Pegasystems taps AI for client onboarding

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:
• Expanded KYC regulatory coverage to over 26,000 rules: Pega continues to update Pega KYC for the latest Anti-Money Laundering (AML) regulations such as FATCA, CRS, Dodd-Frank, EMIR, MiFID, and others. By adding AML regulations from nearly 60 countries, Pega will now provide over 26,000 pre-built due diligence requirements and logic rules from corporate through to consumer. Pega KYC is also the only application that allows for modification of rules with no coding in its automated rules configurator. The application keeps banks ahead of regulatory changes with automatic quarterly updates implemented in just minutes.

• Interactive customer relationship visualization: Pega CLM provides an enhanced interactive map of all key related parties for any given customer, from institutional through to consumer. Adding or removing related parties for the customer will now dynamically trigger or withdraw the appropriate due diligence activities and cases, ensuring all necessary due diligence is assessed prior to completing the customer journey.

• Auto-triggered customer reviews: Even the smallest change to customer data, such as an updated address or an expiring identification document, must be tracked and evaluated. Pega CLM automatically and seamlessly triggers appropriate customer review journeys, including automated refresh and re-review cases.

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.