Tata Consultancy Services has been named a leader in the Everest Group PEAK Matrix for Financial Crime and Compliance (FCC) Operations Services. TCS received this recognition for the second year in a row.
According to the report, TCS is among the top three FCC operations service providers by revenue and dominates areas such as Know Your Customer (KYC), Anti-money Laundering (AML), and chargeback processes. It highlighted TCS’ technology offerings, domain capabilities and its investment in block-chain solutions and industry-specific cloud solutions, which have a huge use case in areas like KYC and AML. The company’s recently developed Enterprise Regulatory Compliance Management Framework that offers an end-to-end approach to streamline compliance activities, was cited as a strength. Additionally, the report makes a special mention of TCS’ work in integrating its FCC operations offering with its consulting capabilities to help its customers transform, enhance and augment FCC operations.
K Krithivasan, Global Head, Banking, Financial Services and insurance, TCS, said, “With emerging business models, increasing regulatory scrutiny, and the creation of new digital channels, banks ore leveraging innovative technologies such as Al and machine learning to prevent and combat financial crime.”
Manu Aggarwal, Vice President, Everest Group, said, “The increasing sophistication and complexity of financial crimes is pushing banks to explore new digital interventions to combat financial crimes and to maintain regulatory compliance. With a strong domain knowledge of the FCC and o consulting-led approach, ICS seeks to support bonks and financial institutions in making their operations more efficient by blending elements of automation, Al, and advanced analytics.”
With extensive experience partnering with some of the world’s largest banks, TCS has built unparalleled expertise in financial crime and compliance services across KYC (risk profiling, due diligence, screening, client outreach, off-boarding), AML (transaction monitoring, sanctions screening, trade AML) and anti-fraud operations (cybercrime). TCS’ comprehensive set of services in this domain include consulting, analytics, transformation and technology solutions, platform solutions, and change management services.
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