibilities include facilitating share-related transactions like sales, IPOs, and registrations. In the UK, EQ is the largest shareholder management company, and it holds the second-largest position in the USA, complemented by a pensions business in the UK.
The Indian unit, consisting of 1,500 colleagues in Bangalore and Chennai, dedicates 50% of its workforce to managing share registry and pension businesses. This involves addressing client requests for share-related services and transactions. Another 30% focus on technology development, as EQ operates as a specialised fintech company, necessitating tailored solutions. The workforce also manages shared services like finance and HR efficiently.
EQ India takes pride in its commitment to diversity, with 40% women representation and a workforce predominantly below the age of 30, emphasizing a strategy to groom specialists in the fintech sector.
The fintech ecosystem
Ramakrishnan emphasizes EQ’s distinctive approach to technology services in the fintech ecosystem. Rather than adopting technology for its own sake, EQ integrates tech solutions tailored to the highly specialised and regulated nature of shareholder management. The company’s stringent evaluation process ensures that any technology adopted aligns seamlessly with regulatory frameworks and enhances customer service, quality, and internal operations. EQ collaborates with top technology providers, with its entire platform operating on Work Tape and in-house developed shareholder and pensions management platforms using cutting-edge technologies like Dotnet
Talent acquisition
Addressing the critical aspect of talent acquisition and development, Ramakrishnan outlines EQ’s strategies. In a niche market where finding individuals with shareholder management experience is challenging, EQ focuses on recruiting bright minds and nurturing them into specialists through robust training programs. Classroom sessions provide an initial understanding of EQ and the shareholder management business, supplemented by hands-on experience with subject matter experts. The company encourages certifications, reimburses the associated costs, and invests in continuous training, both online and with trainers from the UK and USA. The emphasis on internal promotions ensures a constant influx of specialists, contributing to the growth of the organization.
To gauge employee satisfaction and gather insights, EQ employs the Pecan tool, facilitating anonymous monthly surveys. Feedback received is incorporated into training sessions, reflecting EQ’s commitment to creating an environment conducive to professional growth. Mr. Ramakrishnan underscores the importance of retention, considering the investment in creating specialists within the organisation. EQ’s proactive approach to employee feedback and development reflects its commitment to sustained growth in a competitive market.
Sustainability
On sustainability, EQ, owned by Siris Capital, is actively making eco-friendly changes in India, eliminating single-use plastics and exploring clean energy sources. Environmental, Social, and Governance (ESG) principles are a central focus for EQ, reflecting a commitment to responsible business practices.
Regarding future growth, Ramakrishnan outlines EQ’s ambitious plans. While India remains a captive unit, the company aims to double its workforce, reaching 50% of its global employee count in the next couple of years. This growth will be driven by right sourcing from the USA and expanding into the pension space. EQ envisions creating competency centers in India for global functions like procurement and project management, representing a strategic shift from merely shifting roles to building specialised centers of excellence..
Leadership
Ramakrishnan, reflecting on leadership beyond assigned duties, emphasizes three crucial points. Firstly, he stresses the leader’s need to handle challenges, uncertainties, and competition effectively during periods of growth. The dynamic nature of growth requires skilled leadership to channel new ideas and thoughts.
He also highlights the importance of a leader making themselves dispensable, particularly in a fast-paced and specialised growth setting. Building a robust team becomes essential, allowing the leader to delegate tasks and concentrate on broader goals. The key is to trust the team, letting them learn, take charge of tasks, and tackle challenges independently.
