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Tata Consultancy Services’ geo-specific CoEs and co-innovation labs, collaboration with FinTechs and academia, investments in digital levers, and global presence, cited as key strengths
NEW YORK | MUMBAI, August 1, 2024: Tata Consultancy Services (TCS) has been positioned as a Leader and Star Performer in Everest Group’s PEAK Matrix® for Financial Crime and Compliance (FCC) Operations Services1.
Of the 30 leading FCC operations providers assessed in the report, TCS was placed highest for its Vision and Capability. Additionally, TCS was identified as a Star Performer for achieving top quartile year-on-year improvement in its scores.
According to the report, TCS exhibits robust capabilities across the FCC operations value chain, which is also reflected in its market success. It highlights TCS’ addition of new logos from diverse segments such as FinTechs, BigTechs, retail giants, and travel and hospitality, which has enabled it to serve growing demand. On TCS’ continued commitment to enhancing FCC advisory services and fostering collaboration with FinTechs and academia, the report mentions the establishment of geo specific CoEs and co-innovation labs such as TCS Pact Port™.
The report said that TCS is strategically investing in KYC/CDD Remediation-as-a-Service and other BPaaS offerings, while also pioneering ESG-specific use cases and solutions. Highlighted as a key strength is TCS’ ongoing investments in digital levers such as AI, ML, analytics, and hyper-automation, with a recent enhancement to its Quartz KYC module for bringing in blockchain/ crypto regulation capabilities.
“Rapid technological advancements and the evolving regulatory landscape is exerting immense pressure on financial services organizations to constantly enhance their crime and compliance capabilities. With our extensive expertise in the domain combined with our proprietary FCC offerings and investments in risk innovation, TCS is helping financial institutions to always stay one step ahead,” said Shankar Narayanan, Business Group Head, BFSI – UK, EMEA & APAC, TCS. “This positioning as a Star Performer and Leader is a testament to the exceptional value we deliver to our customers with our differentiated solutions and strong strategy in FCC.”
Over the last 20 years, TCS has built unparalleled expertise in financial crime and compliance services and has partnered with some of the world’s largest banks. This includes KYC – risk profiling, due diligence, screening, client outreach, ESG due diligence and off-boarding; anti-money laundering (AML) – transaction monitoring, sanctions screening, trade AML, and reporting; anti-fraud operations including cybercrime; and dispute operations.
TCS’ comprehensive set of services in this domain include consulting, analytics, transformation and technology solutions, platform solutions, and change management services. Additionally, TCS supports players in non-banking segments in managing their financial crime requirements.
“In today's era of heightened demand for comprehensive FCC operations, the industry observes a significant rise in co-innovation and platform-led offerings,” noted Dheeraj Maken, Practice Director, Everest Group. “TCS' establishment of co-innovation labs and partnerships with FinTechs exemplify its dedication to enhancing advisory services. Strategic investments in BPaaS offerings notably Quartz, alongside expansion into emerging geographies like Nordics, MEA, and Asia, further solidify TCS' position as a Leader and Star Performer in our FCC Operations PEAK Matrix® Assessment 2024.”
1 Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2024, Manu Aggarwal, Everest Group, 12 Feb 2024
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