TCS Financial Solutions is a wholly owned business unit of Tata Consultancy Services Group which is dedicated to providing business solutions to financial institutions globally. The firm is renowned for its flagship product TCS BaNCS – a universal solution made by compiling a comprehensive product portfolio that 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. The platform is deployed by more than 450 units across the global making it the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud. The firm revealed in its latest announcement that this platform was ranked among the top two best selling universal banking and pure-play digital banking solutions according to global data compiled by IBSI Sales League Tables for 2020. This table is a creation of UK based IBS Intelligence which also reported that TCS is also one of the top 2 suppliers in IBSI SLT leadership club which recognises leadings systems across all categories for Americas ,Europe, Middle Eastern, African and Asia-Pacific market regions.
The IBS Intelligence Sales League Table is created based on data of verified global sales by technology suppliers to new customers for the defined calendar year and is regarded as the most definitive barometer of measuring sales performance, over the last 18 years. The firm was also listed as #1 in Investment and Fund Management Systems all of which comes in great part due to widespread customer acceptance of the TCS BaNCS suite. Users of this platform across the globe recognize it for some of its most user friendly interface which comes with comprehensive functionality, versatility, extensibility, and its Digital First, Cloud First™ philosophy. The firm’s current ranking can be viewed in two parts –
Ø The firm’s banking engagement in innovative hubs such as Israel and Taiwan and its universal baking sales to tier 1 banks across all key global market regions.
Ø Recent bout of significant deals in investment and fund management space across Europe, US, Middle East and Asian market regions.
The firm’s BaNCS platform has managed to achieve its current state of market success and global reach and its recognition as one of the global leaders in its area of focus with consistent top ranking in the table comes due to its versatile nature which makes it highly accommodative and suitable to financial institutions of all types, sizes and market regions. Not just banks but the platform is also popular among credit unions, community banks and specialized financial institutions owing to its future ready and easy to use nature.
Speaking about its recognition as leading platform, Vivekanand – CO-Head of TCS Financial Solutions said “We believe that in this era of uncertainty, helping our customers build resilience and agility is critical. The TCS BaNCS solution comes with a robust high-performance engine, intelligent core and open banking capabilities that lay the foundation for self-healing, personalization and advanced analytics.We are delighted to be recognized as a Leader in the Universal Banking and the Investment and Fund Management categories in the IBS Sales League Tables, which is an objective assessment of our market success. Our ranking in the Pure-play Digital Banking category is a reflection of the broad adoption of our product by multiple neo-banks across the globe, driven by our Digital First, Cloud First vision.”
Speaking on same note, The panel which compiles this SLT said “The IBSI Sales League Table (SLT) is compiled based on a strict validation process and hence has always been regarded as the most sought-after platform for banking technology suppliers to showcase their global sales success. This year’s submissions were much higher than before, with over 2,500 deals signed across 150 countries
with over 1,700 banks. We are pleased to confirm that TCS BaNCS has recorded a leadership spot in the Universal Banking categories of both the Global and Domestic Leagues Tables in SLT 2020, in addition to retaining its number one spot in the Investment and Fund Management Systems by a large margin, scoring 50% of the deals reported in this category. TCS BaNCS’ #2 ranking in the pure-play digital-only segment validates the industry’s preference to the solution’s offering, in the fast-emerging neo-bank segment.”
TCS BaNCS Cloud for Banking is an integrated digital core banking suite that helps banks and financial institutions offer innovative products and services to customers throughout their life journeys, based on their anticipated requirements and over the devices of their choice. The solution has one of the richest collections of API-enabled components addressing wealth management and retail, corporate and private banking, including digital banking for all segments. It supports a variety of products and services covering assets and liabilities and can fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it is installed successfully.
TCS BaNCS services more than 25 percent of the global banking population, with two of the largest core banking installations running on TCS BaNCS, processing more than one billion accounts. The capital markets solutions cover 100+ countries, with more than 10 Mn trades settled and serviced on TCS BaNCS daily and have driven transformation in markets worldwide. The insurance solutions service over 20 Mn life, annuity, and pension policies and 135 Mn+ property and casualty solutions worldwide.