TCS launches a new financial services unit

Mumbai, May 28 (UNI) Designed specifically for financial services, Tata Consultancy Services (TCS) today launched a strategic business unit (SBU), 'TCS Financial Solution' to further consolidate its position in financial products segment.

TCS Financial Solution will function as a product company within the TCS family and will drive its financial products business. The SBU will also leverage the development and system integration competencies of TCS for customer engagements.

The new entity will have a seperate management team headed by NG Subramaniam as president. He was earlier heading the global services divison of the company.

The new SBU will have sales, support and product management offices based in New York, London, Zurich, Bejing and Bangalore.

Product offering from TCS Financial Services will be positioned under an umbrella brand called TCS BANCS. The service oriented architecture integrated products consists of functional modules for anti money laundering, customer relationship management, core banking, private banking and wealth management.

Addressing mediapersons after the launch, NG Subramaniam, President, TCS Financial Solutions said,'' To manage the growing collection of financial services software assets there is a different skill set required to manage packaged financial software services versus IT services. This new SBU will be more oriented towards financial customers needs.'' TCS financial products business has been accelerating at a fast pace in the past few years. In the last fiscal the financial product business grew by 66 per cent from 2 million to $ 170 million. The financial services of the company has a customer base of 214 financial institutions over 80 countries while 35 new installations of TCS products went live globally.

UNI