Customer satisfaction is a key differentiator for many organizations today. It becomes more important for banks and other financial institutions, as customer relations is the major pillar of their business growth. But due to stiff competition in the industry, customer expectations are higher than ever. They want more from their banking institutions. Thus, client onboarding for financial institutions has become very important to offer customer satisfaction experience.
But the traditional client onboarding process is lengthy and involves multiple departments within the bank or financial institutes for example front office, risk management, compliance, legal, credit, and others. As a result, it takes up to several weeks and leads to the customer’s disappointment and frustration. It can be very harmful as customer onboarding influences such vital metrics as client loyalty, referrals, and profitability.
Low Code BPM Automation Platform:
Although financial firms make great efforts to improve this process, the results still leave much to be expected, as several obstacles make customer onboarding efforts ineffective. Then how can it be possible? How can you improve the customer onboarding process? The answer is by moving to digital onboarding through a low code automation process.
Low-code automation platform minimizes the reliance on manual processes and points solutions. It dramatically boosts speed to market and provides business users with unparalleled visibility, control, and process metrics for continuous improvement of the customer’s onboarding journey.
Need Evaluation For Your Enterprise Automation?
Crochet Technologies is Global partners of Appian and Pega low code platforms. We assist clients to drive digital transformation in business through Appian low code BPM platform. We’ve combined our multi-year experience and extensive tech industry knowledge to serve many leading banks, financial institutions and government sectors.
The only way your business can stop growing if it continues to operate in a traditional way. In today’s Digital world, where everything is at click distance away from the customers, It is essential for you to engage potential customers, meet their unique requirements, upgrade services and adapt to market changes at a lightning-fast pace.
Getting to Know Your Customers (KYC) is one of the most challenging tasks for budding enterprises. And, you need to discover a way to get through to your consumers before your competitors do! For this reason, enterprises are constantly on lookout for an advanced technology to keep them a step ahead of competitors in the market. Here, Robotic Process Automation makes a difference.
According to a survey, “In 2016, the global RPA market was worth $271 million, and that number is expected to hit $2.5 billion in 2020, an enormous increase by any metric.” These figures clearly show the importance of RPA for a business.
Here are the top reasons that explain you why investing in RPA is more than worth:
#Reason 1 – Customer Engagement
Keeping your users interested is a major challenge for companies that can be addressed by using RPA solutions. The leading organizations use RPA to improve user experience and streamline consumer acquisition. These solutions can help tackle the booming market competition and evolving consumer needs.
#Reason 2 -Boost Productivity
Robots don’t need to stop for food or sleep, and they certainly don’t take holidays or call in sick. That means, the RPA technology can be great for increasing productivity. Additionally, with 24-hour services accessible, customers can expect automated responses and connectivity at any time.
#Reason 3 – Eliminate Human Errors Possibilities
According to a study – “Human error is responsible for 60%-80% of risks in high-risk industries.” This percentage is really big! Real-time visibility and controlled monitoring are the key factors of risk management in businesses. And the more employees you have as compared to machines, the tougher will be the visibility. Advanced RPA solutions can offer you better visibility and save big costs by replacing human potential with a machine
#Reason 4: Efficient Utilization Of Human Intelligence
What percentage of your employees are performing tasks that can be easily automated by a developer? How many employees on your floor carry out tasks like reading incoming emails and sending newsletters to your potential consumers? Here RPA solutions can ease the work by efficiently utilizing human intelligence.
#Reason 5: No Need To Replace Existing System
Another benefit you can get with the involvement of the RPA solution is it does not require you to replace your existing systems. Rather RPA can leverage your existing systems, the same way a human employee can. Thus, without replacing existing IT systems, you can advance the processes and ease the workload.
In a nutshell, competition is getting hard every day and ‘survival of the fittest’ has become old news! Even if you have unparalleled business fundamentals, without adopting advanced technologies like RPA, you can miss the biggest business success chance.
Reach us for an in-depth evaluation of your organisation’s RPA needs!
