TCS Positioned as a Leader and Star Performer in Banking Operations Services by Everest Group
Tata Consultancy Services’ Well-rounded Banking Services Capabilities, Robust Technology Capabilities, Investments in New Service Lines, Innovative Solutions, and Advisory Capabilities, Cited as Key Strengths
NEW YORK | MUMBAI, November 22, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader and Star Performer in the Everest Group PEAK Matrix® for Banking Operations Services.
In an assessment of 31 banking operations service providers, TCS was positioned highest for its vision and capability. Additionally, it was recognized as a Star Performer for demonstrating the strongest forward and upward movement on the matrix, based on the large clients added to its portfolio, expanded footprint in emerging geographies and augmented capabilities.
According to the report, TCS has well-rounded capabilities across a full spectrum of banking services and an extensive coverage across all major buyer geographies and client segments. It said that the firm has developed robust technology capabilities with its in-house platform TCS BaNCS™ and automation platform iBaS. The report also highlights TCS’ investments in adding new service lines, building innovative solutions, and augmenting its TCS BaNCS platform with tools such as iCLADA for commercial loans and Dispute 360.
Cited as a key strength is TCS’ expansion of its advisory capabilities leveraging the Tran$form operational framework, alliances in regulatory consulting, and investment in building strong domain expertise along with creation of a dedicated CoE for FCC. The report adds that TCS has aggressively scaled its delivery footprint with the addition of new centers in Canada, Europe, and APAC.
“TCS is partnering with leading banks across the world in their growth and transformation journeys, helping them embrace new, leaner and more agile operating models with AI and machine learning at their core. With this future-ready digital foundation, banks can drive business model innovation, superior customer experiences and competitive differentiation,” said K Krithivasan, Business Group Head, Banking, Financial Services, and Insurance, TCS. “Our leadership positioning in this assessment is a recognition of our strategy, capability and transformative offerings that help our clients stay ahead of the curve.”
TCS is one of the world’s largest providers of services and solutions to the financial services industry, and has been helping leading banks and financial institutions across the world in their growth and transformation journeys. Using its deep domain expertise, contextual knowledge, intellectual property and knowledge of global regulatory norms and risk management guidelines, TCS helps its customers leverage high levels of intelligent automation to reimagine their operations, enhancing their agility and competitiveness.
TCS' suite of cognitive-enabled business process services and solutions cater to all segments within banking. These include:
Retail banking and cards services: TCS provides support in the areas of origination, servicing, payments, 360-degree dispute management, collections, and personal and private banking. TCS’ solutions like Machine Assisted Compliance Screening, iKYC, TCS 360 dispute automation, ML & NLP based AML screening tool, adaptive knowledge bank, and TCS Jarvis extraction suite, help banks embrace cognitive operations and hyper automation to speed-up their processes and derive dynamic customer insights.
Commercial banking services: TCS’ commercial banking services offer comprehensive coverage across payments and cash management, trade finance, and commercial lending. Backed by strong domain expertise, vast experience in operations, and in-depth knowledge of the regulatory landscape, TCS helps banks establish foolproof controls to identify and flag non-compliance.
TCS’ TraDAA: Trade Finance Digitization, Automation and Analytics, a unique suite of modular cognitive solutions re-imagines banks’ trade finance business transforms experiences and outcomes for all stakeholders including end customers. Other cognitive solutions such as Machine Assisted Compliance Screening, Trade Finance Command Centre (for analytics), Cognitive Automated Financial Spreading and Automated Document Checker help automate manual, paper-based tasks, while the robust rules engine facilitates document scrutiny and regtech sanctions disambiguation.
Lending services: TCS supports the entire value chain of operations for residential mortgage and loan operations for top global banks and lenders, leading mortgage non-bank lenders, mortgage servicers, correspondent lenders, allied service providers such as mortgage insurance companies, and title and information service providers. Its suite of digital mortgage services covers the end-to-end process ranging from underwriting and closing to post-closing, servicing, and secondary market services, allowing lenders to enhance the borrower experience and simplify processes across the business value chain. TCS’ newly launched solutions DigiHome, Forbearance and Loss mitigation along with the its Digital Mortgage Advisor, Cognitive Document Digitization and AI based chatbot are garnering interest from lending clients across the world.
“Driven by intensifying competition from non-banks and disruption caused by the COVID-19 pandemic, financial institutions are attempting to differentiate through a superior customer experience and efficient operations leveraging the power of technology and digital transformation,” said Manu Aggarwal, Partner, Everest Group. “TCS, with its wide array of technology solutions, strong advisory capabilities, and deep domain expertise across all major banking segments, is well equipped to serve as a key transformation partner to its clients. As such, it has been recognized as a Leader in Everest Group’s Banking Operations PEAK Matrix® Assessment 2022.”
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 528,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021, 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.
+65 9695 9948
+61 422 989 682
+1 647 790 7602
+31 615 903387
+91 22 6778 9999
+91 22 67789098
+81 80 2115 0989
+569 6170 9013
+44 20 3155 2421
+1 203 984 3978