TCS Recognized as a Leader in Open Banking IT Services by Everest Group

Deepthi | Myequity news | Date : 13-11-2018 16:30:00 IST

Tata Consultancy Services (TCS), a leading global IT services, consulting, and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix™ for Open Banking IT Services.

The report highlights TCS' investments in a wide range of open banking solutions, global CoEs, and delivery presence, as major strengths and contributors to its wins in the market. The report also highlights TCS' engagements as Best in Class examples across various categories such as open banking strategy and roadmap, open banking application development and maintenance, and open banking enablement.

"Banks are looking to leverage ecosystems as part of their Business 4.0 strategy. Towards that, they are increasingly adopting open API models and open banking while building up their digital core,"
said K Krithivasan, President and Global Head, Banking, Financial Services and Insurance group, TCS. "This recognition of our leadership from an independent, third-party research firm is a validation of our vision, capabilities, and market impact in this area."

"The banking industry is leveraging a collaborative approach to shift from a product- and service-centric mode to a lifestyle and experience orchestration model. Regulations such as PSD2 have brought the concepts of open innovation and platform-based thinking to the financial services industry, and banks globally are now moving beyond regulations to utilize platforms and APis to offer new products, adopt innovative business models, and orchestrate customer experiences,"
said Ronak Doshi, Practice Director, Everest Group. "TCS demonstrated significant market success in open banking IT services through investments in a wide range of IPs, solutions, CoEs, and global delivery presence. It has created strategic partnerships with banks through flexible engagement models that has helped it win in this market and position TCS as a Leader on the 2018 Open Banking IT Services PEAK Matrix."

"With our customer-centric approach, contextual knowledge, ecosystem-aligned solutions delivered in an agile mode, and technical expertise, we are well placed to help banks create innovative business models and gain competitive advantage," added Krithivasan.

About Tata Consultancy Services Ltd. (TCS):

Tata Consultancy Services is an IT services, consulting and business solutions organization 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. 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.

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