World leading ICT consultancy banks on Australian software expertise
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High technology adoption rates, local IT flair and a reputation for being a great incubator for fresh ideas are some of the factors that attracted Tata Consultancy Services (TCS) to invest in Australia’s IT sector.
Today, TCS is expanding its local activities and continues to produce world-class banking applications for Australia’s robust financial services sector.
Headquartered in Mumbai, India and founded in 1968, TCS is a US$15.5 billion global IT services, consulting and business solutions company. TCS has grown to become one the world’s top 10 IT companies and now employs 335,000 consultants in 46 countries.
In 1988, TCS began operations in Australia and today employs over 11,500 consultants and associates across a range of IT-related infrastructure, business process and engineering projects. A significant number of these consultants are working at client sites within Australia. TCS customers include a growing number of Australia’s biggest companies, including Qantas, Telstra, Woolworths, Commonwealth Bank, Westpac, and AGL.
As an active member of Australia’s IT sector and wider business communities for over 25 years, TCS has also made significant investments across a number of local social responsibility initiatives to promote IT skills as well as support communities in need.
Global prowess in finance IT
One of the keys to TCS’ success is the company’s ability to keep developing new software for its target industries, which includes banking and finance.
‘When you consider the impact of digital, mobility and social technologies, and changing delivery models – such as the cloud – they all impact our clients. We need to ensure we’re competitively ahead,’ said Deborah Hadwen, CEO, Tata Consultancy Services – Australia and New Zealand.
To maintain its edge, TCS invests in a global network of 20 innovation laboratories, and spurs collaboration between strategic centres of IT excellence.
Within this global innovation ecosystem, Australia is assuming an ever-greater role.
‘Australia is a strategically important geography for TCS. Our business customers in Australia are looking for technologies that address changes in consumer behaviour and provide a differentiated customer experience. This generates a strong demand for technology innovation,’ said Hadwen.
‘Also, the massive business and IT transformation programs we see in Australia provide a great commercial environment for a technology business. Today, Australia is at the forefront of countries embracing new technologies.’
Taking Australian IT to a global audience
One investment that has paid global dividends for TCS was the acquisition of Sydney-based core banking solutions vendor, Financial Network Services in 2005. This acquisition has assisted TCS to create its flagship global banking product - TCS BαNCS.
‘Today, TCS BαNCS is a suite of world-class solutions for banks, capital market firms and insurance companies. Customers include ING Direct, CUA and the State Bank of India, and many leading banks and credit unions across the world,’ said Hadwen.
‘Our Australian team is pioneering branch automation technologies that integrate mobile devices, biometrics, cash recyclers, printers and scanners into a seamless set of services. These technologies will make bank branches more efficient and reduce business costs,’ said Hadwen.
‘We have also initiated our ‘model bank’ concept in Australia. This will use a cloud-based, software-as-a-service suite of technologies to create a market-ready banking IT system. Such ready-to-go banking platforms are being adopted around the world.’
Technical development for TCS BαNCS and product evolution is managed from development centres in India.
A test bed for finance IT
Besides investing in Australian IT talent, TCS also utilises Australia’s advanced banking IT market as a test bed for new ideas. In December 2014, TCS announced the release of a unique digital finance platform that allows banking customers to use a single app across multiple devices and browsers.
‘This single-app technology is a breakthrough for us. We launched in Australia first because Australia is a world leader when it comes to finance technology adoption,’ said Hadwen.
Enhancing innovation links
Over the past two years, Austrade officials have generated top-level contacts between TCS and Australian institutions.
In January 2015, Austrade organised a key event which showcased leading Australian ICT research programs to TCS technology teams.
Delegates from Australia included representatives from the country’s national science agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO); Australia’s largest ICT research organisation, National ICT Australia (NICTA); and leading Australian universities. Additional introductions were also organised with Australian start-up technology companies.
In early 2015, the Austrade Mumbai office, working collaboratively with NICTA, CSIRO and the Australian Information Industry Association (AIIA), co-ordinated a start-up pitch seminar for the TCS Chief Technology Officer.
This co-innovation forum assisted to promote collaboration and co-development between start-up technology developers, leading Australian companies, academic institutions and TCS.
Investing in Australia for success
Today, IT investment in Australia is helping to generate year-on-year growth for TCS that exceeds – in percentage terms - many other developed-country markets.
‘Our investment in Australian IT expertise has strengthened our portfolio of banking and financial services, with high-performing solutions that have proved popular in global markets,’ said Hadwen.
‘We will continue to invest in Australian R&D projects, because they are giving us a competitive edge in global IT markets,’ said Hadwen.
TCS also invests in social responsibility projects, with an emphasis on delivering technology solutions to meet a local need. In 2015 TCS announced it would provide in-kind TCS services valued collectively at over A$1 million to six Australian not-for-profit organisations.
‘We believe technology has the power to transform our world, and by empowering organisations that make a difference for the environment and those in need we have the opportunity to strengthen and further support the communities in which TCS operates,’ said Hadwen.