TCS Financial Solutions unit named among top two Banking IT Solutions Providers in China
TCS Financial Solutions (formerly TCS/FNS), a strategic business unit of Tata Consultancy Services focused on providing state-of-the-art business application solutions, announced that TCS BαNCS Core Banking, one of its flagship products, has been ranked as the top core banking solution in China based on its performance in the year 2006 by IDC, a leading provider of global IT market research. TCS Financial Solutions has also been named amongst the top two IT solutions providers for the financial services industry in China.
An IDC report, "China Banking Industry IT Solution 2007-2011 Forecast and Analysis”, June 2007, evaluated all solution providers based on revenue and market share for 2006. IDC noted that TCS Financial Solutions has emerged as a major force in China’s banking IT solutions market after winning major deals with Bank of China and Huaxia Bank.
The report cites TCS Financial Solutions for its strong capabilities virtually across all IT solutions for the banking industry. In addition to the top Core Banking Solution position and being named the second largest IT solutions provider, TCS BαNCS has been recognized as the second largest channel management system provider, the third largest payment and settlement solution provider, and was identified as the sixth largest bankcard solution provider in China.
"Within China, the banks have been one of the largest IT spenders, and IDC expects that in 2007, the banking industry will focus on optimizing existing IT investments and consolidating technology." said Quaint Li, Market Analyst, Cross Products and Vertical Research, IDC China. "TCS BαNCS has emerged as the biggest winner in the core banking space, thanks to a large deal signed with Bank of China.”
IDC’s research estimates that the market for core banking solutions (excluding hardware) in China was RMB 1,036.6 million in 2006, an increase of 23.8% over 2005. Core banking solutions accounted for 23.8% of the overall banking solution market and constituted the No. 1 category of bank IT solutions spending. According to the IDC report, China’s banking IT expenditures are forecast to increase 15.1% or RMB 42.1 billion by 2007. IDC forecasts the China banking IT market to reach RMB 72.4 billion by 2011.
"TCS Financial Solutions’ strategy to continuously invest and build domain capabilities in the banking industry has been validated by TCS BαNCS’ ranking as China’s top core banking solution and one of the top two IT solutions providers in China," said Mr. N. G. Subramaniam, President, TCS Financial Solutions. "TCS Financial Solutions remains dedicated to delivering sophisticated solutions and services for leading financial institutions in China and around the world.”
“The recognition from IDC is evidence of TCS Financial Solutions’ commitment to delivery excellence through its Global Network Delivery Model (GNDMTM) and its ability to provide Chinese corporations and global customers with best-in-class technology products and solutions.” said Mr. Girija Pande, EVP and Regional Head, TCS Asia Pacific.