- Newsroom
- Press Release
TCS Positioned as a Leader in Wealth Management Operations Services by Everest Group
Tata Consultancy Services’ Holistic Offerings around Wealth Management, Strong Domain Expertise, and Investments in TCS BaNCS Platform, Cited as Key Strengths
NEW YORK | MUMBAI, May 20, 2020: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader in the Everest Group PEAK Matrix® for Wealth Management Operations Services[1].
According to the report, TCS is one of the top three providers in terms of number of customers globally and in terms of revenue in UK, North America and Asia Pacific. It highlights that TCS has developed a holistic set of offerings in wealth management covering front-, mid- and back-office operations. The company’s significant investment in the TCS BaNCS™ platform for wealth management-specific functionalities like robo-advisory and instant messaging for end users, was highlighted as a key strength. The report further says that TCS has worked on solutions for advisors to help them make investment decisions based on key deterministic, stochastic and judgmental factors.
“As the industry focus shifts away from product-centric sales to client-centric solutions, wealth managers are looking for agility in shifting their client services spend towards more integrated, data driven platforms and operating models,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “This recognition from an independent third-party research firm is a testament to our vision, capabilities, portfolio of services and the resultant market impact.”
Guided by its Business 4.0TM thought leadership framework and the Machine First™ Delivery Model, TCS offers a comprehensive portfolio of services to wealth managers across private banks, asset managers and pension administrators, enabling them to pursue their innovation and disruption agenda.
With massive investments going into digital and client experience enhancement projects, TCS leverages cognitive and analytical capabilities to address key business imperatives from frictionless customer onboarding to increased sales efficiency. TCS’ in-depth domain offerings cover all processes and products, including:
- Account Services: AML, KYC and fraud operations
- Wealth Product Services: Investments processing, recon, branch servicing
- Capital Market Services: Securities processing, reconciliations, client and tax reporting
- Private Banking Operations: Payments and deposits and lending support
TCS also offers customer onboarding on TCS BaNCS, chatbots for clients and advisory, a digital advisor framework, an analytics platform for CROs, NLP and AI powered call center compliance, and managed services BPaaS models for trade processing. Additionally, the company provides tools and frameworks to enable automated operations.
“Driven by evolving customer preferences and intensifying competition, wealth managers are attempting to differentiate through a superior customer experience, digital offerings, and efficient operations,” said Robin Jain, Practice Director, BFS Business Process Services (BPS), Everest Group. “With its deep domain knowledge, platform-based services, and a suite of digital solutions, TCS has developed a holistic set of offerings to support wealth managers in their effort to stand out in the wealth management space.”
“Our rich experience in wealth management services, contextual knowledge of our customers’ businesses gathered over the years, and scale of engagements across technology, operations and consulting, position us strongly to help our customers become more resilient, adaptable and meet their revenue and profitability goals,” added K Krithivasan.
About Tata Consultancy Services Ltd. (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 AgileTM 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 448,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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 Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
To stay up-to-date on TCS global news, follow @TCS_News
TCS media contacts:
TCS Media Contacts
Asia Pacific
Email: charlene.lee@tcs.com
Phone: +65 9138 4370
Australia and New Zealand
Email: kelly.ryan@tcs.com
Phone: +61 422 989 682
Benelux
Email: joost.galema@tcs.com
Phone: +31 615 903387
Canada
Email: tia.thomas@tcs.com
Phone: +1 647 790 7602
Central Europe
Email: anke.maibach@tcs.com
Phone: +49 172 6615789
Europe
Email: mattias.afgeijerstam@tcs.com
Phone: +46723989188
India
Email: arushie.sinha@tcs.com
Phone: +91 22 6778 9960
Japan
Email: douglas.foote@tcs.com
Phone: +81 80 2115 0989
Latin America
Email: martin.karich@tcs.com
Phone: +569 6170 9013
Nordics
Email: roland.bagen@tcs.com
Phone: +46703178024
UK
Email: peter.devery@tcs.com
Phone: +44 20 3155 2421
USA
Email: b.trounson@tcs.com
Phone: +1 646 313 4594
[1] Wealth Management Operations – Service Provider Landscape with Services PEAK Matrix Assessment 2020, Everest Group, March 2020
