Tata Consultancy Services’ Large Suite of IP Assets and Accelerators, Strong Partnership Ecosystem, Investments in Talent and Innovation, Cited as Key Strengths
PRESS RELEASE
NEW YORK | MUMBAI, September 20, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix® for Asset and Wealth Management (AWM) IT Services[1] .
According to the report, TCS' large suite of IP, accelerators, and partnerships with multiple third-party providers enable it to position itself as an end-to-end provider covering the entire value chain of asset and wealth management for a wide range of clients in multiple regions. Cited as a key strength is the company’s investments in upskilling its talent force and establishing Centers of Excellence (CoEs) to drive innovation with clients as well as platform providers in the AWM space.
The report said that TCS’ strong thought leadership across the AWM space has enabled it to position itself as a go-to provider for co-innovation with clients. It goes on to say that clients have appreciated TCS' domain knowledge on the AWM industry, client management skills, and technical knowledge.
“TCS is helping asset and wealth management firms embrace digital technologies to provide compelling, personalized customer experiences, accelerate product innovation and drive competitive differentiation. Our deep domain knowledge, expertise in cutting-edge technologies, industry-leading portfolio of intellectual property and investments in research and innovation is helping drive our leadership in this segment,” said Shankar Narayanan, Business Group Head, BFSI – UK, EMEA & APAC, TCS.
TCS has more than four decades of experience in the asset and wealth management industry. TCS brings to its clients full-service and full stakeholder play across business, operations, and IT. It has a comprehensive portfolio of services comprising advisory, application and digital services, infrastructure services, cognitive business operations, product implementation, platform solutions and Business Process as a Service (BPaaS).
Recent business transformation engagements in wealth management include:
- Providing frictionless client experiences: TCS helped a wealth management firm launch a digital client collaboration platform providing key business capabilities like video conferencing, co-browsing, online meeting scheduling, and digital vault, thereby enriching customer experience and advisor effectiveness.
- Launching new reality products: TCS offered a client custom ESG indices to launch a new platform with key capabilities like collating data from multiple external and internal sources, and automating the screening process, thereby reducing time to market by 40% with substantial improvements in the quality of data.
TCS continues to significantly invest in developing innovative solutions both on the business and technology lead business transformation front. A key innovative business offering enables the democratization of wealth management though a personalized portfolio offering based on custom indexing. TCS is also working with multiple wealth management clients in exploring the use of GenAI.
“Strong IP and accelerators, investments in up-/cross-skilling of talent, and a balanced client portfolio has helped TCS build their mark in the AWM IT services space,” said Aaditya Jain, Vice President, Everest Group. “Investments in Centers of Excellence (CoEs), focus on co-innovation, robust thought leadership, client management skills, and price competitiveness were some of the key differentiators highlighted by clients which helped TCS earn a Leader recognition on Everest Group’s Asset and Wealth Management IT Services PEAK Matrix® Assessment 2023.”
[1] Asset and Wealth Management IT Services PEAK Matrix® Assessment 2023, Ronak Doshi, Everest Group, June 30, 2023
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 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions 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 614,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE 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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