Independent Analyst firm ranks TCS BaNCS as no 1 technology provider and market leader in China for second consecutive year
Report highlights consistent growth since launch three years ago
BAI – RDS, Orlando, Mumbai, India, November 21, 2008: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, today announced that leading analyst firm IDC has ranked TCS BaNCS as no. 1 solution in China for the second consecutive year. The report also named TCS as a market leader as well as a key service provider in the region.
Specifically on TCS, the report noted “After entering the China market, TCS secured a big deal every year - Huaxia Bank in 2005, Bank of China in 2006, and Guangdong Rural Credit Union in 2007. Solutions provided by TCS focus on the middle and front ends, with the core banking system as the mainstay plus the systems of payment and liquidation, ATM, card and channel management. Currently, TCS' financial department has nearly 300 employees in China.”
Commenting on TCS’ strategy Jeanne Capachin, Research Vice-President for the Global Banking and Insurance practice said, “This region is poised for consolidation once the innovating banks complete the cycle of transformation and start harnessing technology benefits. TCS has built a strong momentum in the region and with strong reference clients their presence can only get stronger as a clear leader.”
N Ganapathy Subramaniam, President, TCS Financial Solutions said “Our sustained and strategic focus on China has been reinforced by IDC’s ranking and reading of the market. Our customers around the world can continue to expect our suite of products and solutions to outperform and deliver superior performance.”
The report also observed that with the upheaval in the financial services industry, there is an increasing pressure to strengthen and transform core banking infrastructure, improve integration across the enterprise and increase efficiency.
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 of 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 of more than 240 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. For more information, visit us at www.tcs.com/bancs.
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, recognized as the benchmark of excellence in software development.
A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 120,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March, 2008 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Financial Solutions Media Contacts
Phone: + 1732 331 3084
Phone: +61 (2) 9318 1088
Phone: +41 44 832 10 04
Phone: +91 22 6778 9077