TCS Named a Leader in Analyst Firm’s Magic Quadrant for International Retail Core Banking Report 2010
Mumbai, September 23, 2010: TCS Financial Solutions, a 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 announced that TCS BaNCS has been placed in the Leaders Quadrant in the International Retail Core Banking report. TCS BaNCS is one of the 18 core banking platforms that were profiled from an original list of 40 submissions.
Gartner defines leaders as vendors that demonstrate strong development methodologies and 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 customer-centric approach of building solutions and a highly mature product engineering capability continue to demonstrate success in solving pressing customer problems. We believe our placement in the report only substantiates our promise of delivering certainty to our esteemed clients.” The report titled Magic Quadrant for International Retail Core Banking 2010 was authored by Don Free on September 13, 2010.
TCS BaNCS Core Banking solution version 10 is the center piece of this evaluation along with myriad other aspects that cumulatively drive the go-to-market strategy for TCS Financial Solutions. The latest version contains features like generic loan origination, best of breed process enablement and SOA readiness, and richly functional Islamic banking. Utilizing sophisticated integration methodologies, techniques and tools, this version also presents innovative functional enhancements in the areas of lending, deposits, origination, preferential pricing, securitization, trade finance and treasury. This advanced solution is further enriched with the addition of business rule-driven TCS BaNCS Origination product and enables a 360 degree view of the customer.
About the Magic Quadrant
The Magic Quadrant is copyrighted 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 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 (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 160,000 of the world's best trained IT consultants in 42 countries. The company generated consolidated revenues of over US $6.3 billion for fiscal year ended March 31, 2010 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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