Pegasystems and the New Era in Client Lifecycle Management

Pegasystems Inc., commonly known as Pega, stands out as a leader and exemplar in innovation and efficiency. This recognition is highlighted by its recent win of the Best Client Lifecycle Management Solution by a Vendor at the Global BankTech Awards 2023, organised by The Digital Banker. Established in 1983, Pega has been a consistent frontrunner in providing advanced software solutions. With its headquarters in Cambridge, Massachusetts, and a significant presence across North America, Europe, Latin America, and Asia Pacific, Pega is renowned for its high-end, AI-powered decisioning and workflow automation.

Pega’s robust low-code platform, acclaimed for empowering enterprises to “Build for Change®,” adeptly navigates complex business challenges through a fusion of artificial intelligence (AI) and automated workflows. This innovative approach has not only garnered a multitude of patents and accolades for software innovation but has also earned Pega esteemed industry recognitions, including placements in Chartis, Gartner Magic Quadrant for CRM Customer Engagement Center and the Forrester Wave for Digital Process Automation.

Nirav Patel, Managing Director of The Digital Banker, remarked, “Pegasystems’ triumph at the Global BankTech Awards can be attributed to its exceptional ability to streamline client lifecycle management, integrating AI and automation in a way that radically transforms customer engagement and operational efficiency. Their pioneering platform and dedication to continuous innovation set a benchmark in the financial technology landscape.”

CLIENT LIFECYCLE MANAGEMENT: A CASE STUDY IN EXCELLENCE

Pega’s Client Lifecycle Management (CLM) solutions, exemplify the company’s commitment to innovation. Pega CLM transforms client onboarding and lifecycle management, particularly in financial institutions. By adopting a parallel-driven approach, it reduces onboarding time by 70 percent and costs by 60 percent, significantly enhancing customer experience.

Pega CLM and Know Your Customer (KYC) includes capabilities to integrate facial recognition and identification, leveraging video identification and advanced biometrics. This feature ensures legal and speedy customer identity verification, aligning with international regulations like eIDAS AML, FATF, FATCA, CRS and GDPR.

Pega differentiates itself through its unique value proposition, combining AI-powered decisioning with intelligent automation. Its client lifecycle management solution leverages a center-out architecture. This approach enables dynamic collaboration and rapid adaptation to regulatory changes, a significant advantage in an ever-evolving regulatory landscape.

Functional features of Pega’s centre out architecture are expansive, ranging from omnichannel interfaces to AI, RPA, and Natural Language Processing (NLP) capabilities. Its technology architecture, based on the PEGA platform, offers workflow automation for enhanced business agility. The customisation capability, facilitated by low-code solutions, allows businesses to tailor the platform to their specific needs.

DELIVERING TANGIBLE BENEFITS TO FINANCIAL INSTITUTIONS

A testament to Pega’s impact is the success story of the Bank of Singapore (Bank of SG), a rapidly growing private bank in Asia. The Bank of SG Client Onboarding Lifecycle Management Platform, powered by Pega’s CLM solution, demonstrates significant business impact through its scalable nature, accommodating various business entities efficiently.

Since its launch in 2016, the platform has undergone significant upgrades, including the migration to the latest version in 2022. This upgrade brought advanced features like Cosmos UI and DX API, enriching the platform with out-ofthe-box business rule engines, case management, AI capabilities, and analytics.

The implementation of Pega’s solutions at Bank of SG resulted in a significant reduction in onboarding turnaround time, a testament to the platform’s efficiency and impact. Relationship Managers at Bank of SG lauded the solution for its ease of use and instantaneous approval process.

Looking ahead, Pega continues to innovate, with plans to integrate predictive and adaptive AI capabilities into its Client Onboarding and other activities in 2023 and 2024. The addition of enterprise grade Generative AI was launched this year and has introduced a range of new capabilities, further cementing Pega’s position as a leader in client lifecycle management solutions. There is no question, Pegasystems’ journey from its founding in 1983 to its current position as a global leader in AI[1]powered decisioning and workflow automation is a story of relentless innovation.

“Pega’s robust low-code platform, acclaimed for empowering enterprises to“Build for Change®,” adeptly navigates complex business challenges through a fusion of artificial intelligence (AI) and automated workflows.”

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