November 13, 2018
TCS recognised as a leader in open banking IT services by Everest Group
Tata Consultancy Services’ investments in a wide range of open banking solutions, flexible engagement models and global delivery presence were cited as strengths
Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organisation, has been recognised as a leader in the Everest Group PEAK MatrixTM for Open Banking IT Services.
The report highlights TCS's investments in a wide range of open banking solutions, global CoEs, and delivery presence as major strengths and contributors to its wins in the market. The report also highlights TCS's engagements as best-in-class examples across various categories such as open banking strategy and roadmap, open banking application development and maintenance, and open banking enablement.
“Banks are looking to leverage ecosystems as part of their Business 4.0 strategy. Towards that, they are increasingly adopting open API models and open banking while building up their digital core,” said K Krithivasan, president and global head, banking, financial services and insurance group, TCS. “This recognition of our leadership from an independent, third-party research firm is a validation of our vision, capabilities and market impact in this area.”
TCS has developed integrated open banking offerings and solution capabilities consisting of foundation accelerators, assessment and readiness kits, sandbox services, an API marketplace, and an open data fabric to help banks comply with open banking regulations and go beyond. TCS also leverages its Co-Innovation Network (COIN®) that includes fintech collaborations to accelerate customers’ open banking aligned digital transformation journeys. TCS’s open banking portfolio includes:
Assessment kit and use case catalogue: Covers readiness assessment, strategy definition and roadmap creation. Based on their business strategy, banks can choose from a curated list of use cases across consumer, SME and corporate banking domains.
Accelerator hub: Contains (i) pre-built software components for consent management, TPP management, strong customer authentication and a set of pre-configured APIs as per UK open banking specs, (ii) a micro-services enabled sandbox solution on cloud and a friendly TPP testing kit to accelerate the open banking adoption journey.
TCS CUBO marketplace: Banks can participate and innovate along with TCS’s partners and manage an API marketplace. This also comes with a list of solution partners identified through TCS COIN™.
Data fabric: Architecture framework and select software components for consent-driven data management, customer knowledge graph and contextual insights.
Use case MVPs: Pre-built solutions for selected use cases – PFM, SMB advisory, mortgage value pool, among others.
“The banking industry is leveraging a collaborative approach to shift from a product- and service-centric mode to a lifestyle and experience orchestration model. Regulations such as PSD2 have brought the concepts of open innovation and platform-based thinking to the financial services industry, and banks globally are now moving beyond regulations to utilise platforms and APIs to offer new products, adopt innovative business models and orchestrate customer experiences,” said Ronak Doshi, practice director, Everest Group. “TCS demonstrated significant market success in open banking IT services through investments in a wide range of IPs, solutions, CoEs and global delivery presence. It has created strategic partnerships with banks through flexible engagement models that has helped it win in this market and position TCS as a leader on the 2018 Open Banking IT Services PEAK Matrix™.”
“With our customer-centric approach, contextual knowledge, ecosystem-aligned solutions delivered in an agile mode and technical expertise, we are well placed to help banks create innovative business models and gain competitive advantage,” added Krithivasan.
To view the full TCS leader position profile in Open Banking IT Services for Banking and Financial Services by Everest Group, click here.