Tata Consultancy Services (TCS)has been named a Leader in Everest Group’s PEAK Matrix for Know Your Customer (KYC) and Anti Money Laundering (AML) BPO services.
The report recognized TCS as one of the top two providers in terms of revenue and among the largest market players across major geographies. Everest Group also highlighted TCS BaNCS’ KYC and AML modules and high buyer satisfaction in delivery, implementation, and ability to drive customers to greater success, as key strengths.
“Banks and financial institutions are using blockchain and cognitive tools to avert financial crimes and keep up with the dynamic global and regional regulations regarding KYC and AML,” said K Krithivasan, Executive Vice President and Global Head, Banking, Financial Services and Insurance, TCS. “This recognition is a validation of our innovation and investments in building comprehensive compliance offerings and transformational capabilities that are powered by our Business 4.0 thought leadership framework, and the resultant market success.”
TCS has been working with the world’s largest banks for many years and has built unparalleled expertise in KYC-AML compliance services. In addition to transaction processing, TCS’ comprehensive set of services in this domain include consulting, analytics, transformation and technology solutions.
TCS offers a holistic onboarding and AML compliance framework, covering the entire customer onboarding lifecycle that helps financial institutions streamline and reimagine their processes and achieve regulatory compliance.
TCS’ leverages its extensive portfolio of intellectual property and technologies offered by its alliance partners to craft solutions using cognitive and robotic process automation that improve the turnaround time in alert reviews, increase detection rates, and reduce manual effort in transaction analysis. A cloud-based platform powered by the TCS BaNCS KYC module covers compliance for banking, securities, insurance and market surveillance to deliver dynamic customer insights beyond compliance obligations.
“Guided by its Business 4.0 vision, TCS has invested in building advanced technology capabilities and solutions to efficiently deliver the KYC-AML compliance processes. Its strength in delivery and implementation coupled with its ability to drive customers to greater success has resulted in high buyer satisfaction levels,” said Manu Aggarwal, Practice Director, BFS Business Process Services (BPS), Everest Group.
“Our in-depth knowledge of financial services and its underlying processes, digital expertise, our intellectual property and end-to-end cognitive compliance solutions, place us in a strong position to help customers manage financial risks, drive regulatory compliance, and enhance end-customer experience,” added K Krithivasan.