Business

TCS BaNCS Recognized as a Leader in Gartner Magic Quadrant for Global Retail Core Banking

NEW YORK | MUMBAI, September 10, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been positioned as a Leader in the Gartner Magic Quadrant for Global Retail Core Banking1 for its TCS BaNCS™ Global Banking Platform.

“TCS BaNCS has become the preferred choice for progressive banks and financial institutions looking to build a future-proof, adaptive core that supports their digital aspirations. The pandemic and the resultant shifts in consumers’ banking behaviors have lent greater urgency to the digital transformation imperative,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. “We believe our positioning as a Leader in Retail Core Banking is a testament to our consistent and forward-looking product strategy and vision, customer-centricity, relentless execution focus, and the realization of our roadmap to the benefit our customer base.”

Designed and built on the Digital First, Cloud First™ strategy, the TCS BaNCS Global Banking Platform is a componentized banking solution with proven functionality spanning multiple lines of business such as retail, business, and corporate banking. It 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.

TCS BaNCS is available on the cloud as well as on-premise, leveraging the latest technology stack and architectural constructs like cloud nativity, containerization, microservices and APIs. The product offers an integrated digital channel based on a responsive, adaptive hybrid architecture for customers and enterprise users to interact and perform their tasks in simple, easy-to-use ways. Its future-proof architecture, embedded intelligence and rich capabilities that are continuously upgraded with new features and market-driven functionality, ensure best-in-class availability, high performance, agility, scalability, and interoperability. It has an installed base of nearly 450 customers and is amongst the top-selling core banking solutions in the world. Additionally, TCS BaNCS has ready-to-use connectivity to blockchain-based applications and networks with TCS’ Quartz Blockchain solutions.

“TCS BaNCS helps banks offer personalized services and launch innovative products, leverage the power of ecosystems and connectedness, and offer a consistent and contextual experience to end-customers, making it the preferred solution for customers embarking on their digital transformation journeys,” added Venkateshwaran Srinivasan.

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