Tata Consultancy Services (TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix for Open Finance IT Services.
According to the report, TCS’ Business 4.0 strategy focusing on the rise of digital technologies across industries drives its Open Finance initiative. It goes on to talk about the open banking influencer program established within TCS to scale, train and upskill resources. Cited as a key differentiator is TCS’ dedicated platform for small and medium size customers which is powered by its open finance ecosystem.
The report said that the firm’s investments in partnerships with Azure, AWS and APIGEE enable it to cater to enterprise needs of cloud-hosted API/ microservices platforms. Also highlighted as strengths are offerings from TCS’ innovation hubs are a reflection of the firm’s alignment to investments in innovation and transformation services.
“With our deep contextual knowledge and experience in leading innovation in Open Banking, TCS delivers tailored solutions to help clients provide superior customer experiences. Our start-up ecosystem and BFSI innovation labs, have been instrumental in creating next generation Open Finance digital offerings that are helping banking, financial services and insurance firms deliver greater value and create competitive differentiation in the market,” said K Krithivasan, President, Banking, Financial Services and Insurance, TCS. “This recognition as a Leader is a reflection of the breadth and depth of TCS’ expertise in Open Banking and Open Finance and our continuous investment in innovation.”
TCS has established partnerships with fintechs through its Co-Innovation Network (COIN), strategic alliances with API management platform providers and developed joint offerings to accelerate clients’ Open Banking roadmap implementation. The company also works closely with customers at TCS Pace Ports, its network of co-innovation hubs spread across New York, Pittsburg, Toronto, Amsterdam and Tokyo, to accelerate Open Banking innovation.
Further, TCS has made significant investments in emerging business models such as embedded finance, Bank-as-a Service, composable banking, API monetization and customer journey reimagination.
“There is higher focus on innovation through creating intrapreneurship environments within the organization. Additionally, robust production-ready offerings in latest themes, and publishing dedicated thought papers and handbooks have helped TCS gain momentum in open finance with banking and financial service (BFS) enterprises globally,” said Pranati Dave, Practice Director, Everest Group. “Association with industry bodies and creating cost-effective and innovative solutions for clients, with good line of business footprint has helped TCS earn recognition as a Leader on Everest Group’s Open Finance IT Services PEAK Matrix® Assessment 2022.”
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