Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that TCS has been named a Leader in the Gartner Magic Quadrant for Global Retail Core Banking1. Among the vendors evaluated in this report, TCS was positioned highest for its Ability to Execute.
"Across the globe, progressive bonks are investing in a modern digital core to serve as a foundation for their Business 4.0™ transformotion to speed up time to market, engage with a larger ecosystem, enhance customer experience, and build competitive differentiation," said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. "We believe our positioning as a Leader in this report for the 17th consecutive year is a reflection of our continuous investments in the TCS BaNCS™ product suite - from a functionality and technology perspective. The strong trust we enjoy with our customers, based on our credible track record of partnership and successful transformation outcomes, is something we truly cherish and has contributed to our market success."
Designed and built on the Digital First, Cloud First strategy, TCS BaNCS for Core Banking, also available in a SaaS model, is an integrated suite that helps banks and financial institutions offer innovative products and services to customers throughout their life journeys, based on their anticipated requirements and over the devices of their choice.
With its rich capabilities, continuously upgraded with new features and market-driven functionality, TCS BaNCS future-proofs the enterprise, and delivers greater agility, scalability, resilience and high performance. It has an installed base of nearly 400 customers, and is amongst the top-selling core banking solutions in the world.
TCS BaNCS' modern service-oriented architecture, aligned to BIAN, and support for open-banking has made it a critical component of banks' Business 4.0 transformations, enabling a digital strategy for customer engagement and participating in a rich partner ecosystem. The solution has one of the richest collections of API-enabled components addressing retail, corporate and private banking and wealth management, including digital banking for all segments. It supports industry standards such as ISO20022 and IFX. Additionally, TCS BaNCS has ready-to-use connectivity to blockchain based applications and networks with TCS' Quartz Blockchain solutions.
"With its immense flexibility, TCS BaNCS enables the launch of new and innovative products faster. Its architectural features enable easier integration with third party systems and participation in the larger ecosystem, to support our customers' digital ambitions and power their growth aspirations" added Venkateshwaran Srinivasan.
1 Gartner, Magic Quadrant for Global Retail Core Banking, Vittorio D'Orazio, Don Free, July 22, 2019
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