TCS BaNCS named a Leader in the Gartner Magic Quadrant for Global Retail Core Banking

Tata Consultancy Services’ Flagship Banking Software Recognized for the Tenth Consecutive Year, Based on Completeness of Vision and Ability to Execute

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, has announced that TCS BaNCS has been positioned as a Leader in the Gartner Magic Quadrant for Global Retail Core Banking1 for the tenth consecutive year. TCS BaNCS for Core Banking has one of the largest number of components covering both assets and liabilities, powering customers’ business models with APIs along with an integrated Digital Engagement layer that enables a Digital First, Cloud First strategy. A proven solution with deployments across multiple countries, it manages a wide range of transaction volumes starting from a few hundred to hundreds of millions per day.

“Banks today are looking for a new generation, future-ready core banking platform that gives them business agility, supports product innovation and delivers a superior customer experience while complying with ever more complex regulations,” said Venkateshwaran Srinivasan, Vice President and Head, Financial Solutions, TCS, speaking from the sidelines of SIBOS 2018 at Sydney. “TCS BaNCS, with its rich functionality, componentized architecture, and digital capabilities is helping banks across the world compete in a Business 4.0 world. We view this Leadership positioning as an important third party validation of our product strategy and market standing.”

TCS BaNCS helps banks embrace a true customer-centric business model, simplify operations, enable innovation, enhance experience and effectively manage risk and compliance. The standards-driven, API-based solution allows customers to participate and leverage the power of larger ecosystems and value creation chains. TCS’ best-in-class track record in execution success is another critical element that makes this platform a lower risk option. “Our Digital First, Cloud First product strategy has made TCS BaNCS the preferred core for customers embarking on their digital transformation journeys. Moreover, our agile delivery models result in rapid value realization for our customers while retaining the experience of certainty that we are known for,” added Venkateshwaran Srinivasan.

1 Gartner Inc, “Magic Quadrant for Global Retail Core Banking” by Vittorio D’Orazio, Don Free. 28 June 2018

About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems. To know more about TCS BaNCS, please visit: http://sites.tcs.com/tcsbancs/

About Tata Consultancy Services Ltd. (TCS) Tata Consultancy Services is an IT services, consulting and business solutions organisation that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognised as a benchmark of excellence in software development. A part of the Tata group, India's largest multinational business group, TCS has over 411,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.

TCS Financial Solutions
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This release was published on openPR.