Next generation solution to transform global retail banking with enhanced functionality
Mumbai, India, September 15, 2008: TCS Financial Solutions, the 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, today announced the launch of TCS BαNCS Core Banking version 10.
Utilizing sophisticated integration methodologies, techniques and tools, TCS BαNCS Core Banking version 10 also presents innovative functional enhancements in the areas of Lending, Deposits, Islamic banking, Origination, Preferential Pricing, Securitization, Trade Finance and Treasury. This advanced solution is further enriched with the addition of business rule driven TCS BαNCS Origination product. These enhancements are deployable in support of all TCS clients’ Universal Banking requirements including Retail, Corporate, Private and Islamic Banking.
“The fast pace of business change is forcing a technology evolution in the back office. Advanced core solutions that deploy a services-oriented, component-based architecture enable business agility.” said Don Free, Research Director, Gartner.
"TCS BαNCS Core Banking version 10’s powerful and comprehensive functionality will enable our clients to leverage seamless Business Process integration capabilities across all Channels and underlying systems,” said N. Ganapathy Subramaniam, President, TCS Financial Solutions. “With the benefit of advanced Service-Oriented Architecture, this version can drive any bank’s efforts to transform operations, enhance customer service levels, drive new product development, enable targeted revenue growth and also achieve lower total cost of ownership.”
Designed for the Web 2.0 paradigm TCS BαNCS Core Banking version 10 enables financial institutions to drive transformation, modernize their processes and workflows with its powerful and state of art Service-Oriented Architecture. TCS BαNCS Core Banking version 10 exposes functionality through Web services that can be seamlessly integrated with in-house legacy systems. The system also supports business process orchestration using industry standard middleware products. TCS BαNCS Channels offers multiple touch points providing a consistent user experience across multiple channels such as branch outlet, self service via the web, and call center, to interactive voice response and mobile banking.
TCS BαNCS Core Banking version 10 delivers a 360° view of the customer's relationship with the bank. To improve customer service and cross-selling opportunities this view encompasses all facilities, accounts, applications and contacts. This is enriched further by a full record of every relationship that a customer has across all lines of business.
TCS BαNCS Core Banking recently was positioned in the Leaders quadrant of Gartner’s Magic Quadrant for International Retail Core Banking, 2008.
The Magic Quadrant is copyrighted 2008 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.
In addition, the annual International Banking Systems Sales League Table (Feb 2008) recognized TCS BαNCS as the No.2 best selling Universal Banking Solution and No.3 best selling Retail/Private Banking Solution in the world. (www.ibspublishing.com)
TCS BaNCS Core Banking was also ranked as China’s No. 1 Core Banking Solution in 2006 by Independent Research firm IDC, a leading provider of global IT market research as well.
(Source: IDC, "China Banking Industry IT Solution 2007-2011 Forecast and Analysis," Doc # CN 383106P, June 2007)
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 BαNCS. 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 Ltd (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 116,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 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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