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Pegasystems Streamlines Onboarding for Global Banks with New Client Lifecycle Management Application - Pega CLM reduces costs and saves time while improving client experience by automating complex onboarding and KYC processes - Pega.com
Pegasystems Streamlines Onboarding for Global Banks with New Client Lifecycle Management Application

 

PRZOOM - /newswire/ - Cambridge, MA, United States, 2016/03/21 - Pega CLM reduces costs and saves time while improving client experience by automating complex onboarding and KYC processes - Pega.com. NASDAQ: PEGA

   
 
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Pegasystems, Inc., the software company empowering the world’s leading enterprises with strategic business applications, today announced Pega Client Lifecycle Management (CLM), an application that streamlines and automates client onboarding one of the most costly and time consuming functions burdening global banks. By orchestrating complex CLM processes on a global scale in a single unified application, Pega CLM reduces onboarding time by 70 percent, reduces costs by 60 percent, and dramatically improves the customer experience.

A recent study revealed that 88 percent of banks identify ever growing Know Your Customer (KYC) regulations as negatively impacting client onboarding times which delays time to revenue and diminishes client satisfaction and retention. Pega CLM introduces a transformative approach to complex entity onboarding by taking a traditionally linear process and instead driving activities in parallel. From client adoption, enrichment, and KYC to credit, legal, and risk assessment through to fulfillment, Pega CLM coordinates all steps from front office to back office across multiple geographies, products, and stakeholders based on pre-defined industry best practices. This enables corporate and institutional banks as well as asset management and wealth organizations to deploy a simpler and more cost-efficient system that speeds time to revenue and ensures global compliance while providing a differentiated experience for their clients.

Available immediately, Pega CLM extends the functionality of the Pega Onboarding application to simplify the institutionalized complexity that encumbers the world’s largest financial institutions by enabling them to:

• Realize faster time to revenue With a fully extensible data model and a 360-degree master view of the customer, banks can easily reuse data to drive complex multi-jurisdictional, multi-product onboarding for new and existing clients. This enables banks to onboard new products faster than ever before and realize new revenue streams without delay. Pega CLM fully integrates with leading KYC utilities such as kyc.com (powered by Markit and Genpact) and Clarient to further streamline the time to transact. The application also enables bank customers to retrieve and integrate KYC profile data seamlessly into onboarding and reference data systems.

• Deliver quicker response to changing regulations With full integration with the Pega KYC application, Pega CLM ensures adherence to global, country, and product-specific regulations with best-practice due diligence rules. In partnership with leading regulatory advisor and global law firm DLA Piper, Pega KYC stays up to date on the latest regulatory rule changes affecting client onboarding for all major markets, including AML, FATCA, CRS, MiFID II, Dodd-Frank, and EMIR.

• Scale for the most complex global organizations Pega CLM is the only solution in the market that can scale globally to support the onboarding process through to KYC. Built on the highly flexible and scalable Pega 7 platform, the application drives onboarding processes across a limitless number of entities, jurisdictions, and lines of business and can be easily modified to meet any bank’s unique needs.

• Provide better client experiences Pega CLM enables banks to quickly onboard customers to improve the client journey and increase retention rates. Pega CLM dashboards provide relationship managers and clients with a single view and complete transparency into the process. They can also engage seamlessly across any channel and device from laptop, tablet, and smartphone to email, chat, and co-browse so all parties know the latest status.

Quotes & Commentary:

“Onboarding systems of yesterday no longer adequately address the massive entanglement of rules, regulations, and processes global banks face today,” said Reetu Khosla, Senior Director of Risk, Compliance and Onboarding for Financial Services, Pegasystems. “For too long, the financial industry has been forced to retrofit old solutions to tackle modern problems. Pega CLM sets a new standard for client lifecycle management by stripping away the seemingly insurmountable complexity and streamlining onboarding and KYC processes. This approach dramatically cuts costs, saves time, and ensures customer centricity globally while providing flexibility to easily adapt to change.”

“Through Pega CLM, firms can easily integrate the data collected in kyc.com from our buyside and corporate customers to expedite the process of being ready to transact,” said Jon May, CEO, kyc.com. “Account opening and compliance is achieved quickly so firms can capture liquidity and increase speed to market. We are already working with 10 of the G14 banks and over 1,500 investment managers and corporates who want to reduce the burden of KYC requirements and dealing with multiple counterparties bilaterally.”

“Integrating with Pega CLM via the Clarient Entity Hub API will allow global banks to easily retrieve Know Your Customer data directly within the Pega application,” said Matthew Stauffer, CEO, Clarient. “Clients will be better able to efficiently manage compliance and onboarding on a global scale through our combined capabilities.”

About Pegasystems
Pegasystems (pega.com) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use and global scale.

All trademarks are the property of their respective owners.

The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.

 
 
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Pegasystems Streamlines Onboarding for Global Banks with New Client Lifecycle Management Application

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