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 Banking BPS1.
In an assessment of 31 banking BPS providers, TCS was placed highest for its vision and capability. The report highlights TCS’ proven banking domain expertise and suite of end-to-end platform solutions along with its high focus on operational excellence. The company’s modular approach to its solutions, which enables it to customize solutions to clients’ needs, was highlighted as a key strength.
According to the report, TCS’ broad coverage of all LOBs and a good client base spread across different geographies, has positioned it as a market leader in the commercial banking LOB. Other strengths highlighted in the report are its investments in the development of technology solutions and its collaborative approach.
“Banking and financial institutions across the globe are crafting strategic responses, focusing on the adoption of the appropriate digital technology enablers and innovations underpinned by agile delivery models to build resilience and successfully adapt to evolving consumer behaviors in the post-pandemic world,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “Our leadership position in this assessment is a reflection of our differentiated capabilities, strategic investments and strong track record in helping financial institutions enhance the customer experience and journeys.”
TCS has been helping leading banks across the world in their transformation journeys with its Business 4.0™ thought leadership framework. Leveraging its deep domain expertise, contextual knowledge, intellectual property and knowledge of global regulatory norms and risk management guidelines, TCS helps its customers reimagine their operations with high levels of intelligent automation, enhancing their agility and competitiveness.
TCS’ suite of cognitive-enabled business process services and solutions caters to all the segments within banking, including:
Retail banking and cards services: TCS provides support in the areas of origination, servicing, payments, 360-degree dispute management, collections, and personal and private banking. With solutions like iKYC, TCS 360 Dispute Automation and Adaptive Knowledge Bank, and TCS Jarvis Extraction Suite, banks can use automation to strengthen their processes and get dynamic customer insights.
Commercial banking services: This caters to the payments, trade, and lending functions, with digital solutions such as TraDAA™ which enables integrated automation using cognitive solutions at various stages of the transaction lifecycle. It also includes global limits exposure management which integrates risk systems across business lines enabling a single, unified view of credit and counterparty risk, cognitive automated financial spreading, automated data extraction, and cognitive payments across a range of products from working capital, syndicated loans, and equipment leasing to fleet finance.
Lending services: The TCS suite of digital mortgage services covers the end-to-end process ranging from underwriting and closing to post-closing, servicing and secondary market services, allowing lenders to enhance borrower experience and simplify processes across the business value chain. By launching new solutions like Digital Mortgage Advisor, TCS Automated Document Classification and Extraction for structured and unstructured mortgage documents, and artificial intelligence (AI)-powered chatbots, TCS is helping lending clients harness the power of new technologies to transform their operations.
“After years of following a band aid approach to digital adoption, banks are now realizing the need to apply digital levers more holistically to reimagine their operations,” said Robin Jain, Practice Director, Everest Group. “TCS’ deep domain expertise, which spans all banking business lines – coupled with its technology investments, positions it as a strategic partner to banks in their digital transformation journey and earns it a Leader position on Everest Group’s Banking BPS PEAK Matrix Assessment 2020.”
“We are using our deep domain expertise, contextual knowledge of our customers’ businesses, cognitive-led offerings, and pre-built tools and frameworks to help customers accelerate their growth and transformation journeys,” added Krithivasan.