Nuvama adopts several technologies; looks for more

Reengineering workflows, using RPA, e-Sign, Penny Drop, DIY, OCR, various industry APIs have helped Nuvama Group eliminate human errors, ensure strong validation, speed, scale and STP:

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Nuvama Group encompasses 3 businesses: Wealth management, asset management, and capital markets, and is one of India's leading firms in its category. Nuvama holds client assets of over 2.25 trillion, servicing over 1 million affluent individuals & HNIs as of Dec 2023. Riyaz Ladiwala is President and Head, Technology and Operations at Nuvama Group. Riyaz has an MBA from MET Institute of Management Studies. He provides insightful views on digital initiatives of the company.

Mehul Dani: How has your company benefited from implementing digital strategy in 2022-23? What are the changes for customers?

Riyaz Ladiwala: 2022 was a year of impactful moments in our technology journey. Following PAG's acquisition of a majority stake in Nuvama Group (previously known as Edelweiss Wealth Management), we took an initiative called 'Project Plutus' to establish a dedicated IT organization for Nuvama, to enable us to operate independently without any dependencies on group companies for technology infrastructure & network, enterprise applications, cyber security, and workplace services. Throughout this journey, we embarked on a range of initiatives that were critical to our success.

◆We set up a dedicated team, finalized partners, and operating model.

◆ We setup our new data centre and DR site and adopted a multi-cloud strategy (AWS, Azure and Oracle Cloud) to leverage the latest technologies and innovations and deliver world-class IT solutions.

◆We migrated over 900 servers, 330 applications and 3800 users seamlessly without any disruption to our operations.

◆ We took over IT operations from the group company's technology team and brought in a managed services partner to facilitate the transition.