Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced that TCS has been recognized as a “Leader” in Banking Application Outsourcing (AO) by Everest Group in its report IT Outsourcing in Banking – Service Provider Landscape with PEAK Matrix™ Assessment 2015: Rise of the Challengers. TCS has been recgonized as a Leader in Banking Applications Outsourcing for the fifth consecutive year.
Everest Group analyzed the capabilities of 30 leading AO providers, specific to the global banking sector. These providers were mapped to Everest Group’s Performance, Experience, Ability Knowledge (PEAK) Matrix™, which is a composite index of a range of distinct metrics related to each provider’s capability and market success.
TCS was recognized for its strategic thought leadership by leveraging deep domain expertise and investments in innovative technologies. Additionally, clients cited TCS’ proactive investments in technology and flexibility in engagements as the company’s biggest differentiators as compared to its peers.
“Banks globally are focusing on a triple mandate of run, manage, and change the bank. In the current environment, customer intimacy, domain expertise, and flexible engagement models are driving success for service providers,” said Jimit Arora, Vice President, Everest Group. “Deep domain expertise, a strong portfolio of solutions for the banking industry, industry-leading scale, investments in innovative technology, and flexible engagement models helped TCS sustain its position as a Leader on the 2015 Everest Group Banking AO PEAK Matrix.”
“TCS is thrilled to be positioned as a Leader in Banking Application Outsourcing (AO) by the Everest Group for five years running,” said K Krithivasan, President, Banking Financial Services at TCS. “This recognition is a testament to TCS’ commitment to innovation, having launched multiple solutions for evolving needs of banks such as omnichannel integration, regulatory compliance, enhanced customer experience, big data analytics and mobility.”
In 2014, the rise of digital consumers, need for business agility, growing costs of regulatory compliance, and threat from non-banking competitors in areas such as payments were the key challenges faced by banking institutions. TCS enables banks by helping them align their technology priorities around cost containment, efficiency, risk and compliance management and IT transformation.