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Pega Client LifecycleManagement for FinancialServicesPRODUCT OVERVIEW7.4
2018Pegasystems Inc., Cambridge, MA All rights reserved.TrademarksFor Pegasystems Inc. trademarks and registered trademarks, all rights reserved. Allother trademarks or service marks are property of their respective holders.For information about the third-party software that is delivered with the product,refer to the third-party license file on your installation media that is specific to yourrelease.NoticesThis publication describes and/or represents products and services of PegasystemsInc. It may contain trade secrets and proprietary information that are protected byvarious federal, state, and international laws, and distributed under licensesrestricting their use, copying, modification, distribution, or transmittal in any formwithout prior written authorization of Pegasystems Inc.This publication is current as of the date of publication only. Changes to thepublication may be made from time to time at the discretion of Pegasystems Inc.This publication remains the property of Pegasystems Inc. and must be returned toit upon request. This publication does not imply any commitment to offer or deliverthe products or services described herein.This publication may include references to Pegasystems Inc. product features thathave not been licensed by you or your company. If you have questions aboutwhether a particular capability is included in your installation, please consult yourPegasystems Inc. services consultant.Although Pegasystems Inc. strives for accuracy in its publications, any publicationmay contain inaccuracies or typographical errors, as well as technical inaccuracies.Pegasystems Inc. shall not be liable for technical or editorial errors or omissionscontained herein. Pegasystems Inc. may make improvements and/or changes tothe publication at any time without notice.Any references in this publication to non-Pegasystems websites are provided forconvenience only and do not serve as an endorsement of these websites. Thematerials at these websites are not part of the material for Pegasystems products,and use of those websites is at your own risk.Information concerning non-Pegasystems products was obtained from the suppliersof those products, their publications, or other publicly available sources. Addressquestions about non-Pegasystems products to the suppliers of those products.
This publication may contain examples used in daily business operations thatinclude the names of people, companies, products, and other third-partypublications. Such examples are fictitious and any similarity to the names or otherdata used by an actual business enterprise or individual is coincidental.This information is the property of: Pegasystems Inc.One Rogers Street Cambridge, MA 02142-1209 USAPhone: (617) 374-9600Fax: (617) 374-9620www.pega.comPega Client Lifecycle Management for Financial ServicesDocument: Product OverviewSoftware Version: 7.4Updated: May 2018
CONTENTSProduct overview . 1High-level functionality . 3Manager tools . 3Operational structure landing page . 3Product matrix . 3Comprehensive audit trail and data tracking . 3Reporting and analytics . 3Role-based access . 3Service level management . 3Event-driven architecture. 4Customer Risk Assessment. 4Customer Master Profile . 4Systems and environment . 4Business rules . 4Case management . 4Visual workflow. 5Legacy system integration . 5Pega live data . 5Situational Layer Cake . 5Multiple language packs*. 6Deployment options . 6Cloud Choice and Pega Cloud . 6Customer journeys . 7Built-in stages and customized steps within them . 9Capture stage – Retail Banking. 10Enrich stage - Retail Banking . 11Capture stage – Corporate and Investment Banking. 11Enrich stage – Corporate and Investment Banking . 13Due diligence stage . 14Fulfillment stage . 15Abandon Journey stage . 15Data model. 16
Roles, portals, and dashboards . 19Client lifecycle management roles . 19Client lifecycle management portals . 20Relationship manager dashboard . 20Branch Portal (Express onboarding for Retail Banking) . 21Web Self-Service (Express onboarding for Retail Banking) . 21Case search . 22Case overview . 23Customer summaries . 24Customer search . 25Further reading . 27Visit the Pega Discovery Network (PDN) . 27Visit the Mesh page . 27
Product overviewThis Pega Client Lifecycle Management for Financial Services Product Overview describes thedefault features and benefits, cases, data model, and various preconfigured roles andportals available in Pega Client Lifecycle Management for Financial Services.The Pega Client Lifecycle Management for Financial Services solution consists of a layer ofcommon components that are applicable for onboarding activities across all marketsegments of the Financial Services industry. These common components form journeys fordifferent types of customers, such as individuals or organizations. Pega has customized theapplication to meet the specific needs of both Corporate and Investment Banking andRetail Banking markets segments. Retail Banking may be referred to as Consumer Bankingor Personal Banking, depending on the geographic region in which they operate. The PegaClient Lifecycle Management for Financial Services solution currently supports specializedcustomer journeys for Corporate and Investment Banking (CIB) and Retail Bankingsegments. The following diagram illustrates how the features of the Pega applications thatPega bundles together into Pega Client Lifecycle Management for Financial Servicesinteract to provide organizations with a robust set of rules, analytics, and planning tools tostreamline onboarding for financial services institutions.Pega Client Lifecycle Management for Financial Services - Product Overview1
