TCS named a Leader in Analyst Firm’s Magic Quadrant for International Retail Core Banking 2011
Mumbai | Chicago, October 13, 2011: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced today that the International Retail Core Banking report has placed TCS BaNCS product in the Leaders Quadrant. TCS BaNCS is one of the 20 core banking platforms that were profiled from an original list of 48 candidates.
Gartner defines “leaders” as vendors that demonstrate strong development methodologies. All of these vendors have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Many vendors possess methodologies for quality assurance or are executing on a strategic road map to attain certification. Most vendors maintain a strong banking market understanding through methodical processes and have extensive marketing delivery and sales channels. Although there are many well-balanced vendors / products in this quadrant, some are in transition and possess evolving products, process maturity or both.
NG Subramaniam, President, TCS Financial Solutions, said, “Our unwavering focus is on our customers’ ever-evolving business needs and on partnering with them to succeed in their respective businesses. We are glad to receive what we believe to be an accolade that reinforces our commitment in making TCS BaNCS functionally rich, compliant to regulations and agile to customer needs.” The report titled, “Magic Quadrant for International Retail Core Banking 2011”, authored by Don Free was released on September 21, 2011.
TCS BaNCS Core Banking Solution Version 12 is the centerpiece of this evaluation along with myriad other aspects that cumulatively drive the go-to-market strategy for TCS Financial Solutions. The latest version contains important functional additions like IFRS reporting, advanced multi-entity support and extensibility layer enhancements. Advanced multi-entity support allows collocation of multiple business entities of a financial institution, including those spanning geographies. These provisions that configure and control cross-entity transactions and 360-degree views of the customer and the bank across entities continue to differentiate TCS BaNCS.
Utilizing sophisticated integration methodologies, techniques and tools, this version also presents innovative functional enhancements in the areas of lending, deposits, securitization, trade finance and treasury. This advanced solution is also available with business rule-driven TCS BaNCS Origination.
About the Magic Quadrant
The Magic Quadrant is copyrighted 2011 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 deliver 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, 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 202,000 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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