Tata Consultancy Services’ Solution Improves Productivity of Financial Advisors and Customer Experience across the Entire Investor Lifecycle
NEW YORK | MUMBAI, December 07, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been named a large player in Forrester Now Tech: Digital Wealth Management Platforms, Q4 2021.
The report profiles 18 wealth management platform providers based on their market presence and functionality. The report notes that TCS BaNCS’ most significant geographic presence by revenue is across North America, Europe, Middle East, and Africa, and its vertical market focus spans private banking, wealth, and asset management.
Further, TCS was recognized in the financial services specialist functionality segment. According to the report, “These firms target the needs of large ‘one-stop shop’ financial services firms that offer wealth management services alongside an array of banking and insurance products. These vendors emphasize how their core systems are integrated to provide the customer (and advisor) with a single view of their financial picture.”
“As the focus for wealth managers shifts to financial wellness, the industry is moving towards offering hybrid and holistic advice catering to a broader customer segment – from Gen Z seeking long term investment options for the first time to mass affluent and to HNI segments. These trends are fueling innovation driven by data, digital technologies, and cloud,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We believe this recognition in the Forrester Now Tech report comes as a validation of our commitment to developing and implementing best-of-breed solutions at scale for wealth and asset management, tailored to facilitate informed decision making and meet customer demands and regulatory compliance.”
TCS BaNCS for Wealth Management is a 360-degree solution that covers the wealth management value chain from client on-boarding to portfolio management. The solution’s core components across banking, investments and securities are assembled to deliver a tailor-made proposition to each segment. TCS BaNCS for Wealth Management is delivered on a SaaS model and is complemented with cognitive tools.
The comprehensive solution is helping customers make informed decision and meet dynamic investor demands and regulatory expectations. It helps firms enhance advisory management, portfolio planning and performance. Clients have been using the solution to rapidly scale and launch products catering to new investment trends while also building closer relationships with end-customers.
R Vivekanand added, “Over the last year, there has been significant growth – both in the number of wealth providers as well as the digital advice models – which offer much greater choice to end customers. TCS BaNCS solutions offer wealth providers a platform to provide institutional quality advice to a broader range of customers, drive advisor retention as well as the ability to provide a seamless omni-channel experience for both self-directed as well as advice-seeking end-customers.”
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 (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 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 528,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
 Forrester Now Tech: Digital Wealth Management Platforms (DWMP), Q4 2021, Vijay Raghavan, Forrester Research, November 9, 2021.
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