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.