The value of client relationships cannot be overstated. Every client wants a frictionless experience that can meet their specific requirements in an automated manner. Hence, it becomes essential for businesses to deliver client-focused services while managing multiple accounts and processes. Brokers, advisors, and service representatives must offer high-touch service while growing their productivity and managing other processes professionally.
Pega client service for Wealth Management & Brokerage address the challenges financial firms face and streamline their client experience. It professionally manages all types of clients services, allowing them to develop client loyalty with optimal performance. They can easily manage multiple accounts without harming their performance and other processes.
What Does Pega Client Service For Wealth Management Do?
With Pega Client Service, Wealth Management and Brokerage, financial firms can manage
End-to-end client lifecycle management with personalised interaction & segmentation
A single view of the client to help your representatives know each individual
Streamline inquiry and service request management with intelligent process automation
Improve the performance of advisors with a role-based advisor desktop
Customize client experience and deliver proactive services
Remarkable Benefits Businesses Can Utilize With Pega Wealth Management:
Increase Business Agility
Pre-defined, easily configured processes, rules, object and data models, interfaces, and other application assets accelerate implementation time.
Simplify Operations to Maximize Productivity
End-to-end work automation boosts productivity by automatically reducing duplicate requests, delivering relevant documents, and intelligently routing, prioritizing, and tracking cases.
Engage Clients with Personal and Proactive Service
Omni-channel user experience transparently transitions activities across any channel and device, including phone, mobile, web, e-mail, chat, and social media.
Customize the client experience
Make every interaction an efficient, client-centric experience using context-driven processes to dynamically guide representatives through each step.
PEGA & Crochet Technologies
Pega is the leader in cloud software for customer engagement and operational excellence. The world’s most recognized and successful brands rely on Pega’s AI-powered software to optimize client experiences on any channel. Crochet Technologies (www.crochetech.com) is a silver partner of Pega and assists its customers across the globe achieving ROI on their Pega investments. Crochet has major clients in the Banking, Financial Services, Insurance & Government Sectors in India, Middle East, Europe, UK, Israel, Australia. Reach us today: Sales@Crochetech.com
Today, Artificial Intelligence has become the key driver for transforming the banking industry, saving time, increasing revenue, recognizing risks and frauds. It can simplify complex decision-making processes, which is why it is a catalyst for transformation in the financial and banking industry. It allows onerous and time-consuming tasks to be performed more accurately and can give management teams depth of insight that was never available before. This is why the most leading banks are investing in Pega Artificial Intelligence.
How Does Pega Artificial Intelligence Help Financial Firms?
Today most banks and financial firms rely on Pega Artificial Intelligence and the reasons are very clear. They can smoothly operate their business and utilize the following capabilities of Pega AI:
Streamline and automate complex business processes
Create a quick and efficient decision-making process
Manage complex investigation cases
Smoothly handle the unstructured data
Improve fraud identification and eradication process
Automate & accelerate the sales process
Simplify customer dispute process
Deliver Customer satisfaction services
Pega AI – A Risk Management Tool For Financial Firms:
Artificial Intelligence is a game-changer for risk management in finance as it provides effective solutions to identify potential risks and fraud.
The financial crisis of the past decade created financial services industries with a lot of obstacles with credit-challenged consumers. Before the digital revolution in the financial services industry customer intelligence was based on some comparatively simple heuristics, the customer value data was obtained through focus groups and surveys of consumer behavior the consequences of which didn’t always resemble reality.
Pega AI gives businesses access to really large amounts of data about consumers’ behavior and requirements. For risk management, banks can use cognitive technologies to gain competitive advantage and use risk to power their organization with the help of Pega AI solutions.
These solutions are able to fuel financial institutions with trusted and timely data for building competence around their customer intelligence and successful implementation of their strategies.
From the above-mentioned factors, it is clear that Pega Artificial Intelligence (AI) can transform the way financial firms and banks interact with money. They can streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management with the help of this advanced technology. Thus, investing in Pega AI will help them to add value in business and generate good revenue outcomes seamlessly.
If you want to implement this advanced technology, Crochet Technologies can help you.
