Pegasystems has launched artificial intelligence (AI) capabilities to bolster the customer onboarding process for banks.
The software company, which empowers customer engagement at enterprises, has introduced the AI capabilities to its Know Your Customer (KYC) and Client Lifecycle Management (CLM) applications.
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 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. With new enhancements in Pega KYC and Pega CLM, banks can deploy AI during the onboarding process to provide more personalised and differentiated service.
“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.”
Pega KYC and Pega CLM use AI capabilities that analyse customer profile data in real time. Pega CLM, which leverages these insights to continually personalise the onboarding journey for each new customer, also lets banks set appropriate thresholds of transparency or opacity in their AI models to reduce risk and comply with regulations.
The company recently expanded its 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.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
