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TCS BaNCS™ recognized as a Large Player in the Now Tech Report for Digital Wealth Management Platforms

Posted On : 2021-12-07 19:34:02( TIMEZONE : IST )

TCS BaNCS™ recognized as a Large Player in the Now Tech Report for Digital Wealth Management Platforms

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been named a large player in Forrester Now Tech: Digital Wealth Management Platforms, Q4 2021.

The report profiles 18 wealth management platform providers based on their market presence and functionality. The report notes that TCS BaNCS' most significant geographic presence by revenue is across North America, Europe, Middle East, and Africa, and its vertical market focus spans private banking, wealth, and asset management.

Further, TCS was recognized in the financial services specialist functionality segment. According to the report, "These firms target the needs of large 'one-stop shop' financial services firms that offer wealth management services alongside an array of banking and insurance products. These vendors emphasize how their core systems are integrated to provide the customer (and advisor) with a single view of their financial picture."

"As the focus for wealth managers shifts to financial wellness, the industry is moving towards offering hybrid and holistic advice catering to a broader customer segment - from Gen Z seeking long term investment options for the first time to mass affluent and to HNI segments. These trends are fueling innovation driven by data, digital technologies, and cloud," said R Vivekanand, Co-Head, TCS Financial Solutions. "We believe this recognition in the Forrester Now Tech report comes as a validation of our commitment to developing and implementing best-of-breed solutions at scale for wealth and asset management, tailored to facilitate informed decision making and meet customer demands and regulatory compliance."

TCS BaNCS for Wealth Management is a 360-degree solution that covers the wealth management value chain from client on-boarding to portfolio management. The solution's core components across banking, investments and securities are assembled to deliver a tailor-made proposition to each segment. TCS BaNCS for Wealth Management is delivered on a SaaS model and is complemented with cognitive tools.

The comprehensive solution is helping customers make informed decision and meet dynamic investor demands and regulatory expectations. It helps firms enhance advisory management, portfolio planning and performance. Clients have been using the solution to rapidly scale and launch products catering to new investment trends while also building closer relationships with end-customers.

R Vivekanand added, "Over the last year, there has been significant growth - both in the number of wealth providers as well as the digital advice models - which offer much greater choice to end customers. TCS BaNCS solutions offer wealth providers a platform to provide institutional quality advice to a broader range of customers, drive advisor retention as well as the ability to provide a seamless omni-channel experience for both self-directed as well as advice-seeking end-customers."

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3584.70 as compared to the previous close of Rs. 3534.35. The total number of shares traded during the day was 24002 in over 3068 trades.

The stock hit an intraday high of Rs. 3597.15 and intraday low of 3525.60. The net turnover during the day was Rs. 85594611.00.

Source : Equity Bulls


TataConsultancyServicesLimited INE467B01029 TCS TCSBaNCS LargePlayer NowTechReport Forrester