We are a Global Information Technology (IT) Services & Solutions company and a silver partner of Pega. We have worked with many leading banks and help them to streamline their complex business processes. We offer end-to-end services from business consulting, development, design, and managed support in Pega space. With Crochet’s deep business acumen, world-class project delivery and leadership capabilities, we assist companies in obtaining best cloud results for keeping business data safely.
If you are operating a business, there is a list of questions that essential to consider to achieve successful results in terms of productivity and revenue, like:
Where are your employees using their time?
How are the different processes implemented in your company?
How much duration are your employees spending on ‘Off-Time’?
Remember self-reporting will never tell you the reality!
Time and motion studies are expensive and slow, yet incomplete as it’s tough to determine things like manual workarounds that may hide broken processes, applications that cause wait time, and digital disturbances that can take employees’ eyes off the ball.
What Can Be The Solution?
The most effective and reliable solution to manage such things is adopting Pega’s workforce intelligence feature. Start by deploying Pega’s workforce intelligence bots on the desktop and these AI-powered discovery bots will work around the clock, collecting information. This way, you can get a full view of employees’ day.
Desktop information shows application usage, processes performed, and more. All this information helps managers to understand the hindrances and distractions that weaken productivity.
More About Pega Workforce Intelligence
Pega Workforce Intelligence takes the actionable insights that you have to quantify and evaluate productivity and performance across your organization. With these insights into employee workdays and their use of the technology & processes on their desktops, you can easily evaluate the employee productivity. You can understand how and when work is performed and identify opportunities to optimize productive work and overall productivity.
Workforce Intelligence with the unique ability to collect a “day in the life” view of your workforce transforms this data into operational insights into the productivity, efficiency, and technology hurdles that are challenging your workforce.
Features Of Workforce Intelligence
The list of salient features of Pega Workforce Intelligence that makes it best to choose:
Analyze employee workflow
Effective opportunity finder in business
Unleash people insights
Focus on improving productivity
Identify digital distractions
Workforce intelligence for CRM
Uplift customer experience and agent performance
Benefits Of Workforce Intelligence
With Pega’s Workforce Intelligence, you can explore the following benefits in organization:
Quick and Easy installation
No instrumentation is required. Immediate data collection.
Insights within a month
Get opportunities for coaching, automation, and or technology improvements.
5-15% productivity growth by starting with coaching or add RPA and RDA automation to increase value
Guaranteed! ROI begins in 30 Days
Workforce Intelligence delivers value within 30 days of implementation. You can drive great ROI in your business.
Success Stories Of Pega Workforce Intelligence
A multinational e-commerce company Radial, Inc. uses Pega Workforce Intelligence to understand its workforce productivity. After involving this feature in business, they observed many exciting results. Workforce Intelligence makes the job of agents and customers quite easy. They find a noticeable improvement in productivity.
A multinational professional services Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY has observed the improvement in employees’ performance by adopting Pega Workforce Intelligence. You may watch their video for more detail on Pega Workforce Intelligence official page.
Crochet Technologies is a global partner of Pega and successfully delivers the best solutions to Banking & Financing services, Manufacturing, E-Commerce, Government & Logistic industries. Crochet provides its core specialized business process management (BPM) consulting and advisory services to worlds leading Fortune 500 & UK FTSE 100 companies. With focus on driving digital transformation through lean & technology-driven approach, Crochet has gained popularity with its Cloud Services offering.
The organizations that seek to enable applications to scale with consistent performance and meet a quickly evolving security landscape rely only on cloud computing. For businesses, migrating customer engagement and digital process automation applications to the cloud need an architecture developed for the task. Pega Cloud services is designed for this purpose.
What are Pega Cloud Services?
Pega Cloud Services is a managed cloud that offers the tools, environments, and operational support established for the organizations. The purpose of these services is to enable businesses to provide applications and value to their organizations quicker. With the help of Pega Cloud services, clients can deploy their cloud globally on secured infrastructure to meet severe security and compliance requirements.
What You Can Find In Pega Cloud Services?
Cloud-based microservices in Pega Platform:
Pega Platform uses container technology to provide Elasticsearch as a microservice. This change shows how the Pega Platform is developing into a cloud-native application.
