Pega CLM and KYC: Streamlining Financial Services

In the rapidly growing world of financial services, customer onboarding and regulatory compliance are essential components. To meet the challenges, Pega provides two solutions - CLM (Client Lifecycle Management) and KYC (Know Your Customer). These solutions enable financial institutions to save time during client onboarding, review and due diligence operation and streamline their back-office operation processes. In this article, we’ll dive into what Pega CLM and KYC are and the benefits they bring to the table.

Pega CLM

Pega CLM is a comprehensive solution that focuses on automating the end-to-end client lifecycle from onboarding to offboarding. The platform provides pre-built components and workflows that can be customized to meet the needs of different financial institutions. This solution enables them to streamline their customer onboarding processes, improve compliance management, and improve customer experience.

CLM package provides a set of journeys which can be used to onboard customers in the following business segments:

•                Consumer Retail Customer Onboarding

•                Commercial and Medium Business Customer Onboarding

•                Wealth Management Customer Onboarding

Pega CLM allows complex financial institutions to deliver outstanding customer experiences while achieving new levels of profitability, productivity, and proactive responsiveness to market conditions. CLM solution is used by the world’s leading global banks to help them onboard, providing multichannel support, transparency, and consistency across different geographies.

This solution is designed to provide a seamless experience for clients while reducing the workload for financial institutions. One of the key benefits of Pega CLM is its ability to reduce the time it takes for clients to become fully onboarded. This is achieved through a combination of automation and a simplified user interface. This improves the client experience and lowers the operational costs for financial institutions.

Pega KYC

Pega KYC is a solution that focuses on meeting regulatory compliance requirements related to customer due diligence. This is achieved through a combination of automation and intelligent decision-making. Pega KYC provides a centralized repository for all customer data, which allows financial institutions to manage customer profiles and perform ongoing due diligence easily.

Pega KYC automates the collection of customer information, including identity verification and risk assessment. This ensures that the information is accurate and up to date while reducing the workload for financial institutions.

Pega KYC is designed to help banks comply with a wide range of regulatory requirements, such as KYC regulations, AML directives, and other financial crime prevention guidelines. It provides rule-based automation, monitoring, and reporting to support compliance efforts. It enables financial institutions to quickly identify potential risks and take appropriate actions to mitigate them.

Pega CLM-KYC is designed to streamline compliance and onboarding processes, helping automate customer journeys and reduce the costs of addressing KYC requirements.

The solution provides industry-leading UI/UX from sales through to the customer, with inherent robotics and AI and a fully optimized target operating model. These applications help ensure compliance and onboarding for quicker time to revenue, improving customer satisfaction and providing a global customer experience.

Pega CLM-KYC manages compliances with country and product-specific rules (such as AML, FATCA, CRS, MiFID II, Dodd-Frank, and EMIR) to efficiently onboard and maintain multi-product and multi-jurisdictional clients in retail, wealth management, commercial, and banking.

Benefits of Pega CLM and KYC

The benefits of Pega CLM and KYC are numerous. These solutions provide financial institutions with a comprehensive approach to client lifecycle management and regulatory compliance. Here are some of the key benefits:

Streamlined processes

Pega CLM and KYC automate many of the manual processes involved in client lifecycle management and regulatory compliance. Reduce onboarding time by up to 70 per cent with a fully unified solution, which improves efficiency and reduces costs.

Improved customer experience

Pega CLM and KYC provide a seamless experience for clients. Omni-channel user experience seamlessly across any channel and device, including phone, mobile, web, email and chat, which reduces the time it takes to onboard new clients and improves overall satisfaction.

Enhanced regulatory compliance

Pega CLM and KYC have built-in regulatory compliance checks, ensuring financial institutions meet all regulatory requirements.

Real-time risk assessment

Pega KYC provides real-time risk assessment, which enables financial institutions to quickly identify and mitigate potential risks. Maximize efficiency by eliminating duplicate data requirements and managing processes in parallel – KYC, due diligence, credit, tax, legal, and through to fulfilment.

Conclusion

In conclusion, Pega CLM and KYC provide financial institutions with a comprehensive approach to client lifecycle management and regulatory compliance. These solutions enable financial institutions to streamline their processes while ensuring regulatory compliance. With their ability to reduce operational costs, improve customer experience and provide real-time risk assessments, Pega CLM and KYC are essential solutions for financial institutions across multiple industries.

Instellars is enhancing the financial process of organizations and If you’re interested in learning more about how Pega CLM and KYC can benefit your organization, contact us today.

Blog written by: 

Sekar Jothimani
Associate Director of Technology