TCS Financial Solutions ranked top technology provider in China for a second year
21 Nov 2008
TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, has been ranked as the No 1 solution provider in China, for the second consecutive year.
In a report, published today, leading analysts firm IDC ranked TCS' banking solutions product BaNCS as a market leader.
The report also named TCS as a market leader as well as a key service provider in the region.
''After entering the China market, TCS secured a big deal every year - Huaxia Bank in 2005, Bank of China in 2006, and Guangdong Rural Credit Union in 2007. Solutions provided by TCS focus on the middle and front ends, with the core banking system as the mainstay plus the systems of payment and liquidation, ATM, card and channel management,'' the report said, adding, ''Currently, TCS' financial department has nearly 300 employees in China.''
''This region is poised for consolidation once the innovating banks complete the cycle of transformation and start harnessing technology benefits. TCS has built a strong momentum in the region and with strong reference clients their presence can only get stronger as a clear leader,'' said Jeanne Capachin, research vice-president for the global banking and insurance practice, said.
''Our sustained and strategic focus on China has been reinforced by IDC's ranking and reading of the market. Our customers around the world can continue to expect our suite of products and solutions to outperform and deliver superior performance,'' added N Ganapathy Subramaniam, president, TCS Financial Solutions.
The report also observed that with the upheaval in the financial services industry, there is an increasing pressure to strengthen and transform core banking infrastructure, improve integration across the enterprise and increase efficiency.
TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS that offer solutions that will drive growth, reduce costs, mitigate risk and faster speed to market. The company has a global customer base of more than 240 institutions operating in over 80 countries.