Mumbai, India, January 30, 2009 - Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that TCS Financial Solutions was among the select companies that Forrester invited to participate in its January 2009 report, The Forrester Wave: Global Banking Platforms, Q1 2009. In this comprehensive evaluation of the global banking technology landscape, TCS Financial Solutions was named a leader. A significant aspect of this recognition is that this is the first year of participation for TCS Financial Solutions in this exclusive report where only five vendors are invited for participation by Forrester Research.
Forrester evaluated world-leading banking platform products across 108 criteria which were classified under three broad areas – Current offering, Strategy and Market presence. Acknowledging the debut of TCS BaNCS in this wave, the report said” TCS FS’ banking platform shows a convincing first-time performance in this Wave evaluation”.
Under the section, TCS Financial Solutions and TCS BaNCS. the report further highlights “The banking platform scores highest on functional breadth, having no real functional gaps. Overall functional breath can be described by examples such as core banking, channels, wealth management, securities trading and processing, as well as corporate actions. TCS FS also scores highly on product configurator and multichannel enablement and shows a strong architectural approach offering a broad freedom of application infrastructure choice. With regard to proven scalability, TCS BaNCS is second to none. TCS FS’ product strategy receives high scores. ”
Commenting on the report, N.Ganapathy Subramaniam – President, TCS Financial Solutions said: “We are delighted at the recognition as a leader. It further reflects our positioning as a functionally rich and technically superior financial platform delivering intuitive customer experience and of course transformation certainty”
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 130,300 of the world's best trained IT consultants in 42 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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