Pega Sys­tems

Banking Frontiers - - Housing Hihglights - Ravi@glo­cal­in­fo­mart.com

Su­man Reddy, MD, Pegsasys­tems, out­lines how the com­pany is em­pow­er­ing banks in the dig­i­tal space:

Dr Ravi Lal­wani: How will Pega Blockchain In­no­va­tion Kit help the In­dian bank­ing sec­tor?

Su­man Reddy: Blockchain is the emerg­ing tech­nol­ogy in In­dia and many banks and state gov­ern­ments (Ra­jasthan, Te­lan­gana, AP) are us­ing this tech­nol­ogy. The Pega Blockchain In­no­va­tion Kit pro­vides a proof of con­cept tem­plate for banks to test how Pega Know Your Cus­tomer (KYC) and Pega Client Life­cy­cle Man­age­ment (CLM) can use Ethereum blockchain within the over­all or­ches­tra­tion of their on­board­ing pro­cesses. It pro­vides a safe and non­in­va­sive way for Pega clients to in­te­grate their Pega on­board­ing soft­ware with Ethereum, the lat­ter be­ing one of the pre­dom­i­nant blockchain tech­nolo­gies. This al­lows clients to see how Pega can con­trib­ute KYC and CLM data sets to Ethereum and re­ceive ver­i­fied data blocks back into their Pe­gadriven pro­cesses. The in­no­va­tion kit eases the bur­den on many of the banks in terms of data pro­tec­tion, risk, com­pli­ance and fraud; it pro­vides pro­tec­tion against reg­u­la­tory risk.

Can you give some de­tails about the role of busi­ness process man­age­ment and its use­ful­ness in the bank busi­ness?

Busi­ness process au­to­ma­tion / man­age­ment pro­vides rules, ar­chi­tec­ture and case man­age­ment. It al­lows rules and pro­cesses to come to­gether seam­lessly in one soft­ware. Our com­pli­ance soft­ware is used by banks, in­sur­ance, lend­ing and credit card com­pa­nies.

What is the main rea­son for bank frauds in In­dia?

NPA is the big­gest prob­lem of the coun­try and to­day the bank­ing econ­omy is un­der stress. The over­all bank­ing in­dus­try does not in­vest in tech­nol­ogy and banks trust hu­man ca­pa­bil­i­ties rather than tech­no­log­i­cal in­no­va­tions. The prob­lem is not tech­no­log­i­cal er­rors, but mainly hu­man faults.

How will the use of AI be ben­e­fi­cial for In­dian banks?

AI is the big­gest weapon for the bank­ing sec­tor in In­dia. Banks in coun­try are de­vel­op­ing their own tech­nolo­gies or are buy­ing un­proved tech­nolo­gies. It is right time for the banks to in­vest in proven tech­nolo­gies. AI and RPA are im­por­tant fac­tors in an­a­lyz­ing risks, in terms of which banks are giv­ing loans to, and for un­der­stand­ing of the re­pay­ments model. To­day, banks can use AI for on­board­ing the cus­tomer and to give of­fers to cus­tomers.

Who are your tar­get cus­tomers and how are you reach­ing out to them?

We will be tar­get­ing en­ter­prise banks, com­mer­cial banks, in­sur­ance com­pa­nies, wealth man­age­ment com­pa­nies, tele­com com­pa­nies and govern­ment in­sti­tu­tions in the com­ing months. We will be us­ing so­cial me­dia, we­bi­nars, dig­i­tal and di­rect sales chan­nels to reach them.

What is Cus­tomer De­ci­sion Hub and how is it use­ful for the busi­nesses?

Cus­tomer De­ci­sion Hub is the in­dus­try’s first ca­pa­bil­ity that gives or­ga­ni­za­tions con­trol over the trans­parency of their AI-based, cus­tomer en­gage­ment mod­els. It will en­able users to more eas­ily and safely de­ploy AI al­go­rithms based on trans­parency thresh­olds within their busi­ness. This firstever T-Switch will help com­pa­nies mit­i­gate po­ten­tial risks and main­tain reg­u­la­tory com­pli­ance while pro­vid­ing dif­fer­en­ti­ated ex­pe­ri­ences to their cus­tomers.

What are Pega Cloud Choice Guar­an­tee SM pro­gram and Pega In­fin­ity?

Pega Cloud Choice Guar­an­tee SM pro­gram pro­vides Pega clients with ‘as a ser­vice’ speed while guar­an­tee­ing flex­i­bil­ity into the fu­ture – a com­bi­na­tion that no other ven­dor in the soft­ware in­dus­try can match.

Pega In­fin­ity is our gen­er­a­tion dig­i­tal trans­for­ma­tion soft­ware suite. It will help or­ga­ni­za­tions ac­cel­er­ate dig­i­tal trans­for­ma­tion across all ar­eas of their busi­ness to con­tin­u­ously ex­ceed their cus­tomers’ ex­pec­ta­tions.

What is Pega’s role in the Andhra Pradesh govern­ment’s ePra­gati ini­tia­tive?

Pe­gasys­tems has been se­lected to im­ple­ment ePra­gati launched by the Andhra Pradesh govern­ment, which is the coun­try’s largest state-wide dig­i­tal trans­ac­tion project. As part of this, we will de­velop the soft­ware by us­ing our Dig­i­tal Process Au­to­ma­tion tech­nol­ogy, aim­ing to in­te­grate all govern­ment ser­vices on a sin­gle plat­form for ci­ti­zens to ac­cess them on­line. The plat­form will help con­nect the state’s ben­e­fi­cia­ries to 33 depart­ments, 315 agen­cies and 745 cit­i­zen ser­vices. We have been us­ing this tech­nol­ogy to build ser­vices for the govern­ment sec­tor world­wide and this is the first time that the plat­form has been used by an In­dian state. The plat­form will work as the base soft­ware for dif­fer­ent sys­tem in­te­gra­tors to build their ser­vices. While Ernst & Young has built the core plat­form, we have built the soft­ware and 15 other com­pa­nies are go­ing to build dif­fer­ent ap­pli­ca­tions on this.

In fu­ture, which will be the top tech­nolo­gies for the In­dian banks?

API, AI, ML, Blockchain and RPA are the lead­ing tech­nolo­gies for the In­dian banks.

Su­man Reddy

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