TCS Financial solutions product ranked as Top core banking soln.

Bangalore, July 30 (UNI) TCS BaNCS Core Banking, one of the flagship products of TCS Financial Solutions (formerly TCS/FNS), a strategic business unit of Tata Consultancy Services focused on providing state-of-the-art business application solutions has been ranked as the top core banking solution in China based on its performance in the year 2006 by IDC.

TCS Financial Solutions has also been named amongst the top two IT solutions providers for the financial services industry in China, a Company release here said.

An IDC report, "China Banking Industry IT Solution 2007-2011 Forecast and Analysis'' of June 2007, evaluated all solution providers based on revenue and market share for 2006. IDC noted that TCS Financial Solutions had emerged as a major force in China's banking IT solutions market after winning major deals with Bank of China and Huaxia Bank.

The report cited TCS Financial Solutions for its strong capabilities virtually across all IT solutions for the banking industry. In addition to the top Core Banking Solution position and being named the second largest IT solutions provider, TCS BaNCS has been recognised as the second largest channel management system provider, the third largest payment and settlement solution provider, and was identified as the sixth largest bankcard solution provider in China.

"Within China, the banks have been one of the largest IT spenders, and IDC expects that in 2007, the banking industry will focus on optimizing existing IT investments and consolidating technology." said Quaint Li, Market Analyst, Cross Products and Vertical Research, IDC China. ''TCS BaNCS has emerged as the biggest winner in the core banking space, thanks to a large deal signed with Bank of China''.

IDC's research estimates that the market for core banking solutions (excluding hardware) in China was RMB 1,036.6 million in 2006, an increase of 23.8 per cent over 2005. Core banking solutions accounted for 23.8 per cent of the overall banking solution market and constituted the No. 1 category of bank IT solutions spending.

According to the IDC report, China's banking IT expenditures are forecast to increase 15.1 per cent or RMB 42.1 billion by 2007. IDC forecasts the China banking IT market to reach RMB 72.4 billion by 2011.

UNI