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Pega

Turn Your Business Risks Into Opportunities With Pega AI

Published at: October 7, 2020

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.

Crochet Technologies

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. 

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Pega

Pega Workforce Intelligence – Smart Approach To Track Employee Activities

Published at: October 6, 2020

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

Clinical Quality & Performance Improvement - HealthTechS3

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.

Accelerate impact

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

Secrets to Home Business Success

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:

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.

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Pega

Pega Smart Investigate – A Leading Solution For Banks, Insurance & Financial Institutions

Published at: September 25, 2020

What is the Pega Smart Investigate?

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

investigation copy - American Experiment

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

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.

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General

Three Pillars of Business Process Management Solutions (BPM)

Published at: September 3, 2020
Business process management or BPM software solutions assist organizations in numerous ways. These solutions work as process refinements and automation tools that can streamline the entire business system and come with great customer experience, improved productivity and higher ROI resultsts.

BPM Solutions – Connecting People, Processes and Technologies

Modern BPM drives digital transformation and keeps up with the latest trends of social, mobile and cloud-focused businesses. 

Pillar 1 – People

Employee-customer relations underpin just about every aspect of business success. Keeping customers satisfied and engaged has become an essential competitive differentiator between today’s businesses. And undoubtedly people are the center of these relationships. This is what you can achieve with BPM solutions as it helps in connecting people, processes and technologies.

BPM Software Capabilities:

  • Build process capabilities into apps 
  • Incorporate task management functionality into operations 
  • Provide visibility into both analytics and real-time data 
  • Route processes based on employee skills 
  • Positive interactions

These BPM software capabilities help organizations to build a people-focused environment. Employees will be well-positioned to meet the unique requirements of customers. This way you can offer great customer services and associate them with your business for a long time. Additionally, it can efficiently reduce many tedious operations and red-tape procedures. 

Pillar 2 – Technology

The significance of IT innovation is immediately connected with how strongly technology aligns with business-specific demands. BPM has always focused on people and processes and has advanced into a digital transformation enabler by computing technology to the equation. 

BPM Capabilities:

BPM involves technology in the following methods:

  • Organizing data into user dashboards
  • Aligning processes and application functionality 
  • Accelerating app delivery

All of the information feeding into BPM systems lets the software offer in-depth analysis into trends and patterns.

Pillar 3 – Process

A business process is a set of activities or transactions that are completed consistently. Or we can define the process that:

  • Potentially include internal and external users
  • demand input from multiple stakeholders 
  • Require a variety of data types 
  • Incorporate repetitive workflows that can be automated

BPM Software Capabilities:

  • Identify what processes a business is performing 
  • Map out how those processes communicate 
  • Recognize opportunities for automation 
  • Determine the required scripts and data engines essential for automation systems 

BPM solutions empower companies to build internal policies/rules and implement them.

When businesses efficiently bring the people, processes, and technology together, they can streamline different operations. It allows users to access all data they need to better collaborate, which results in quicker decision-making with diminished risk. 

Our leadership team has more than 100 years of combined BPM Software experience.

We at Crochet Technologies streamline & automate business processes driving digital transformation to deliver value. 

We are partners for leading BPM Solutions PEGA & APPIAN. 

Crochet Technologies:

Crochet Technologies is a Global Partner of world’s renowned PEGA & APPIAN platforms. It has offices across EMEA & APAC and serves across the globe. 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.

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Pega

Secret Revealed! How to Deliver Best Customer Services & Upscale Revenue with AI!

Published at: September 3, 2020
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:

Decision Strategies:

  • Configure and control one to one strategies from a single interface
  • Get value faster with best-practice frameworks

Digital Personalization:

  • Hyper-personalize every digital touchpoint
  • Integrate Next-Best-Actions directly into your online content
  • Meet the specific requirements of each customer

Paid Advertisement

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.

Agent-assisted Channels

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

Always-on outbound:

  • 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:

Take Your Pega CRM on the Road to AI Transformation - Open Source Leader in  AI and ML

Industry: Telecommunication

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

Industry: Banking

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:

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.

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General

American Bank FINED by Regulator for Lapses in Digital Transformation

Published at: August 25, 2020

Digital Transformation is the use of new, fast and frequently changing digital technology utilizing process, people and automation to solve business problems. It is about transforming processes that were non digital or manual to digital processes to enhance business performance through DATA. However, often digital transformation when not implemented correctly could lead to potential disruption in business and result in playing puppets in the claws of the Regulator.

This is exactly what happened on August 6, 2020 when the Regulator Office of the Comptroller of the Currency (OCC) fined an American Bank with multi-million dollars as penalty for failure to implement cyber security and digital transformation efficiently before migrating their IT to the cloud environment.

Data in excess of 100 MN individuals in the US & almost 6 MN individuals in Canada was exposed to a security breach by an unauthorised access as admitted by the Bank. Millions of American Dollars & the ugly encounter with the regulator for violating strict data privacy laws led to the organisations reputation at stake, all which could have been avoided.

There are innumerous automation product softwares available just a click away at the disposal of the organisational leaders. These software not only mitigate the risks by identifying, assessing, monitoring and generating threats alerts but also provides suggestions to further tighten and improvise policies, processes, and controls.

 

Crochet Technologies (www.crochetech.com)  is a reputed partner with PEGA & APPIAN BPM Softwares who believes in creating “Cloud First” mentalities. They have unmatched capabilities and claim more than 50 years of combined BPM experience. With their thorough understanding of the regulatory process, it’s not a surprise to see most of their clients in the Banking & Financial Services Industry trusting them with their BPM needs. Having historical heritage partnerships with Pegasystems who has great engineering expertise, Crochet has immense consulting experience helping oransationsations evaluate their cloud needs and then recommend best practises to migrate in a Cloud based environment to meet their digital transformation goals. Carefully managing the process risk capabilities, mitigating regulatory operational risks & implementing best practices timely makes them different from the crowd in the Cloud.