September 18, 2012
TCS ranked as a leader in banking application outsourcing by Everest Group’s researchReport cites TCS’s growth in banking application outsourcing revenue, breadth of clients and solutions as key leadership characteristics
Mumbai: Tata Consultancy Services (TCS), the leading IT services, consulting and business solutions organisation, announced today that it has been designated a leader in IT application outsourcing (AO) for banking by the Everest Group, an advisory and research firm on global services, in the Everest Group banking AO PEAK Matrix report, published in August 2012. TCS was also the only company in the leader category to also be recognised as a 2012 Banking AO Market Star Performer. This distinction is awarded to those providers with the strongest forward movement over time – both in terms of market success and capability advancements.
Among the attributes that garnered TCS this honour are its strong focus on the banking vertical, its large and growing base of over 100 active banking AO clients, its more than 50 other products / solutions for the banking industry to support all banking line of businesses (LoBs) across all AO functions and its proprietary banking solutions, which includes the BaNCS platform.
The report is part of the Everest Group’s nine-part series of reports focused on AO in the banking, financial services and insurance industry in 2012. In this research, Everest Group analysed the capabilities of 25 leading AO service providers, specific to the global banking sector. The providers were mapped on the Everest Group PEAK (performance, experience, ability, knowledge) Matrix, which is a composite index of a range of distinct metrics related to a provider’s capability and market success.
“As buyers look to navigate business challenges by leveraging technology and outsourcing, leading service providers need to support their key business priorities and adopt a more result-oriented approach,” said Jimit Arora, vice president, Everest Group. “TCS continued to build on its leadership strengths – with one of the most scaled banking AO operations and deep domain experience. Despite its large size, TCS registered a strong growth of approximately 30 percent in banking AO revenue and ACV.”
“TCS is committed to providing its banking customers with the tools they need for optimised investments, enhanced operational efficiencies, minimised risk and sustained cost leadership,” said K Krithivasan, president, banking and financial services, TCS. “To be recognised by Everest Group for our commitment to offering superior service and products to our customers is a great honour. We are constantly striving to be the best partner that we can be for our customers.”
To view an excerpt from the report, please click here.