Tata Consultancy Services, a global IT services, consulting and business solutions organization, announced that it has been recognized as a Leader and Star Performer in the Everest Group PEAK Matrix for Open Banking IT Services.
In an assessment of 24 leading open banking IT service providers, TCS has been placed highest for its market impact. Additionally, the company has been recognized as a Star Performer for achieving top quartile year on-year improvement in its scores.
The report highlights TCS’ investments in talent, IPs/ solutions/ accelerators to attack specific open banking themes such as SME banking, commercial banking and trade management, as key differentiators. It goes on to say that TCS’ investments in building capabilities for API management platforms have helped it win platform implementation and support services deals in Europe and North America.
“Open banking is a global phenomenon that has matured beyond regulatory compliance to become a strategic customer and ecosystem engagement model,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “This recognition by an independent third-party research firm is a testament to our market impact and positioning as a thought leader and growth partner in emerging digital themes.”
TCS has established partnerships with fintechs through its COIN network and developed joint offerings to accelerate customers’ open banking roadmap implementations. It has also established strategic alliances with API management platform providers to offer end-to-end open banking and API banking services.
“A mix of regulatory and market forces is driving BFS firms to develop an open and collaborative environment in which to build a financial services/products ecosystem. Open banking has been a key enabler in changing the role of BFS firms from financial services providers to lifestyle experiences orchestrators,” according to Ronak Doshi, Vice President, Everest Group. “Significant market success led by multiple deal wins across all major geographies, a strong vision for emerging open banking themes, enhanced capabilities via partnerships with key FinTechs and API management platforms, and recognition among clients for strong delivery execution and account management all have helped TCS to earn Leader and Star Performer recognition on Everest Group’s Open Banking IT Services PEAK Matrix® Assessment 2020.”
“With our deep contextual knowledge, strategic investments in open banking IP, combined with our strategic partnerships and alliances, we are well positioned to help customers design contextualized offerings and leverage ecosystems to create new business models and thrive in the Business 4.0™ world,” added Krithivasan.
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