TITLE of INTERNAL DOCUMENT – Arial Bold 12 ptThe Pega Client Lifecycle Management for Financial Services solution provides the followingkey benefits related to onboarding large complex customers: A shortened time-to-revenue with its associated cost reductions: Up to a 70% reduction in onboarding times through improved process efficiencyand better customer interaction Substantial reductions in the cost of each onboarding instancePega’s Omni-Channel UX, which delivers an optimized and consistent user experienceacross your organization: A revolutionized customer experience provides the ability to use multiple channels,reducing repeat requests A consolidated view of all current service transactions and their constituent partswith an ability to aggregate these views to provide a complete customer view forRMs and Sales staffManagement of highly complex regulatory rules that are common across financialservice companies of all sizes across the globe: Consolidated requests for multi-product, multi-jurisdiction requests Ability to react quickly to change with regulatory rule maintenance service and theability to put your business experts in control of the processPega Client Lifecycle Management for Financial Services - Product Overview2
High-level functionalityManager toolsOperational structure landing pagePega Client Lifecycle Management for Financial Services provides an easy-to-use tool todefine the operational taxonomy of financial services institutions. Configuring thetaxonomy enables you to build a full operational chart with the necessary access groups,work queues, and departments to drive, route, and manage work.Product matrixA matrix of available products and pertinent related information is used to offer products.The availability of products on offer is governed by both the user’s location in theoperational structure and the type of customer to be onboarded (such as Organization,Individual, or Fund).Comprehensive audit trail and data trackingPega Client Lifecycle Management for Financial Services automatically tracks operatoractions during their work. Case narratives and case histories provide clear insight intowhich actions were taken as part of the customer journey. When configured, any item ofdata can be tracked, including important metadata around source of change, time, andwhere appropriate manual comments. A data auditing tool allows exploration of thehistory of any piece of data being tracked, available directly from the summary screen forthe customer.Reporting and analyticsPega Client Lifecycle Management for Financial Services includes a wide variety of standardreports and graphs that provide real-time information about processes, work, assignments,and historical data that customers use to analyze their users’ performance. Powerful, drilldown analysis capabilities enable you to travel from a summary view of your entireoperation down to the details of a single onboarding case.Role-based accessManagers can control access to the application, specific features, and data elements, usinga combination of configurable roles and privileges. Authorized users can easily configuredialogs, coaching tips, and expert skills for service requests. These system tools areimmediately available to users as allowed by their permissions.Service level managementTo help you meet important performance objectives, the application provides sophisticatedfacilities for managing value-based service level agreements (SLA). You can assign andmonitor work, ensuring that tasks are completed according to both business priority andcustomer value.Pega Client Lifecycle Management for Financial Services - Product Overview3
TITLE of INTERNAL DOCUMENT – Arial Bold 12Event-driven architectureProvided through Pega Foundation for Financial Services, the Event Driven Architecturefacilitates the creation, detection, consumption and reaction to events. Example events arean expiry identification document, the need for periodic due diligence review or a customerdata change that may be material or not. All of these events can be detected and thesystem carry out the necessary customer journeys to allow ongoing compliance.Customer Risk AssessmentProvided through the Pega Foundation for Financial Services, the Customer RiskAssessment is a declarative network that tracks a wide range of data elements that impactthe customer risk. One or more elements are linked to a single risk factors such as Product,Country, or Related Parties. These lower level risk factors roll up to a single overall risk forthe customer.Customer Master ProfileProvided through the Pega Foundation for Financial Services, the Customer Master Profilerepresents the local copy of all core data that directly drives the customer journeys. Thisincludes but is not limited to customer risk profiling, compliance elements (Pega Know YourCustomer for Financial Services profile information), jurisdictional elements, productrelated and relevant related parties. The complete Customer related data will reside in theFinancial Institution systems of record, likely to be external to the application, but thesystems needs to rely on a local copy of the driving data in order to function withoutdepending completely on those external systems of record.Systems and environmentBusiness rulesPega’s Business Process Management (BPM) streamlines your operations so you canreduce costs and improve business agility. Pega is recognized by leading analyst firms asthe most comprehensive and unified BPM platform. Rules and processes automaticallyresolve work wherever possible.Case managementPega’s industry-leading case management helps you simplify and automate work. Casemanagement helps you keep your promise to your customers, connecting all the peopleand systems required to resolve each customer inquiry. It tracks related information,automates and assigns outstanding tasks, and connects front- and back-office activity, forend-to-end resolution.Pega Client Lifecycle Management for Financial Services - Product Overview4