Development of global footprint with support for the AWS Stockholm region
Now with the latest Pega Infinity™ release features, clients can optimize their business goals and processes. In addition to that, Pega Cloud Services infrastructure improvements drive the following advantages:
Automatically upgrades the database to Amazon RDS PostgreSQL 11.4
Clients’ global footprint expansion with support for the AWS Mumbai region
Support Cassandra 3.11.3 to enhance the system’s reliability & reduce memory footprint
Salient features Of Pega Cloud Services:
Comprehensive, global client support
Predictive Diagnostic cloud – Focus more on action not on management
Improved connectivity and networking solutions
Integrate with scalability, security and stability
Deliver apps more quickly without compromising the quality
Pega’s Happy Client Stories
Xchanging is a business process and technology services provider and integrator, owned by DXC Technology. It provides technology-enabled business services to the commercial insurance industry. They have observed the drastic changes in their business with the adoption of Pega Cloud services, such as:
Improved regulatory control
Enhanced application security
Decreased transaction settlement time from months to seconds
Enhanced client operations by 50%
The Royal Bank of Scotland (RBS) is a major retail and commercial bank in Scotland. With the implementation of Pega, RBS has experienced important performance improvements including:
5X Increase in digital lending
20% Improvement in balance retention
35% Fewer impressions (waste)
21 Channels integrated in 4 years
Crochet Technologies is a Global Information Technology (IT) Services and Solutions company.
Crochet’s Pega competency helps streamline and automate business processes across industries. We offer end-to-end services from business consulting, development, design, and managed support in Pega space. With Crochet’s deep business acumen, world-class project delivery and leadership capabilities, we assist companies in obtaining best cloud results for keeping business data safely.
Do you know what are the parameters that a customer usually uses to decide the experience with a new bank and insurance service provider? The answer is the onboarding process. To put it utterly, this process plays a vital role in setting the tone for the client’s overall experience with the bank or insurance service provider. Furthermore, in today’s time of important Know Your Customer or KYC norms, it is equally valuable to collect KYC data that will help for the ongoing maintenance and management of the account. Today, digital data banks like Aadhaar, NSDL, CKYC repositories, etc, and regulatory bodies make it compulsory for performing e-KYC via biometric authentication.
Significance of CRM For KYC and Onboarding For Financial Service Providers:
Different financial services providers, whether be it banking or be it insurance mandated responsibility to understand their customers and negotiate the risks they pose before offering services. When the prospective customers lack any kind of testimony, or when their identification is challenging to authenticate, it becomes tough for service providers to deliver the necessary Customer Due Diligence (CDD) on them. Then, this can appear in two restrictions on financial inclusion:
On the demand side: Lengthy or embarrassing onboarding systems can discourage potential customers from signing up for financial services, and
On the supply side: Expensive customer identification and due diligence systems can give low-income customers profitless, compelling the size of the viable market.
Effective and powerful CDD systems fix both these concerns. Here is where KYC and onboarding become the best solution to banks and insurance providers. Although more complicated to perform than conventional KYC, it encourages plenty of benefits in the long term like lesser man hours, cost reduction, developing the record-keeping system, and as a macro view, also advance financial inclusion.
Significance of CRM For KYC and Onboarding For Customer
KYC and onboarding of the customers come up with different aspects:
Require no paperwork or waiting time for accounts to be opened
No more queuing up at bank branches to submit paperwork
No wasting time and effort in multiple follow-ups and innumerable other processes that the customer had to undergo until some years ago.
Due to CRM for KYC and on-boarding, opening a bank account or applying for an insurance policy has become completely hassle. All it requires is just a few minutes and some basic details and you are all set to go.
If you are finding the CRM solutions for KYC and onboarding, Crochtech Technologies is what you need. Crochtech Technologies is the silver partner of Pega and can help your business with the KYC or onboarding requirements. Crochet Technologies is a Global Information Technology (IT) Services and Solutions company that puts its hard efforts to streamline and automate your business processes.
Pega Smart Investigate is an automated solution to manage the complex investigation cases for Banks and financial industries. The manual work processes and disjointed business systems make an adverse impact on real-time resolution for investigations across payments, Nostro and treasury operations. This ends up with time-consuming and error-prone operations that increase costs and risk, and jeopardize the customer experience and profitability. Pega Smart Investigate addresses these challenges and conducts efficient investigation.
