TCS and Infosys in Top-20 Technology firms

Date: 08-11-2007
Source: Press Trust of India

Four Indian companies, including two of the country's biggest IT firms -- TCS and Infosys, were today named among the world's 100 biggest technology providers to the global financial services industry.

Tata Consultancy Services has also emerged as the first Indian firm to be named among the top 10 in the annual FinTech 100 list of financial industry technology vendors that was released here.

Besides TCS and Infosys, I-Flex Solutions and Patni Computer Services have been named in the list.

TCS moved up three positions from 13th last year to be ranked as 10th biggest technology vendor in 2007. Infosys also moved up four positions to 14th this year. It had been ranked at 18th position in 2006 and 28th in 2005.

I-Flex and Patni have been ranked at 30th and 45th positions respectively in the FinTech 100 list that is topped by Fidelity Information Services of the US.

TCS is the only second non-US firm in the top ten, besides the UK-based Reuters (8th) in the list.

Other companies in the top ten include Fiserve (2nd), NCR (3rd), Diebold (4th), SunGard (5th), Unisys (6th), Broadridge Financial Solutions (7th) and First Data Corp (9th).

The annual ranking is being published for four years now by American Banker, a banking and financial services daily, and Financial Insights, a unit of global independent technology advisory firm IDC.

In an accompanying list of top 25 enterprise technology vendors for the financial services industry, none of the Indian companies could make the mark.

Last year, India's third biggest IT firm Wipro was named on this list at 22nd position, but has moved out this year.

The enterprise software list has been topped by IBM, followed by Hewlett-Packard, Dell, Fujitsu, Cisco, Microsoft, Electronic Data Systems, Hitachi, Siemens Business Services and Accenture in the top ten. Other companies on this 25-member list include Sun Microsystems, Intel, EMC, Computer Sciences Corp, Oracle, ATOS Origin, Capgemini, Getronics, LogicaCMG, SAP AG, Thomson Financial, Deloitte, Avaya, Symantec and BearingPoint.

In the FinTech 100 list of 2006, there were five Indian companies -- TCS, Infosys, I-Flex (38th), Patni (50th) and SunTech (86th). While I-Flex and Patni have moved up in the rankings, Trivandrum-based SunTech has moved out this year.

American Banker and Financial Insights said in an accompanying report that all the FinTech 100 firms garnered more than 48 billion dollars in sales from financial institutions in 2006.

"The financial services industry relies on technology to remain competitive and address regulatory changes in an increasingly complex and dynamic market," American Banker Editor-in-Chief David Longobardi said.

"FinTech companies are growing faster than what the industry spends on technology... Acquisitions have played a part, but top vendors strive to become trusted partners with their financial institution customers," Financial Insights' Global Banking and Insurance Research Vice President Jeanne Capachin said.

The companies named to the list would be honoured at the BAI Retail Delivery Conference and Expo in Las Vegas on November 14 at the Mandalay Bay.