TITLE of INTERNAL DOCUMENT – Arial Bold 12Visual workflowPega’s Directly Capture Objectives (DCO) visual tools capture every aspect of how work getsdone, including processes, user interface and rule creation, and integration. You can easilyconfigure workflows using Pega’s process modeler by dragging and dropping from a libraryof smart shapes. You can quickly add new service requests, which automatically creates theinfrastructure that Pega Customer Lifecycle Management requires. You can translatebusiness requirements into finished applications without manual programming, reducingimplementation time and bridging the gap between technical and business resources.Legacy system integrationPega Live Data simplifies the use of data in business processes by delivering the right data,in the right place, at the right time. It manages data requests behind the scenes so thatdata flows to the right process steps. It is easy to change and adapt for new data sourcesand new applications, across thousands of users.In addition, Pega has a comprehensive suite of technology-level adapters that allow Pegaapplications to fit seamlessly into an enterprise ecosystem. Pega supports transport orprotocol-level adaptors with form-based integration options, so that no custom code isrequired to connect to an external system.Pega live dataIntegrations with your existing systems of record are a key part of any CustomerRelationship Management implementation. Pega customers can choose to use Pega as thesystem of record or information, or orchestrate that data from multiple sources fordelivery through the Customer Service application. In the case of the second option, PegaLive Data simplifies the use of data in business processes by delivering the right data, in theright place, at the right time. It manages data requests behind the scenes so that data flowsto the right process steps. It is easy to change and adapt for new data sources and newapplications, across thousands of users.In addition, Pega has a comprehensive suite of technology-level adapters that allow Pegaapplications to fit seamlessly into an enterprise ecosystem. Pega supports transport orprotocol-level adaptors with form-based integration options, so that no custom code isrequired to connect to an external system.Situational Layer CakeWith Pega’s Situational Layer Cake, you can automatically tailor applications to the businesscontext in which they operate. Variation of scale is all handled in one version of theapplication, using a coherent, layered architecture. Pega efficiently delivers repeatable,differentiated solutions by re-using common policies and procedures in multiple businessunits, channels, geographies, and customer segments.Pega Client Lifecycle Management for Financial Services - Product Overview5
TITLE of INTERNAL DOCUMENT – Arial Bold 12Multiple language packs*Language packs support localization of applications through use of translated field valuesfor buttons, prompts, and labels.Deployment optionsCloud Choice and Pega CloudPega Foundation for Financial Services is available on Pega Cloud as well as otherconfigurations (either third-party cloud or managed private cloud etc.) through Pegahosting partners.Pega Cloud provides industry-leading infrastructure, enterprise-grade services, andoperational excellence. Realize a faster time-to-value for your Pega investments and takeadvantage of the complete range of Pega Cloud services, from development and testingsandbox environments to fully managed production environments. You can even migrateapplications from the cloud to your data centers as needed. On-premise deployment Pegasupports a range of on-premise deployment options, including a number of supporteddatabase, application and web server deployment options. -guide for details.*Optional feature. Additional license fees may apply.Pega Client Lifecycle Management for Financial Services - Product Overview6
Customer journeysThis table lists the customer journeys available with Client Lifecycle Management for theCorporate and investment Banking Financial services segment of the Pega Client LifecycleManagement for Financial Services application. Additional, preconfigured journeys will bedelivered in future releases. Your company can implement additional or alternate businessprocesses.CustomerJourneyOnboardCustomer – Newparent entityOnboardCustomer – Newsubsidiary entityOnboardCustomer – Newfund managerOnboardCustomer – NewindividualMaintainBusinessrelationship –Add Product orlocationMaintainBusinessrelationship –Add FundMaintain existingcustomer –Maintain generalcustomer dataOnboard newbusinessrelationship –New fundmanagerOffboardexistingcustomer – Exitproducts oflocationsDescriptionOnboards a new parent organizationAvailable in which applicationlayersCLM for FS Horizontal, CLM for FSCIBAdds a new subsidiary to an existingorganizationCLM for FS Horizontal, CLM for FSCIBOnboards a new organization as a fundmanager including onboarding of fundsCLM for FS Horizontal , CLM for FSCIBOnboards a new individualCLM for FS Horizontal, CLM for FSCIB, CLM for FS RetailAdds a new product or location to anexisting organizationCLM for FS Horizontal, CLM for FSCIB, CLM for FS RetailAdds a Fund to an existing Fundmanager business relationshipCLM for FS CIBAllows updates to general customer datato trigger any required additional duediligence activitiesCLM for FS Horizontal, CLM for FSCIBOnboards an existing organization as aFund manager including onboarding offundsCLM for FS CIBExits products or locations for anexisting customer.CLM for FS Horizontal, CLM for FSCIBPega Client Lifecycle Management for Financial Services - Product Overview7
