TCS to go agressive on BSFI market

Bangalore, Aug 6: Targetting to tap the huge potential in the Banking, Financial Services and Insurance (BSFI) segment, TCS Financial Solutions unit of IT major Tata Consultancy Services has braced up to face the competition and emerge as a global leader.

TCS Financial Solutions President N G Subramaniam, talking to newspersons here said within the next 12 to 18 months nearly 150 deals, 20 per cent of which was expected to be large deals, ranging between 30 to 200 million dollars, were expected to be finalised in the emerging markets in Asia, Africa and Latin America.

With its presence in the entire gamut of the BSFI segment, TCS Financial Solutions would pitch in hard, he added.

Mr Subramaniam said during the remaining quarters of the current fiscal, the Unit aimed to add 500 more staff globally with the addition in the first quarter being 200, taking the total manpower to 2700.

He said the BSFI segment of TCS grew by 66 per cent last fiscal to touch 170 million dollars as against 102 million dollars during the previous year contributing to 40 per cent of the TCS revenue.

Currently, TCS Financial Solutions was present in 80 countries across the globe with 225 customers. Last year alone 63 new clients were added and 35 went live. The first quarter of this year also saw a 66 per cent surge in revenue at 53.7 million dollars on year-on-year basis with the sequential growth being 8.55 per cent.

TCS President S Ramadorai said the company would leverage on its innovative and productivity solutions to gain momentum in the segment. TCS products, solutions and managed services offered minimum risk and maximum efforts. With a clear cut roadmap to emerge as a leader in the frozen segment, TCS today announced a new executive team comprising product specialists from the financial services. Mr Robert U Mullen was appointed as Head of Global Sales and Dennis Roman as Chief Marketing Officer.

The new appointments complete a product centric team for the Unit. Earlier this year, the company had appointed Krishnan Ramanjuam as Chief Operating Officer, GlennStafford as Head of Product management and Fredrick Szio as Chief Financial Officer.

Mr Subramaniam said members of the new leadership team have both outstanding experience and extraordinary track record in building and running highly successful organisations.

''Their knowledge, experience and commitment to success will impact positively on the global growth of TCS product range and the performance of our clients,'' he added.

UNI