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Pegasystems’ New Client Lifecycle Management Application Automates KYC Processes for Banks


With study revealing that 88 percent of banks identify ever growing Know Your Customer (KYC) regulations as negatively impacting client onboarding times – which delays time to revenue and diminishes client satisfaction and retention.

Pegasystems announces Pega Client Lifecycle Management (CLM), an application that streamlines and automates client onboarding simplifying the consuming functions burdening global banks. Showcasing complex CLM processes on a global scale in a single unified application; Pega CLM is claimed reduces onboarding time by 70 percent, reduces costs by 60 percent, and dramatically improves the customer experience.

Exclusively available, Pega CLM extends the functionality of the Pega Onboarding application to simplify the institutionalized complexity that encumbers the world’s largest financial institutions by enabling them to:

  • Realize faster time to revenue – With a fully extensible data model and a 360-degree master view of the customer, banks can easily reuse data to drive complex multi-jurisdictional, multi- product onboarding for new and existing clients. This enables banks to onboard new products faster than ever before and realize new revenue streams without delay. Pega CLM fully integrates with leading KYC utilities such as (powered by Markit and Genpact) and Clarient to further streamline the time to transact. The application also enables bank customers to retrieve and integrate KYC profile data seamlessly into onboarding and reference data
  • Deliver quicker response to changing regulations – With full integration with the Pega KYC application, Pega CLM ensures adherence to global, country, and product-specific regulations with best-practice due diligence rules. In partnership with leading regulatory advisor and global law firm DLA Piper, Pega KYC stays up to date on the latest regulatory rule changes affecting client onboarding for all major markets, including AML, FATCA, CRS, MiFID II, Dodd-Frank, and
  • Scale for the most complex global organizations – Pega CLM is the only solution in the market that can scale globally to support the onboarding process through to KYC. Built on the highly flexible and scalable Pega 7 platform, the application drives onboarding processes across a limitless number of entities, jurisdictions, and lines of business and can be easily modified to meet any bank’s unique
  • Provide better client experiences – Pega CLM enables banks to quickly onboard customers to improve the client journey and increase retention rates. Pega CLM dashboards provide relationship managers and clients with a single view and complete transparency into the They can also engage seamlessly across any channel and device – from laptop, tablet, and smartphone to email, chat, and co-browse – so all parties know the latest status.

“Onboarding systems of yesterday no longer adequately address the massive entanglement of rules, regulations, and processes global banks face today,” said Reetu Khosla, Senior Director of Risk, Compliance and Onboarding for Financial Services, Pegasystems. “For too long, the financial industry has been forced to retrofit old solutions to tackle modern problems. 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.”


BiS Team

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