TCS is a Leader in Banking Operations Services: Everest Group

Tata Consultancy Services (TCS), with operations in Ireland, has been recognised as a Leader in Everest Group’s PEAK Matrix® for Banking Operations Services.

In an assessment of 34 leading banking operations services providers, TCS was placed highest for its vision, capability, and market impact. The report highlights TCS’ well-rounded capabilities across the full spectrum of banking services and coverage across all major buyer geographies and client segments. It also speaks about TCS’ good client retention and recent growth in new locations like Canada, Australia and Ireland.

Earlier this year, TCS announced it was selected as a strategic partner for the newly launched AIB life business.  TCS is helping AIB life build a digital-first, full-service life company for the Irish market. In addition to designing and deploying the enabling technology stack, TCS is also providing IT, customer, and claims handling services for AIB life in a managed services model.  The end-to-end policy administration services is being provided from the TCS Global Delivery Centre in Letterkenny, Co. Donegal.

Highlighted as a key strength in the Everest Banking Operations Services Report  is TCS’ Business Process as a Service (BPaaS) and consulting-led approach with a high focus on transformation and hyper-automation. The report further talks about TCS’ ability to swiftly hire and cross-train staff and to complete projects very quickly. It says that the company is investing in developing future models such as ESG, cognitive solutions and other in-house automation tools such as a dispute resolver and automated appraisal review.

“Evolving client expectations, changing regulations and technology innovation are pushing banks to become more agile and resilient in their operations. TCS is helping banks build newer operating models and accelerate transformation by combining its expertise in AI, analytics, and automation with its advisory-led approach. TCS brings the power of its ecosystem partnerships and domain experience to provide holistic support to banks,” saidSusheel Vasudevan, Business Group Head, BFSI – Americas, TCS. “This recognition as a Leader reflects our commitment to drive sustainable transformation for our clients and make their operations future-ready.”

TCS is one of the world’s largest providers of services and solutions to the financial services industry, and has been helping leading banks and financial institutions across the world in their growth and transformation journeys. Using its deep domain expertise, contextual knowledge, intellectual property and knowledge of global regulatory norms and risk management guidelines, TCS helps its clients leverage high levels of intelligent automation to reimagine their operations, enhancing their agility and competitiveness.

“TCS demonstrates a comprehensive suite of banking services, spanning the entire range of banking operations. With a widespread presence across significant buyer geographies and diverse client segments, TCS employs a strategy centered around BPaaS, consulting and have a strong emphasis on transformative solutions and hyper-automation,” said Sahil Chaudhary, Practice Director, Everest Group.

“It maintains a good track record in client retention within banking BPS, with a substantial portion of its revenue generated from repeat accounts. The company’s growth extends to new frontiers, as evidenced by its expansion in locations like Canada, Australia, and Ireland over recent years. These capabilities have enabled it to achieve a Leader recognition in Everest Group’s Banking Operations – Services PEAK Matrix® Assessment 2023.”