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TCS eyes 150 deals in BFSI space

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CIOL Bureau
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BANGALORE,INDIA: Tata Consultancy Services has said that up to 150 deals ranging from $5-200 million in the banking and financial services space are in the pipeline, to be finalized over the next 12-18 months.

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While the smaller deals, which constitute 80 per cent of the total deals, would be in the $5-10 million range, bigger deals would be in the range of $30-200 million, N G Subramanian, president of TCS’ Financial Solutions Business told media persons here.

These deals were expected from the Asia-Pacific, Africa and Latin America markets, he said in the presence of  S Ramadorai, TCS’ CEO and managing director.

Apart from these markets, TCS sees a lot of opportunity in the core banking space Europe and the US. The value of deals from Europe and the US would be higher despite lesser number of deals.

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Bullish on BaNCS

The deals will be covering areas such as capital markets, insurance and retail financial services. TCS Financial Solutions' product portfolio under the brand name TCS BaNCS targets these areas.

The TCS BaNCS suite of products goes beyond the core banking solutions. TCS BaNCS, Subramaniam said, was witnessing good growth in China and Taiwan. Ramadorai added that India is also a critical geography, contributing 11 per cent of TCS’ overall revenues.

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The BaNCE suite of products is a byproduct of the company’s acquisition of FMS, an Australian firm in the retail banking space, and Switzerland-based TKS.

TCS BaNCS suite of products was implemented in the Bank of China, which manages 360 million accounts across its 22000 branches. State Bank of India has also opted for BaNCS.

Appreciation of rupee

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To a specific question on the appreciation of the rupee, Ramadorai said, “I don’t think we have any mechanism to control what the government of India does on the inflation perspective or what the Reserve Bank of India does. All we can do is to spread our presence across multiple geographies.”

Further, Ramadorai said, through value creation, the firm can demand a certain price from new customers. A natural hedging built into the currency and revenue would also help TCS tide over the appreciation issue.

“Hedging done to the extent of $2.5 billion is focusing on improving productivity,” Ramadorai said adding productivity is very critical in BFSI.

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Key appointments

TCS also announced the appointment of Robert U Mullen as head of global sales and Dennis Roman as chief marketing officer.

Previously, Mullen was president of worldwide field operations at Chordiant Software Inc. Roman led the marketing and communication efforts for i-Flex solutions for five years before joining TCS.

TCS Financial Solutions plans to add 500 more professionals across the world by March-end. Currently it has more than 2500 professionals.

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