TCS Named a Leader in Banking BPS by Everest Group
Tata Consultancy Services’ Proven Domain Expertise, Broad Coverage of All Banking Lines of Business, and Suite of End-to-End Platform and Core Banking Solutions, were Cited as Key Strengths
- (1888PressRelease) October 01, 2019 - Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK MatrixTM for Banking BPS[1]. This is the fourth successive year that TCS has received this recognition.
In an assessment of 30 banking BPS providers, TCS was ranked highest for vision and capability and market impact. According to the report, its core banking solutions give it an edge in technology-heavy deals, and its ability to offer risk management services adds even more value to clients. Another strength highlighted in the report is TCS’ investment in the development of technology solutions such as the cognitive solution ignio™ and partnership with various specialist technology providers. The report also says that clients have praised TCS for its consistency, domain expertise, and ability to handle issue escalations.
“Banks across the globe are embracing a Machine First™ approach to transforming their business operations leveraging the power of cloud, AI and machine learning for greater agility, scalability and enhanced customer experience,” said K Krithivasan, Global Head, Banking, Financial Services and Insurance, TCS. “Our Leadership position in this report is a testament to our differentiated capabilities in driving our customers’ growth and transformation initiatives.”
TCS has been helping leading banks across the world in their transformation journeys with its Business 4.0TM thought leadership framework. Leveraging its deep domain expertise, contextual knowledge, intellectual property and knowledge of global regulatory norms and risk management guidelines, TCS helps its customers reimagine their operations with very high levels of intelligent automation, enhancing their agility and competitiveness.
TCS' suite of cognitive-enabled business process services and solutions caters to all the segments within banking. This includes:
Retail banking and cards services: TCS provides support in the areas of origination, servicing, payments, 360 degree dispute management, collections, and personal and private banking. With offerings like cognitive KYC, AML integrated transaction analysis and cognitive fraud detection, banks can use automation to strengthen their investigation process and get dynamic customer insights.
Commercial banking services: These cater to payments, trade, and lending functions, with digital solutions such as integrated loan origination, cognitive automated financial spreading, automated data extraction and cognitive payments across a range of products from working capital, syndicated loans, equipment leasing to fleet finance.
Lending services: The TCS suite of Digital Mortgage Services covers the end-to-end process ranging from underwriting and closing to post-closing, servicing and secondary market services, allowing lenders to enhance borrower experience and simplify processes across the business value chain.
“As the banking landscape evolves, it is becoming clear that there is no one-size-fits-all when it comes to banks’ sourcing needs. Depending on size, scale, legacy environment, risk & investment appetite, etc., enterprises are constantly evaluating different options from platforms to digital offerings to plain vanilla BPO,” said Manu Aggarwal, Vice President, BFS Business Process Services, Everest Group. "TCS, with its suite of end-to-end banking solutions, coverage of all banking lines of business, strong domain focus, and a heritage of both IT and operations, can offer a variety of solutions to help any bank optimize its services layer.”
“Our automation-led suite of offerings, pre-built tools and frameworks, flexible, scalable, and convenient operating models, and contextual knowledge, enable our customers to become Business 4.0 enterprises,” added Krithivasan.
[1] Banking BPS – Service Provider Landscape with Services PEAK MatrixTMAssessment 2019, Manu Agarwal, Everest Group, July 2019
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 436,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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