TCS Recognized as a Leader in Banking Application Outsourcing for Sixth Consecutive Year by Everest Group
Posted by: Clara Fernandes at 9/07/2016 03:56:00 am
NEW YORK | MUMBAI, September 7, 2016: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, today announced that TCS has been recognized as a Leader for the sixth consecutive year in the Everest Group report, “IT Outsourcing in Global Banking – Service Provider Landscape with PEAK Matrix™ Assessment 2016 and Profiles Compendium,” August 2016.
TCS was recognized for its industry leading domain solutions, strong delivery and execution capabilities and success in both mid and large client segments. Additionally, TCS was positioned as a leader across all four lines of the banking business which include, credit cards, retail banking, lending, and commercial banking.
Everest Group analyzed the capabilities of 28 leading AO providers, specific to the global banking sector. These providers were mapped to Everest Group’s Performance, Experience, Ability Knowledge (PEAK) Matrix™, which is a composite index of a range of distinct metrics related to each provider’s capability and market success.
“The disruption in the banking industry, which is driven by global macroeconomic uncertainties, digitalization, and growth in FinTech, is forcing service providers to focus beyond traditional IT services and create breakthrough value for their customers,” said Jimit Arora, Partner, Everest Group. “Sustained delivery excellence, significant breadth and depth of banking-specific solutions and services, credible investments in digital technologies, and the ability to deepen existing relationships have helped TCS maintain its position as a Leader for the sixth consecutive year in the Everest Group Banking AO PEAK Matrix™.”
“It’s an honor to be recognized as a leader in Application Outsourcing services for six consecutive years,” said K Krithivasan, President, Banking Financial Services at TCS. “We are proud of our collaborations with customers, enabling their digital transformation objectives through our continued investments in next-generation technologies and robust industry partnerships.”
In 2015, investments in the banking application services market was mainly driven by stricter regulatory norms, personalized banking experience and digital banking. TCS enables banks to embrace changing technology realities, by focusing on customer experience, risk and compliance management, digital and IT transformation.
About TCS' Banking and Financial Services Business Unit
With over four decades of experience working with the world's leading banks and financial institutions, TCS offers a comprehensive portfolio of domain-focused processes, frameworks, and solutions that empower organizations to respond to market changes quickly, manage customer relationships profitably, and stay ahead of competition. Our offerings combine customizable solution accelerators with expertise gained from engaging with global banks, regulatory and development institutions, and diversified and specialty financial institutions. TCS helps leading organizations achieve key operational and strategic objectives across retail and corporate banking, capital markets, market infrastructure, cards, risk management, and treasury.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 362,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com