TCS Named a Leader and Star Performer in Open Banking IT Services by Everest Group

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader and Star Performer in the Everest Group PEAK Matrix® for Open Banking IT Services[1].

In an assessment of 24 leading open banking IT service providers, TCS has been placed highest for its market impact. Additionally, the company has been recognized as a Star Performer for achieving top quartile year-on-year improvement in its scores.

The report highlights TCS' investments in talent, IPs/ solutions/ accelerators to attack specific open banking themes such as SME banking, commercial banking and trade management, as key differentiators. It goes on to say that TCS' investments in building capabilities for API management platforms have helped it win platform implementation and support services deals in Europe and North America. According to the report, customers appreciate TCS' responsiveness, continuous communication, ownership-driven culture, and Agile ways of project delivery for complex end-to-end open banking engagements.

"Open banking is a global phenomenon that has matured beyond regulatory compliance to become a strategic customer and ecosystem engagement model," said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. "This recognition by an independent third-party research firm is a testament to our market impact and positioning as a thought leader and growth partner in emerging digital themes."

TCS has developed the 3C strategy to help financial institutions, a) comply with open banking regulations, b) collaborate with industry providers, and c) capitalize on opportunities to compete effectively in the market. TCS has established a dedicated Open Banking practice with focused investments in intellectual property (IP), solutions and accelerators across the three pillars. IP-led offerings include:

- Pre-built compliance accelerators for open banking implementation, Data61 with consent management, third-party provider management and sandbox services

- An integrated open banking and supply chain management offering for the SME segment

- Financial well-being offering with contextual financial management and nudging

- Open banking-powered compelling mobile experience

- API banking reference model with a catalogue spanning payments, cards management, corporate banking, and supply chain management

- Core and data modernization services with architecture patterns and principles for legacy core modernization to support APIs as well as microservices roadmaps

- TCS has established partnerships with fintechs through its COIN™ network and developed joint offerings to accelerate customers' open banking roadmap implementations. It has also established strategic alliances with API management platform providers to offer end-to-end open banking and API banking services.

The company is extensively investing in scaling its talent in open banking technologies and regulations. Additionally, it has made significant investments in emerging business models such as API monetization, customer journey design, and Banking-as-a-Service, positioning TCS as the strategic growth and transformation partner.

"A mix of regulatory and market forces is driving BFS firms to develop an open and collaborative environment in which to build a financial services/products ecosystem. Open banking has been a key enabler in changing the role of BFS firms from financial services providers to lifestyle experiences orchestrators," according to Ronak Doshi, Vice President, Everest Group. "Significant market success led by multiple deal wins across all major geographies, a strong vision for emerging open banking themes, enhanced capabilities via partnerships with key FinTechs and API management platforms, and recognition among clients for strong delivery execution and account management all have helped TCS to earn Leader and Star Performer recognition on Everest Group's Open Banking IT Services PEAK Matrix® Assessment 2020."

"With our deep contextual knowledge, strategic investments in open banking IP, combined with our strategic partnerships and alliances, we are well positioned to help customers design contextualized offerings and leverage ecosystems to create new business models and thrive in the Business 4.0™ world," added Krithivasan.

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2082.2 as compared to the previous close of Rs. 2101.85. The total number of shares traded during the day was 144796 in over 11188 trades.

The stock hit an intraday high of Rs. 2111 and intraday low of 2075.85. The net turnover during the day was Rs. 303610873.

[1] Open Banking IT Services: Moving Beyond Compliance to a Platform-based Operating Model of Ecosystem Orchestration and Value Creation - Services PEAK Matrix Assessment 2020, Ronak Doshi, Everest Group, May 20, 2020

Source : Equity Bulls

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