With the help of this solution, wholesale banks, corporate, correspondent and institutional clients can drastically enhance profit in their business and build stronger relationships with customers.
Different Implementations Of Pega Smart Investigate:
Pega Smart Investigate For Transactions:
With the help of Pega Smart Investigate for transactions, wholesale banks and small to large scale financial institutes can automate, streamline, and improve investigation and exception processing with more flexibility. They can observe significant reduction in the manual costs and errors by making the process automatic.
What Does Pega Smart Investigate For Transactions Offer?
Pega smart investigate application based on business-friendly rules offers great benefits to the banking and financial institutes, for example:
Radically improve operational performance
Drive a great rise in productivity
Minimize the processing costs
Reduce the risk of inconsistent adherence to company policies
Act as single processing solution across departments at large financial institutes
Pega Smart Investigate For Payment
Pega Smart Investigate for Payments installation and configuration experience, implements an industry-leading solution for the clearing house’s Real-Time Payments exceptions and investigations. Additionally, it allows financial institutions to automate investigate and service, and retain customers across all channels, on every device.
What Does Pega Smart Investigate For Payments Offer?
With the help of Pega Smart Investigate For Payment application offers:
Automate the process of producing reports & balancing analysis
Enhance customer satisfaction scores
Reduce duplicate processing costs
Improve STP for SWIFT investigations
PegaBANKING Smart Monitor
In addition to that, Pega announced the release of a new application ‘PegaBANKING Smart Monitor to advance operational insight and control across the banking and financial institutes. This application improves the business intelligence capabilities of Pega Quality & Exception Manager to develop a banking application that can perfectly match the unique requirement of operational managers.
What does PegaBANKING Smart Monitor offer?
PegaBANKING Smart Monitor delivers the following leverages to banks:
Proactive monitoring and reporting of exceptions to eliminate transaction errors and compliance concerns
Enable process improvement to improve productivity
A real-time view of exceptions across contemporary and legacy departmental exception handling systems.
Crochet Technologies is a Global Information Technology (IT) Services and Solutions company. With the silver partnership of Pega, Crochet helps organizations in streamlining and automating business processes actively. Crochet offers end-to-end services from business consulting, development, design, and managed support in Pega space. With Crochet’s deep business acumen, world-class project delivery and leadership capabilities, we are supporting banks and financial institutes in automating different processes that can help them in driving great results in business.
Often Banking & Financial service organizations face multiple challenges during client onboarding due to isolated systems and unproductive systems. This not only affects their productivity and morale of the employees but also adds to the frustration of the customers who go through these mundane manual tasks. These fragmented processes leave the customers disappointed and end up with huge operational expenses and missed opportunities to cross-sell/up-sell. We as partners of Pega enable such organizations to automate and optimize their new business and account maintenance processes through PEGA’s Know Your Customer (KYC) and Onboarding Solutions.
What Does Pega KYC and Onboarding Do?
Pega KYC and Onboarding solutions bring the power of robotic automation to speed client onboarding processes that help in delivering:
Best client onboarding experience
Reduce the processing time
Reduce operational expenses
Accelerate time to market
Improve revenue for the business
Quick response to change
Global Banks & Financial Institutes Add Value To Their Business With Pega KYC & Onboarding
By joining Pega Robotic Automation within Pega KYC, global banks and financial institutions can automate manual tasks in onboarding and KYC remediation processes to enhance the customer experience.
Global bank and financial executives reconsider their onboarding, and KYC processes, which are identified as the most expensive and time consuming steps banks have to manage. Pega KYC & Onboarding can streamline and coordinate these end-to-end processes from client adoption, new product, and right onboarding, and KYC, to legal, fulfillment, and offboarding on a single solution.
The good news is that now Pega KYC provides more productivity improvements with Pega Robotic Automation by offloading high-volume, low-complexity onboarding, and KYC tasks that affect banks and financial industries. For the very first time, banks can perform these tasks more efficiently and quickly to ensure speedy delivery and minimum time to transact with unified robotic automation capabilities.
