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 Financial Crime and Compliance (FCC) Operations Services1. TCS received this recognition for the second year in a row.
According to the report, TCS is among the top three FCC operations service providers by revenue and dominates areas such as Know Your Customer (KYC), Anti-money Laundering (AML), and chargeback processes. It highlighted TCS' technology offerings, domain capabilities and its investment in blockchain solutions and industry-specific cloud solutions, which have a huge use case in areas like KYC and AML. The company's recently developed Enterprise Regulatory Compliance Management Framework that offers an end-to-end approach to streamline compliance activities, was cited as a strength. Additionally, the report makes a special mention of TCS' work in integrating its FCC operations offering with its consulting capabilities to help its customers transform, enhance and augment FCC operations.
"With emerging business models, increasing regulatory scrutiny, and the creation of new digital channels, banks are leveraging innovative technologies such as AI and machine learning to prevent and combat financial crime," said K Krithivasan, Global Head, Banking, Financial Services and Insurance, TCS. "This recognition from an independent third-party research firm is a validation of our vision and capabilities, investments in innovation, and the resultant market impact."
With extensive experience partnering with some of the world's largest banks, TCS has built unparalleled expertise in financial crime and compliance services across KYC (risk profiling, due diligence, screening, client outreach, off-boarding), AML (transaction monitoring, sanctions screening, trade AML) and anti-fraud operations (cybercrime). TCS' comprehensive set of services in this domain include consulting, analytics, transformation and technology solutions, platform solutions, and change management services.
TCS works with over 14 of the top tier global banks, including the top three banking and financial services providers, a leading European multinational bank, a large global bank, and a fortune 500 European financial services provider.
"The increasing sophistication and complexity of financial crimes is pushing banks to explore new digital interventions to combat financial crimes and to maintain regulatory compliance," added Manu Aggarwal, Vice President, Everest Group. "With a strong domain knowledge of the FCC and a consulting-led approach, TCS seeks to support banks and financial institutions in making their operations more efficient by blending elements of automation, AI, and advanced analytics."
Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2122.95 as compared to the previous close of Rs. 2121.5. The total number of shares traded during the day was 184863 in over 5191 trades.
The stock hit an intraday high of Rs. 2130 and intraday low of 2101. The net turnover during the day was Rs. 391025613.
1 Financial Crime and Compliance (FCC) Operations Services PEAK Matrix™ Assessment and Service Provider Landscape 2020, Manu Aggarwal, Robin Jain, Akanksha Pathak, Everest Group, October 3, 2019