Banking application outsourcing gets a new leader in TCS: Report

LONDON: India's IT major Tata Consultancy Services (TCS) was today recognised as a leader among 28 companies for the sixth consecutive year for its industry leading domain solutions, strong delivery and execution capabilities, according to a research-based report.

TCS was positioned as a leader across all four lines of the banking business which include credit cards, retail banking, lending and commercial banking, Everest Group said.

It analysed the capabilities of 28 leading Application Outsourcing providers, specific to the global banking sector.


These providers were mapped to the group's Performance, Experience, Ability Knowledge (PEAK) matrix, which is a composite index of a range of distinct metrics related to each provider's capability and market success.

"The disruption in the banking industry, which is driven by global macroeconomic uncertainties, digitalisation and growth in FinTech, is forcing service providers to focus beyond traditional IT services and create breakthrough value for their customers," said Jimit Arora, Partner, Everest Group.

"Sustained delivery excellence, significant breadth and depth of banking-specific solutions and services, credible investments in digital technologies, and the ability to deepen existing relationships have helped TCS maintain its position as a Leader for the sixth consecutive year in the Everest Group Banking AO PEAK Matrix," he said.


"Its an honour to be recognised as a leader in Application Outsourcing services for six consecutive years," said K Krithivasan, President, Banking Financial Services at TCS.

Last year, investments in the banking application services market was mainly driven by stricter regulatory norms, personalised banking experience and digital banking.

TCS enables banks to embrace changing technology realities by focusing on customer experience, risk and compliance management, digital and IT transformation.