TCS banking on universal banking platform to clinch large finance deals

With information technology (IT) services companies seeing subdued demand from the banking, financial services and insurance (BFSI) segment, industry leader Tata Consultancy Services (TCS) says it is expecting its universal banking platform, BaNCS, to clinch large deals in this space.

Last week, the Mumbai-based major announced it had a multi-year IT outsourcing contract from Scotland-based Phoenix Group; the industry estimate is $2 billion. Phoenix is Europe’s largest life insurance and pensions consolidator.

This is the second such large deal the company has signed in BFSI which involves large-scale deployment of its BaNCS solutions; the Transamerica contract last year is said to be of similar size. The latter deal marked TCS’ entry into a specialised insurance third-party administration marketplace in the US, establishing BaNCS in the region.