TCS Positioned as a Leader in Wealth Management Operations Services by Everest Group

Mumbai: 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.