Pega KYC & Onboarding – Ease The Workload Of Global Banks & Financial Service Providers:
Here are the top reasons how Pega KYC & Onboarding helping global banks and financial service institutes in easing their workload:
Minimize time to market and eliminate manual data entry failures in large-scale KYC remediation projects
Streamline user tasks from front to back office
Cut costs by an additional 20 to 50% by combining robotic automation with Pega Client Lifecycle Management optimized target operating model
Pega onboarding, KYC, and CRM are built on the Pega 7 platform, which gives business-friendly tools to make application development 8x quicker than traditional coding. Pega operates in the cloud or your centers to keep your system updated. It is the only solution that offers the scalability required for full client lifecycle management.
Crochet Technologies is a Global IT Solution & Service company that automates complex business processes and helps in building a strong relationship with customers with the silver partnership of Pega. Crochtech provides end-to-end businesses from Insurance, Financial services providers to Government. With Crochet’s deep business acumen, world-class project delivery, and leadership capabilities and our Pega partnership, you can advance with KYC & onboarding services.
Ask a businessman what is the most important thing for him to grow his business. Surely his answer would be ‘satisfied customers’. Now the real challenge comes how to make it happen. How to make your customers feel happy or satisfied? Probably if you will be able to see into the mind of customers and understand what they expect from your organization, you can offer the most satisfying services. At the same time, how do you grow revenue?
These are often questions business asks themselves? No worries, Pega’s Customer Decision Hub can get you one step closer.
What is Pega’s Customer Decision Hub?
Customer Decision Hub (CDH) is a modern solution that interlink data management, decision management, and exceptional analytics across different channels. It is fully integrated with the Pega Platform and can use its many remarkable features to ensure real-time decision making is driven according to the Next-Best-Action policy. This feature makes CDH think like a brain; actively and logically.
Thus, you can use the Pega Platform to build your own decision-making hub that instantly and accurately provides the most relevant value-added decisions.
Salient Features Of CDH:
Configure and control one to one strategies from a single interface
Get value faster with best-practice frameworks
Hyper-personalize every digital touchpoint
Integrate Next-Best-Actions directly into your online content
Meet the specific requirements of each customer
Pega helps to make a paid advertisement that is more efficient and more targeted. Paid Media Manager integrates first-party data into popular social media platforms using AI. This integration helps in generating Next-Best-Action audiences and optimize the offer mix and ad spends for each person.
Pega’s Next-Best-Action Advisor empowers the agents with real-time recommendations. It provides contextual insights of conversation ( happens over the phone or via chat) at the moment they need them
No more batch campaigns
Involve AI- triggered engagement
Deliver personalized outbound messages via email, SMS, mobile, and beyond, at the time your customers need
Remarkable Benefits Of Customer Decision Hub
One-to-one customer engagement
Next-Best-Action in an omnichannel environment
Pritiozing action using AI technology
Pritiozing acting business levers
Success Stories Of Pega’s CDH Clients:
In just 90 days, a leading American telecommunication corporation Sprint implemented Pega Marketing for Communications to recognize customers at risk of churn and proactively provide personalized retention offers. This thing helped Sprint organization in getting the following results:
40% improvement in NPS
43,000 agents using next-best-action recommendations
2.5 million increase in yearly net adds
99.96% application uptime/availability
100 millisecond average response time per API call
Wth Pega’s CDH technology, a major retail and commercial bank RBS has re-built its customer approach. Now RBS utilizes everything they know about their customers to ensure every customer engagement comes up with positive outcomes in business. In addition to that, they have observed the following benefits:
20% Increase in balance retention
5X improvement in digital lending
35% Less impressions (waste)
18 Point increase in NPS
35% Of all new product sales attributed to decisioning
Crochet Technologies(www.crochetech.com) is a silver partner with PEGA BPM Softwares who believes in creating the most advanced solutions for organizations that streamline & stimulate different business processes.
Having historical heritage partnerships with Pegasystems who has great engineering expertise, Crochet has immense consulting experience helping Banking & Financial Services, Government, and manufacturing industries in evaluating their customer engagement requirements.