TCS launches business unit for financial services products
Tata Consultancy Services (TCS), has announced the formation of a new strategic business unit (SBU) called TCS Financial Solutions to further consolidate and position its comprehensive suite of financial products as a single, market-facing business unit.
TCS Financial Solutions will function as a ‘products company’ within the TCS family and will drive growth in the financial products business. Using an integrated business model, the SBU will also leverage the development and system integration competencies of TCS for customer engagements.
TCS Financial Solutions will have a separate management team. Product offerings from TCS Financial Solutions will be positioned under an umbrella brand called TCS BaNCS. This Service Oriented Architecture (SOA) integrated product family consists of functional modules for Anti-Money Laundering, Channel Services, Customer Relationship Management, Core Banking, Corporate Actions, Enterprise Application Integration, Global Custody, Insurance, Lending & Borrowing, Online Trading, Payments, Private Banking and Wealth Management.
TCS’ financial products business has been accelerating rapidly in the past few years. In the 2005-06 financial year revenues grew by about 50% to $102 million, while during the recent financial year 2006-07 the financial products business grew 66% from $102 million to $170 million. TCS Financial Solutions has a customer base of 214 financial institutions across 80 countries. In 2006-07, there were over 50 new customer wins, while 35 new installations of TCS products went live globally.
“Tata Consultancy Services is wise to form TCS Financial Solutions to manage its growing collection of financial services software assets. There is a different skill set required to manage packaged software (such as managing release cycles, engaging in license agreements, and thinking about the industry solutions globally) versus an IT services business which engages in IT outsourcing, consulting engagements, and is often more oriented to a single customer's needs,” said Bart Narter, Senior Analyst, Celent, a leading financial services analyst firm.
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