MUMBAI, India, Sept. 18, 2012 /PRNewswire/ -- Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions organization, 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, published in August 2012. TCS was also the only company in the Leader category to also be recognized 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 honor 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 include the BaNCS platform.
The report is part of the Everest Group's nine-part series of reports focused on AO in BFSI (banking, financial services and insurance industry) in 2012. In this research, Everest Group analyzed the capabilities of twenty five 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% in banking AO revenue and ACV."
"TCS is committed to providing its banking customers with the tools they need for optimized investments, enhanced operational efficiencies, minimized risk and sustained cost leadership," said K. Krithivasan, President, Banking and Financial Services for TCS. "To be recognized by Everest Group for our commitment to offering superior service and products to our customers is a great honor. 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.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 243,000 of the world's best-trained consultants in 42 countries. The company generated consolidated revenues of US $10.17 billion for year ended March 31, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
SOURCE Tata Consultancy Services