press release

 

TCS Named a Leader in Banking Application Services by Everest Group

Report Cites Tata Consultancy Services’ Investments in Solutions/IP, Products, Academic Partnerships, and Co-innovation Efforts, as Key Differentiators and Strengths

NEW YORK | MUMBAI, January 24, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix™ for Application Services in Global Banking – Services[1].

In an assessment of 25 global service providers offering banking application services, TCS was positioned highest for market impact and vision and capability. The report highlights TCS’ significant investments in solutions and intellectual property, products, academic partnerships, and co-innovation efforts. The report also noted that customers appreciate TCS’ investment in driving scaled Agile adoption.

Global banks are actively enabling APIs to promote ecosystem play and are increasing the adoption of cloud models in their efforts to achieve digital efficiency and to move towards a completely digital ecosystem,” said K Krithivasan, President and Global Head, Banking, Financial Services and Insurance, TCS. “Our recognition as a leader by an independent, third-party research firm, is a testament to our deep understanding of the banking business, extensive digital capabilities and unique delivery approach.”

With formidable experience in building and managing a wide range of core systems, TCS has been a trusted transformation partner for many global banks. An end-to-end bouquet of services with full-stakeholder play, enables TCS to design and build innovative and transformational solutions using location-independent Agile methods. TCS’ new-age application services include: creating a comprehensive business case, defining the roadmap and operating model to re-architect existing monolithic applications with microservices, designing and building new cloud native systems, evaluating and implementing third-party SaaS/ PaaS options for specific business needs, enabling 24x7 IT support and maintenance, and bolstering IT governance.

Evolving consumer demands, competition from digital native firms, and a digital talent gap puts stress on banks to execute digital initiatives at speed and scale. To manage these roadblocks, banks need partners who can run business in a cost optimized model, guide banks on their transformation journeys, manage the complexity of the innovation ecosystem, and bring differentiated skills,” said Ronak Doshi, Practice Director, Everest Group. “TCS has demonstrated significant market success in banking application services by leveraging its deep domain expertise, partnership ecosystem, and global delivery presence. Investment in developing talent, solutions/IP, and co-innovation efforts have helped TCS to strengthen its value proposition and position itself as a Leader on the 2018 Everest Group Banking Application Services PEAK Matrix™.

TCS’ comprehensive portfolio of new-age application services combined with our contextual knowledge, intellectual property, location-independent Agile methodology, and investments in innovation are helping banks become future-ready and rapidly move forward in their Business 4.0 journeys,” added Krithivasan.

To view TCS’ full profile in the Everest Group PEAK Matrix™ for Application Services in Global Banking, click here.

To learn more about Everest Group’s Peak Matrix™: https://www.everestgrp.com/research/peak-matrix/

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 the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of it, business & technology services, and engineering. 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 417,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 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.

To stay up-to-date on TCS news in North America, follow @TCS_NA. For TCS global news, follow @TCS_News.

[1] Application Services in Global Banking - Services PEAK Matrix™ Assessment 2018: Spending Picks up as Need for Talent, Transformation, and Time to Market Intensifies, Everest Group, October 2018.

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