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PRESS RELEASE
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New York, USA / Mumbai: April 9, 2008 – 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 today that TCS BαNCS Core Banking has been positioned in the Leaders quadrant of Gartner’s “Magic Quadrant for International Retail Core Banking, 2008.”
According to the report’s author Don Free, Research Director, Gartner, ‘this quadrant is occupied by vendors that possess a strong banking market understanding, and most have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Most vendors exhibit highly developed and certified development and delivery of quality methodologies or are executing on a strategic road map to attain certification. Most vendors in this quadrant have extensive marketing delivery and sales channels. Some higher-rated vendors share conspicuous operational organization approaches to key performance indicators and show a clear willingness to own and be accountable for a successful customer experience..”
"We are delighted at our positioning in the MQ and we believe this is strong testimony to our commitment in delivering business efficiencies and implementation certainty. We are proud of the fact that TCS BANCS Core Banking suite is a compelling product from the board room straight through to the branch," states N. Ganapathy Subramaniam, President, TCS Financial Solutions. "Our advanced software development tools, solution-specific frameworks and methodologies complement our product functionality in enabling our retail banking clients to launch new products quickly besides achieving the desired business transformation."
TCS BαNCS Core Banking solution enhances the business of banking with the capability to configure and manage the full cycle of the banking process from origination to servicing across multiple channels. TCS BαNCS Core Banking automates every aspect of a bank’s operation by integrating front, middle, and back office processes. This multichannel, multilingual and multicurrency system allows 24/7, event driven transaction processing and reporting resulting in substantially lower hardware, integration and processing costs.
In addition, the latest International Banking Systems 2007 Sales League Table recognized TCS BαNCS as the No.2 best selling Universal Banking Solution and No.3 best selling Retail/Private Banking Solution in the world.
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.
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 in excess of 250 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.
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 108,000 of the world's best trained IT consultants in 47 countries. The Company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March, 2007 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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