Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a global IT services, consulting and business solutions organization, announced on Monday it has been named number one of the 2016 IDC Financial Insights FinTech Rankings Top 100. The company stated it earned the top position for the second consecutive year after maintaining a top-ten ranking for the past ten years.
The IDC Financial Insights FinTech Rankings notably categorizes and evaluates technology providers based on calendar year revenues from financial institutions for hardware, software, and/or services. Two categories of companies are ranked in the list, which are the following:
- FinTech Rankings: Top 100: Vendors that derive more than one-third of their revenue from financial institutions.
- FinTech Rankings: Enterprise 25: Enterprise companies serving multiple industries that derive less than one-third of their revenues from financial institutions.
Sharing details about the 100 list’s rankings, Karen Massey, senior analyst for banking at IDC Financial Insights, stated:
“We congratulate TCS for maintaining the number one position on the 2016 IDC Financial Insights FinTech Rankings for the second year. The momentum TCS has shown since the inception of the rankings 13 years ago highlights their success in global financial services technology and commitment to the industry.”
K Krithivasan, president of banking and financial services at TCS, also commented:
“We are honored to be recognized as the top technology provider in the global financial services industry for the second year in a row. This ranking shows that for over a decade, our customers and partners have been valuing and rewarding our commitment, industry expertise and continued investment.”
TCS reported that its banking, financial services and insurance services (BFSI) is an area of extensive growth for TCS as companies look to develop new operating models with a focus on rebuilding profitability, optimizing costs and improving efficiency. The company’s product, TCS BaNCS, enables transformation in financial services through solutions for banks, capital market firms, insurance companies, and other diversified financial institutions.
TCS BaNCS continues to grow its customer base with over 25 new client wins in the past year, including key wins in China and the Nordics.