TCS BaNCS™ Recognized as a Leader in Gartner Magic Quadrant for Global Retail Core Banking
Tata Consultancy Services’ Global Banking Platform Helps Customers Launch Innovative Products, Leverage Ecosystems, and Deliver a Consistent and Contextual Experience to End-customers
NEW YORK | MUMBAI, September 10, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been positioned as a Leader in the Gartner Magic Quadrant for Global Retail Core Banking1 for its TCS BaNCS™ Global Banking Platform.
“TCS BaNCS has become the preferred choice for progressive banks and financial institutions looking to build a future-proof, adaptive core that supports their digital aspirations. The pandemic and the resultant shifts in consumers’ banking behaviors have lent greater urgency to the digital transformation imperative,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. “We believe our positioning as a Leader in Retail Core Banking is a testament to our consistent and forward-looking product strategy and vision, customer-centricity, relentless execution focus, and the realization of our roadmap to the benefit our customer base.”
Designed and built on the Digital First, Cloud First™ strategy, the TCS BaNCS Global Banking Platform is a componentized banking solution with proven functionality spanning multiple lines of business such as retail, business, and corporate banking. It helps banks and financial institutions offer innovative products and services to customers throughout their life journeys, based on their anticipated requirements and over the devices of their choice.
TCS BaNCS is available on the cloud as well as on-premise, leveraging the latest technology stack and architectural constructs like cloud nativity, containerization, microservices and APIs. The product offers an integrated digital channel based on a responsive, adaptive hybrid architecture for customers and enterprise users to interact and perform their tasks in simple, easy-to-use ways. Its future-proof architecture, embedded intelligence and rich capabilities that are continuously upgraded with new features and market-driven functionality, ensure best-in-class availability, high performance, agility, scalability, and interoperability. It has an installed base of nearly 450 customers and is amongst the top-selling core banking solutions in the world. Additionally, TCS BaNCS has ready-to-use connectivity to blockchain-based applications and networks with TCS’ Quartz Blockchain solutions.
“TCS BaNCS helps banks offer personalized services and launch innovative products, leverage the power of ecosystems and connectedness, and offer a consistent and contextual experience to end-customers, making it the preferred solution for customers embarking on their digital transformation journeys,” added Venkateshwaran Srinivasan.
Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
1. Gartner, Magic Quadrant for Global Retail Core Banking, Vittorio D'Orazio, Don Free, August 5, 2020
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: www.tcs.com/bancs
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 over 50 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 AgileTM 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 443,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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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TCS Financial Solutions Media Contacts:
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TCS Financial Solutions
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