Software firm Pegasystems targets the enterprise, but its latest venture is geared towards the financial institution. The company announced today (March 21) a new solution to help banks on board corporate clients, a task the company described as one of the most burdensome.
Pegasystems is rolling out the Client Lifecycle Management (CLM) application to tackle “one of the most costly and time-consuming functions burdening global banks,” the firm said in its announcement.
Citing recent research on the topic, Pegasystems pointed to regulation — specifically, Know Your Customer (KYC) rules — as a key factor behind the challenge of corporate client onboarding. Analysis found that 88 percent of financial institutions identified the KYC regulations as a reason why onboarding times take longer.
“For too long, the financial industry has been forced to retrofit old solutions to tackle modern problems,” stated Pegasystems Senior Director of Risk, Compliance and Onboarding for Financial Services Reetu Khosla in a statement. “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,” Khosla continued.
The application allows financial institutions to access KYC information within the Pegasystems interface, reports said, analyzing customer data and integrating into existing KYC services. The solution automates response to regulatory changes, Pegasystems added, and is applicable across jurisdictions.
Last October, Khosla pointed to banks’ challenge to meet KYC standards at the Sibos financial services conference.
“One of the key themes we heard at Sibos is how banks are transforming their onboarding and client lifecycle management strategies not only to stay competitive but also to be able to on board around global KYC and still place their customer at the center of their interactions,” Khosla said at the time.