IT services firms Accenture, Tata Consultancy Services (TCS) and Infosys continued to boost their brand value despite tepid growth environment and the disruption owing to newer technologies.
The three IT giants topped the charts of IT brands according to the Brand Finance 2024 report.
Accenture maintained its position as the world’s most valuable IT services brand, with a brand value of $40.5 billion, up 1.6% from last year.
Meanwhile, billionaire businessman Azim-Premji-backed Wipro was the only IT services major to have witnessed an erosion in brand value by 7.6% on a year-on-year basis to $6.2 billion. Wipro has been a laggard over the past few years struggling to turn around the business amid a challenging marco environment. It has also seen a slew of exits with around ten senior executives quitting in 2023.
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“TCS has shown outstanding growth, increasing its brand value by more than anyone else in its industry. This achievement reflects their commitment to innovation and market leadership. The improvement in their Brand Strength Index from 82 to 84, while retaining their AAA- brand rating, highlights TCS’ strategic excellence. As one of the world’s most valuable IT services brands, TCS is a clear brand leader in the industry, demonstrating the power of consistent brand investment and strength,” said, David Haigh, CEO and chairman, Brand Finance.
Continuing to maintain its third sport for the third consecutive year, Infosys has been the fastest-growing growing IT services brand over the last five years, with Salil Parekh named as the number one IT Services CEO for 2024, the report said.
Infosys’ brand value more than doubled in the last five years, and at USD 14.2 billion in 2024, ranked 145th most valuable brand in the world.
Third-largest Indian IT firm HCLTech grew the fastest with 16 per cent rise maintaining its eighth position this year valued at USD 6.5 billion, up by USD 1 billion y-o-y similar to Infosys.
TCS has made significant investments over the past decades to expand the global footprint of its brand. These include strengthening its presence at major industry and business forums, in digital channels and social media, boosting its leadership status in Industry analyst reports, its voice in thought leadership and a series of other actions.
“Over the past decades, we have made a concerted effort to make the TCS brand more global using a range of strategic marketing actions, which is being reflected in this brand performance. I would like to thank all my colleagues, who build and enhance our brand through their daily efforts. Embracing the Tata Group‘s larger vision, we are deploying the full power of our brand platforms to not only shape a more sustainable future but also strategically position our brand as a leader in Artificial Intelligence and other emerging technology fronts.” Said Abhinav Kumar, chief marketing officer at Tata Consultancy Services.
Below is the list of top ten IT services brands as ranked in 2024 Global 500 IT Services Ranking by Brand Finance.
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Tata Consultancy Services (TCS) and FundingShield have partnered to enhance accessibility to wire fraud prevention tools in the financial services industry.
With the increasing prevalence of cybersecurity risks, lenders are placing greater emphasis on data integrity to prevent potential frauds, the companies said in a Tuesday (Sept. 5) press release.
FundingShield offers an ecosystem of service provider source bank data, providing over 95% coverage in the industry, according to the release. By partnering with TCS, FundingShield can offer its cost-saving and risk-mitigating solutions to TCS clients, enabling them to maintain high standards in data integrity, bank account verification and counterparty compliance.
This collaboration allows TCS to leverage FundingShield’s expertise and provide enhanced protection to their clients, the release said.
“Wire fraud prevention has become a mandatory capability as part of any mortgage solution, protecting lending institutions from multi-million dollar risks to the third-party closing, title and settlement entities,” Santhosh Ananthakrishnan, global head of mortgage strategic initiatives at TCS, said in the release.
Ike Suri, CEO of FundingShield, added: “TCS’s global presence, business acumen and trusted relationships with the world’s largest financial institutions will allow FundingShield to deliver its innovative products straight to the banks who need them the most.”
TCS is an IT services, consulting and business solutions organization that has been assisting some of the world’s largest businesses in their transformation journeys for over 55 years, according to the press release. As part of the Tata group, India’s largest multinational business group, TCS operates in 55 countries.
In one recent development, TCS signed an 840 million pound (about $1.1 billion) contract with British pension plan Nest for an initial period of 10 years. The contract is aimed at improving Nest’s administration services and could potentially be worth 1.5 billion pounds (about $1.9 billion) if extended for the entire 18-year tenure.
FundingShield is a FinTech company that offers B2B and B2B2C solutions to combat wire and title fraud, settlement risk, closing agent compliance and cyber threats, the release said. Its user-centric, plug-and-play tools are scalable, secure and cloud-based, providing transaction-level coverage and reducing operating costs for real estate investors and mortgage finance companies in the United States.