NEW YORK and MUMBAI, India, Aug. 4, 2015 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, today announced that TCS has been recognized as a "Leader" in Banking Application Outsourcing (AO) by Everest Group in its report IT Outsourcing in Banking – Service Provider Landscape with PEAK Matrix™ Assessment 2015: Rise of the Challengers. TCS has been recognized as a Leader in Banking Application Outsourcing for the fifth consecutive year.
Everest Group analyzed the capabilities of 30 leading AO providers, specific to the global banking sector. These providers were mapped to Everest Group's Performance, Experience, Ability Knowledge (PEAK) Matrix™, which is a composite index of a range of distinct metrics related to each provider's capability and market success.
TCS was recognized for its strategic thought leadership by leveraging deep domain expertise and investments in innovative technologies. Additionally, clients cited TCS' proactive investments in technology and flexibility in engagements as the company's biggest differentiators as compared to its peers.
"Banks globally are focusing on a triple mandate of run, manage, and change the bank. In the current environment, customer intimacy, domain expertise, and flexible engagement models are driving success for service providers," said Jimit Arora, Vice President, Everest Group. "Deep domain expertise, a strong portfolio of solutions for the banking industry, industry-leading scale, investments in innovative technology, and flexible engagement models helped TCS sustain its position as a Leader on the 2015 Everest Group Banking AO PEAK Matrix."
"TCS is thrilled to be positioned as a Leader in Banking Application Outsourcing (AO) by the Everest Group for five years running," said K Krithivasan, President, Banking Financial Services at TCS. "This recognition is a testament to TCS' commitment to innovation, having launched multiple solutions for evolving needs of banks such as omnichannel integration, regulatory compliance, enhanced customer experience, big data analytics and mobility."
In 2014, the rise of digital consumers, need for business agility, growing costs of regulatory compliance, and threat from non-banking competitors in areas such as payments were the key challenges faced by banking institutions. TCS enables banks by helping them align their technology priorities around cost containment, efficiency, risk and compliance management and IT transformation.
To view the full TCS Leader position profile in Banking Application Outsourcing (AO) by the Everest Group, click here.
About TCS' Banking and Financial Services Business Unit
With over four decades of experience working with the world's leading banks and financial institutions, TCS offers a comprehensive portfolio of domain-focused processes, frameworks, and solutions that empower organizations to respond to market changes quickly, manage customer relationships profitably, and stay ahead of competition. Our offerings combine customizable solution accelerators with expertise gained from engaging with global banks, regulatory and development institutions, and diversified and specialty financial institutions. TCS helps leading organizations achieve key operational and strategic objectives across retail and corporate banking, capital markets, market infrastructure, cards, risk management, and treasury.
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, BPS,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 324,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 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