Pegasystems has introduced new artificial intelligence (AI) capabilities in the latest version of for its KYC and client lifecycle management applications.
The software company said global banks can now use AI unified in their CLM solution to recommend relevant products and services during the customer onboarding process. Its software provides banks with ‘complete AI control and transparency’, ensuring they remain in regulatory compliance while driving additional revenue and providing exceptional customer experiences.
Pega KYC and Pega CLM use proven AI capabilities that analyse customer profile data in real time. Pega CLM leverages these insights to continually personalise the onboarding journey for each new customer, offering appropriate products and service offers. T
As a result, customers receive the best recommendations to drive personalisation 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.
“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.”
The company has also expanded KYC regulatory coverage to over 26,000 rules by adding the latest Anti-Money Laundering (AML) regulations such as FATCA, CRS, Dodd-Frank, EMIR, MiFID, and others, from nearly 60 countries.
Pega CLM now also provides an enhanced interactive map of all key related parties for any given customer, from institutional through to consumer. Pega CLM also automatically and seamlessly triggers appropriate customer review journeys, including automated refresh and re-review cases.
The company claims to be 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.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
