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Tata Consultancy Services’ tool and solutions, its TCS BaNCSTM Marketplace, partnerships with cloud service providers, and extensive subject matter expertise are cited as key strengths
NEW YORK | MUMBAI, August 28, 2024: Tata Consultancy Services (TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix® for Open Banking IT Services1.
Among the 31 leading service providers assessed in the report, TCS was placed highest for its market impact. Highlighting the broad range of services, the report talks about how TCS leverages AI along with industry-leading tools for GDPR and consent management, and solutions which provide data insights and customer personalization in open banking. It mentions its ecosystem approach that has resulted in the creation of platforms such as TCS BaNCSTM Marketplace, which seamlessly integrates with various banking services to create a comprehensive digital experience.
Cited as a key strength is the partnerships that TCS has forged with leading cloud service providers such as AWS and Azure, which enhance its open banking offerings through robust cloud-hosted platforms. The report goes on to talk about TCS’ domain expertise in its solutions for SME banking, where it has deployed domain centric platforms serving specific business requirements.
According to the report, TCS’ talent strategy and investments in upskilling has enabled it to enhance its domain-specific knowledge through initiatives such as open banking influencer programs. It goes on to say that TCS is highly regarded by clients for it strong partnership and extensive subject matter expertise in IT and tailored and effective solutions.
“The banking, financial services and insurance industry is in an era of rapid innovation. TCS leverages its strong technology and domain expertise combined with its co-innovation network led fintech partnerships, helping clients build their open ecosystem capabilities, that enable them to offer highly contextual customer experiences, take faster financial decisions, drive rapid innovation and unlock new revenue streams,” said Susheel Vasudevan, President, BFSI Americas, TCS. “This recognition as a Leader reflects TCS’ strong vision, continuous investments in next-gen technologies, capabilities, and the resultant market impact.”
TCS’ open banking services cover API management, next gen microservices, marketplace models, AI infused data solutions and robust security frameworks. Its wider industry experience includes delivering a platform ecosystem under financial wellness and payments, enabling next-gen digital experience for managing personal events and financial planning, creating an API marketplace for retail and commercial businesses, and offering Banking-as-a-Platform to new entrants with financial licenses.
TCS has established partnerships with fintechs through its Co-Innovation Network™ (COIN™), strategic alliances with API management platform providers and developed joint offerings to accelerate clients’ open banking roadmap implementation. The company also works closely with customers at TCS Pace PortTM, its network of co-innovation hubs spread across New York, Pittsburgh, Toronto, London, Amsterdam, Paris and Tokyo, to accelerate open banking innovation.
Further, TCS has made significant investments via the TCS Open Banking Innovation Hub, TCS COIN™ network, alliances and partnership with major technology providers, and TCS Rapid Innovation Labs across the world for ideation and co-creation of next generation digital propositions utilizing open ecosystem models and to take the next step into an open economy.
1Open Banking IT Services PEAK Matrix® Assessment 2024, Ronak Doshi, Everest Group, 3 Jul 2024
TCS has established open banking as a strategic initiative (SI) to leverage the power of information sharing through open standards, thereby advancing towards an open data ecosystem that unites industries beyond banking. The SI also focuses on skill development in the areas of API, architecture, and business models via the specially defined curricular called the Open Finance Influencer program to build and scale talent within the organization.
“The TCS BaNCS Marketplace has exemplified its ecosystem approach, seamlessly integrating various banking services to enhance the digital experience,” said Pranati Dave, Practice Director at Everest Group. “By utilizing tools for GDPR and consent management, along with its solution for in-depth data insights and customer personalization, TCS has strengthened its open banking offerings. Strong client recognition for its partnerships with cloud providers such as AWS and Azure, and domain expertise in SME banking, have earned TCS a Leader recognition on Everest Group’s Open Banking IT Services PEAK Matrix Assessment 2024.”
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