TCS forms SBU for financial services
29 May 2007
Chennai: Asia''s largest software company Tata Consultancy Services (TCS) has decided to give a big thrust to its financial services business by forming a separate strategic business unit (SBU) called TCS Financial Solutions.
The SBU will be the single market facing unit of TCS in the financial products domain but will leverage the development and system integration competencies of TCS for customer engagements.
TCS Financial Solutions will have a separate management team headed by NG Subramaniam as president. The SBU will have sales, support, product management offices based in New York (North America and Caribbean), London and Zurich (Europe), Beijing (Greater China), Sydney (South East Asia and Australia), Sao Paolo (Latin America), Bangalore (India, Middle-East and Africa).
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.
In
the recent times TCS'' financial products business have
been growing at a good speed. In 2006-07 the division
recorded a revenue of $170 million up from $102 million
registered the previous year. The division has 214 customers
spread across 80 countries. Last fiscal the division
won over 50 new clients. In India the SBU has State
Bank of India as its major client.
According
to Subramaniam, "This is a strategic initiative
from TCS that further demonstrates our commitment to
this business and articulates the maturity achieved
in the various facets of a product business like product
management, support and professional services."
