Pegasystems Adds AI to Client Lifecycle Management

Pegasystems today introduced artificial intelligence (AI) capabilities in the latest version of Pega Know Your Customer (KYC) and Pega Client Lifecycle Management (CLM) applications to help banks recommend relevant products and services during the customer onboarding process.

Pega KYC and Pega CLM use AI to 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. Pega lets banks set 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 the following:

• Expanded KYC regulatory coverage to more than 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 more than 26,000 pre-built due diligence requirements and logic rules from corporate through to consumer. Pega KYC also tallows 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.
• 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 triggers appropriate customer review journeys, including automated refresh and re-review cases.

"Financial institutions must have controls and transparency when leveraging AI in client onboarding or face increasing regulatory risks," said Reetu Khosla, global head of CLM and KYC at Pegasystems, in a statement. "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."

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