RiskTech Forum

Pegasystems Introduces  AI Capabilities to Client Lifecycle Management

Posted: 16 May 2018  |  Source: Pega

Pegasystems Inc. (NASDAQ: PEGA), the software company empowering customer engagement at the world’s leading enterprises, today introduced new artificial intelligence (AI) capabilities in the latest version of Pega® Know Your Customer (KYC) and Pega® Client Lifecycle Management (CLM) applications. For the first time, global banks can use AI unified in their CLM solution to recommend relevant products and services during the customer onboarding process. The software provides banks with complete AI control and transparency, ensuring banks remain in regulatory compliance while driving additional revenue and providing exceptional customer experiences.

Regulations designed to prevent predatory sales practices require banks to ensure all product offers are suitable for each customer. These important standards complicate the use of powerful technologies like AI, which can make decisions that aren’t always explainable to regulators. With new enhancements in Pega KYC and Pega CLM, banks can confidently deploy AI during the onboarding process to provide more personalized and differentiated service. Pega’s product suitability controls help ensure banks provide the right offer to the right customer with full transparency.

Pega KYC and Pega CLM use proven AI capabilities that analyze customer profile data in real time. Pega CLM leverages these insights to continually personalize the onboarding journey for each new customer with only the most appropriate products and service offers. This means customers receive the best recommendations to drive personalization and customer-centric service while increasing the bank’s competitive advantage. Pega lets banks set appropriate thresholds of transparency or opacity in their AI models to reduce risk and comply with regulations while still achieving business goals.

These new AI capabilities are among several new features in the latest versions of Pega KYC and Pega CLM, including:

Named the top category leader in CLM and KYC applications by leading risk technology analyst firm Chartis, Pega CLM and Pega KYC provide large complex financial institutions with pre-defined industry best practices and out-of-the-box functionality for onboarding and KYC. Pega is the only vendor that provides cross line-of-business (institutional, wealth to consumer) and globally scalable CLM and KYC applications with inherent digital process automation, rules, process, case management, AI, and robotics. These industry-leading applications can be deployed at the world’s largest institutions in as little as three months to speed time to revenue with new and existing clients. Pega provides deep in-house industry KYC and customer due diligence (CDD) regulatory and onboarding expertise coupled with best-in-class partnerships and a regulatory rules engine. Pega’s global team of experts have deployed onboarding and KYC solutions for more than 10 years at more than 45 global financial institutions.

Available today, the enhanced Pega KYC and Pega CLM will be featured at the annual PegaWorld user conference from June 3-6 at the MGM Grand in Las Vegas. For more information on the event, please visit www.pegaworld.com. To learn more about Pega KYC and Pega CLM, go to www.pegaonboarding.com.

Quotes & Commentary

“Financial institutions must have controls and transparency when leveraging AI in client onboarding or face increasing regulatory risks,” said Reetu Khosla, global head of client lifecycle management & KYC, Pegasystems. “Inherent AI within Pega CLM now allows global banks to make optimal offers to their customers in a highly controlled and transparent manner. Our ongoing investment in RegTech and CLM solutions enables our global banking clients to manage compliance while increasing customer centricity and profitability at the same time.”

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