Tata Consultancy Services’ Capabilities across the FCC Operations Value Chain, Investments in Digital Levers, and Coverage of all LOBs, Cited as Key Strengths
NEW YORK | MUMBAI, September 20, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix® for Financial Crime and Compliance (FCC) Operations.
According to the report, TCS has built capabilities across the FCC operations value chain, which is reflected in its revenue growth. It goes on to say that initiatives such as the establishment of onsite Centers of Excellence, have helped it enhance its domain expertise. The report also highlights TCS’ continued investments in digital levers such as AI, ML, and analytics with the adoption of hyper-automation in its cognitive business operations. Cited as key strengths are TCS’ demonstrated trust in its brand, coverage of all lines of business, expanding footprint, and ability to retain its stronghold in North America and APAC markets.
“Financial services organizations are looking for comprehensive mechanisms to meet compliance challenges and fight financial crime while managing costs. As a result, they are making the shift towards advanced digital technologies and platform-led services to augment their capabilities and proactively protect themselves,” said K Krithivasan, President, Banking, Financial Services and Insurance, TCS. “This recognition as a Leader by an independent third-party research firm is a testament to our deep domain knowledge and capabilities in helping our customers transform their financial crime controls and compliance function.”
With extensive experience partnering with some of the world’s largest banks, TCS has built unparalleled expertise in financial crime and compliance services. This includes KYC – risk profiling, due diligence, screening, client outreach, and off-boarding; 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.
In this domain, TCS works with over 15 of the top tier global banks, including the top three banking and financial services providers.
“With embedded finance and open banking emerging as some of the latest financial models, the need for an ecosystem play is rising,” said Dheeraj Maken, Practice Director, Everest Group. “Banking on this trend, TCS expanded its portfolio as well as its delivery footprint in AML, surveillance, and fraud management. As a result, it was able to onboard a diverse set of clients for its end-to-end services. As such, it has been identified as a Leader in Everest Group’s FCC Operations PEAK Matrix® Assessment 2022.”
“Our comprehensive suite of FCC solutions, investment in research and RegTech technologies and Machine First™ approach enable us to offer end-to-end services to financial institutions to drive their growth while preventing, detecting and reducing risks of financial crime and fraud,” added K Krithivasan.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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