Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader and Star Performer in the Everest Group PEAK Matrix® for Banking Operations Services.
In an assessment of 31 banking operations service providers, TCS was positioned highest for its vision and capability. Additionally, it was recognized as a Star Performer for demonstrating the strongest forward and upward movement on the matrix, based on the large clients added to its portfolio, expanded footprint in emerging geographies and augmented capabilities.
According to the report, TCS has well-rounded capabilities across a full spectrum of banking services and an extensive coverage across all major buyer geographies and client segments. It said that the firm has developed robust technology capabilities with its in-house platform TCS BaNCS™ and automation platform iBaS. The report also highlights TCS' investments in adding new service lines, building innovative solutions, and augmenting its TCS BaNCS platform with tools such as iCLADA for commercial loans and Dispute 360.
Cited as a key strength is TCS' expansion of its advisory capabilities leveraging the Tran$form© operational framework, alliances in regulatory consulting, and investment in building strong domain expertise along with creation of a dedicated CoE for FCC. The report adds that TCS has aggressively scaled its delivery footprint with the addition of new centers in Canada, Europe, and APAC.
"TCS is partnering with leading banks across the world in their growth and transformation journeys, helping them embrace new, leaner and more agile operating models with AI and machine learning at their core. With this future-ready digital foundation, banks can drive business model innovation, superior customer experiences and competitive differentiation," said K Krithivasan, Business Group Head, Banking, Financial Services, and Insurance, TCS. "Our leadership positioning in this assessment is a recognition of our strategy, capability and transformative offerings that help our clients stay ahead of the curve."
TCS is one of the world's largest providers of services and solutions to the financial services industry, and has been helping leading banks and financial institutions across the world in their growth and transformation journeys. Using its deep domain expertise, contextual knowledge, intellectual property and knowledge of global regulatory norms and risk management guidelines, TCS helps its customers leverage high levels of intelligent automation to reimagine their operations, enhancing their agility and competitiveness.
TCS' suite of cognitive-enabled business process services and solutions cater to all segments within banking. These include:
Retail banking and cards services: TCS provides support in the areas of origination, servicing, payments, 360-degree dispute management, collections, and personal and private banking. TCS' solutions like Machine Assisted Compliance Screening, iKYC, TCS 360 dispute automation, ML & NLP based AML screening tool, adaptive knowledge bank, and TCS Jarvis extraction suite, help banks embrace cognitive operations and hyper automation to speed-up their processes and derive dynamic customer insights.
Commercial banking services: TCS' commercial banking services offer comprehensive coverage across payments and cash management, trade finance, and commercial lending. Backed by strong domain expertise, vast experience in operations, and in-depth knowledge of the regulatory landscape, TCS helps banks establish foolproof controls to identify and flag non-compliance.
TCS' TraDAA©: Trade Finance Digitization, Automation and Analytics, a unique suite of modular cognitive solutions re-imagines banks' trade finance business transforms experiences and outcomes for all stakeholders including end customers. Other cognitive solutions such as Machine Assisted Compliance Screening, Trade Finance Command Centre (for analytics), Cognitive Automated Financial Spreading and Automated Document Checker help automate manual, paper-based tasks, while the robust rules engine facilitates document scrutiny and regtech sanctions disambiguation.
Lending services: TCS supports the entire value chain of operations for residential mortgage and loan operations for top global banks and lenders, leading mortgage non-bank lenders, mortgage servicers, correspondent lenders, allied service providers such as mortgage insurance companies, and title and information service providers. Its suite of digital mortgage services covers the end-to-end process ranging from underwriting and closing to post-closing, servicing, and secondary market services, allowing lenders to enhance the borrower experience and simplify processes across the business value chain. TCS' newly launched solutions DigiHome, Forbearance and Loss mitigation along with the its Digital Mortgage Advisor, Cognitive Document Digitization and AI based chatbot are garnering interest from lending clients across the world.
"Driven by intensifying competition from non-banks and disruption caused by the COVID-19 pandemic, financial institutions are attempting to differentiate through a superior customer experience and efficient operations leveraging the power of technology and digital transformation," said Manu Aggarwal, Partner, Everest Group. "TCS, with its wide array of technology solutions, strong advisory capabilities, and deep domain expertise across all major banking segments, is well equipped to serve as a key transformation partner to its clients. As such, it has been recognized as a Leader in Everest Group's Banking Operations PEAK Matrix® Assessment 2022."
Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3461.25 as compared to the previous close of Rs. 3475.65. The total number of shares traded during the day was 53969 in over 5324 trades.
The stock hit an intraday high of Rs. 3516.00 and intraday low of 3441.00. The net turnover during the day was Rs. 188100885.00.