TCS Financial Solutions unit named among top two Banking IT Solutions Providers in China
Beijing/Bangalore, July 30, 2007
TCS Financial Solutions (formerly TCS/FNS), a strategic business unit of Tata Consultancy Services focused on providing state-of-the-art business application solutions, announced that TCS BaNCS Core Banking, one of its flagship products, has been ranked as the top core banking solution in China based on its performance in the year 2006 by IDC, a leading provider of global IT market research. TCS Financial Solutions has also been named amongst the top two IT solutions providers for the financial services industry in China.
An IDC report, "China Banking Industry IT Solution 2007-2011 Forecast and Analysis”, June 2007, evaluated all solution providers based on revenue and market share for 2006. IDC noted that TCS Financial Solutions has emerged as a major force in China’s banking IT solutions market after winning major deals with Bank of China and Huaxia Bank.
The report cites TCS Financial Solutions for its strong capabilities virtually across all IT solutions for the banking industry. In addition to the top Core Banking Solution position and being named the second largest IT solutions provider, TCS BaNCS has been recognized as the second largest channel management system provider, the third largest payment and settlement solution provider, and was identified as the sixth largest bankcard solution provider in China.
"Within China, the banks have been one of the largest IT spenders, and IDC expects that in 2007, the banking industry will focus on optimizing existing IT investments and consolidating technology." said Quaint Li, Market Analyst, Cross Products and Vertical Research, IDC China. "TCS BaNCS has emerged as the biggest winner in the core banking space, thanks to a large deal signed with Bank of China.”
IDC’s research estimates that the market for core banking solutions (excluding hardware) in China was RMB 1,036.6 million in 2006, an increase of 23.8% over 2005. Core banking solutions accounted for 23.8% of the overall banking solution market and constituted the No. 1 category of bank IT solutions spending. According to the IDC report, China’s banking IT expenditures are forecast to increase 15.1% or RMB 42.1 billion by 2007. IDC forecasts the China banking IT market to reach RMB 72.4 billion by 2011.
"TCS Financial Solutions' strategy to continuously invest and build domain capabilities in the banking industry has been validated by TCS BaNCS’ ranking as China’s top core banking solution and one of the top two IT solutions providers in China," said Mr. N. G. Subramaniam, President, TCS Financial Solutions. "TCS Financial Solutions remains dedicated to delivering sophisticated solutions and services for leading financial institutions in China and around the world.”
“The recognition from IDC is evidence of TCS Financial Solutions’ commitment to delivery excellence through its Global Network Delivery Model (GNDMTM) and its ability to provide Chinese corporations and global customers with best-in-class technology products and solutions.” said Mr. Girija Pande, EVP and Regional Head, TCS Asia Pacific.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name TCS BaNCS. Our mission is to provide best-of-breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base in excess of 200 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model™, and recognized as a benchmark of excellence in software development.
A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 94,000 of the world's best trained IT consultants in 47 countries. The company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March 2007 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.