TITLE of INTERNAL DOCUMENT – Arial Bold 12CustomerJourneyOffboardexistingcustomer –offboard existingcustomerCustomerReview –Customerperiodic reviewCustomerReview CustomeramendmentCustomerReview –Customermaterial changeStandalone duediligence Conduct duediligenceDescriptionOffboards an existing customer entirelyincluding all products or locationsAvailable in which applicationlayersCLM for FS Horizontal, CLM for FSCIBA periodic review of the customer’s duediligence based on the “next review date”CLM for FS Horizontal, CLM for FSCIBA review of the customer’s due diligencebased on a non-material change in theirinformationCLM for FS Horizontal, CLM for FSCIBA review of the customer’s due diligencebased on a material change in theirinformationCLM for FS Horizontal, CLM for FSCIBConducts a standalone due diligencereview for a customer already in thesystem.CLM for FS Horizontal, CLM for FSCIBCase Designer overview of main onboarding casePega Client Lifecycle Management for Financial Services - Product Overview8
TITLE of INTERNAL DOCUMENT – Arial Bold 12Built-in stages and customized steps within themThe following section reviews the currently-provided available stages, processes, and thepotential cases that may be generated as part of the delivery of these customer journeys.These bases assets are specialized for the Retail Banking and Corporate Investment marketsegments: Capture stage – Retail Banking Enrich stage - Retail Banking Capture stage – Corporate and Investment Banking Enrich stage – Corporate and Investment BankingReview the sections that are most relevant to your industry.Pega Client Lifecycle Management for Financial Services - Product Overview9
TITLE of INTERNAL DOCUMENT – Arial Bold 12Capture stage – Retail BankingDefine customer journeyAfter entering a customer name, the Pega Client Lifecycle Management for FinancialServices application returns a list of existing customers or a customer that is in the processof onboarding; appropriate customer journeys are then presented.Pre-onboarding questionnaire (Web Self-Service channel only)After the customer answers a simple set of questions, the Pega Client LifecycleManagement for Financial Services application will determine if onboarding can continuevia the self-service channel or whether the potential customer must visit a branch.Select productsThe user sees a list of appropriate products with relevant information to choose from.eAuthentication (Web Self-Service channel only)This is an optional step whereby a customer’s Identification (i.e., Passport or national ID)and face is scanned with a camera for comparison purposes. Any data that can be capturedfrom the document is used to automatically fill in fields on the form.Complete customer detailsEnter the minimum data about the customer required to proceed the account openingapplication.PersonalizeThe user enters account personalization details such as a PIN, password for online banking,and statement preferences.Incorporate third party dataThe customer’s core details are automatically submitted to a third party service to attemptto verify identity, review credit, flag for fraud potential, and review the OFAC database. Thevarying results will allow for more straightforward processing, prompting for the collectionof documentary evidence or for further back office review.Collect documents (if required)The user provides documents as required to progress the onboarding process. They canprovide files from the local file system or make use of a camera/photo role from a mobiledevice.Review submissionThe user is presented with a set of final terms and conditions related to the chosenproducts and related services.Pega Client Lifecycle Management for Financial Services - Product Overview10
TITLE of INTERNAL DOCUMENT – Arial Bold 12ConfirmationThe user is presented with a message confirming their next action in the onboardingprocess.Enrich stage - Retail BankingBack office reviewIn certain cases, the customer information check via the third-party eKYC services indicatesthe need for further review. A back-office user is presented with all the necessaryinformation to accept, reject, or escalate the request.Produce welcome packUsing data captured and standard templates, the application generates a welcome pack ofappropriate documents, attached to the case, and sent via email to the customer.Business approval casesPega Client Lifecycle Management for Financial Services generates a set of businessapproval cases and routes to them to the relevant regional business sponsor forprocessing and an approval process appropriate to the products chosen.Customer synchronizationFollowing successful approvals from the Business Sponsors, all of the core data capturedduring the first two stages of the customer journey is appropriately persisted into thesystems of record. A sample database comes built into the Pega Client LifecycleManagement for Financial Services application to represent this process.Capture stage – Corporate and Investment BankingDuring a customer meeting a Relationship Manager collects the minimum data required toinitiate the relevant onboarding journey. This is typically carried out on a tablet. TheRelationship Manager tasks are detailed for each step of the capture stage:Define customer journeyEntering a customer name, the Pega Client Lifecycle Management for Financial Servicesapplication returns a list of existing customers or a customer that is in the process ofonboarding; appropriate customer journeys are then presented.Collect basic customer informationEntering basic information about the customer initiates the appropriate onboardingjourney: Entity type High-level industry classificationsPega Client Lifecycle Management for Financial Services - Product Overview11
TITLE of INTERNAL DOCUMENT – Arial Bold 12 Country of incorporation address Primary point of contact detailsAdd productsSelecting the Jurisdiction and/or Booking Entity presents a list of products available toonboard the customer. This product list is driven by the operator’s alignment to theFinancial Institution’s operational structure and, as appropriate, supports selections ofmultiple products across multiple jurisdictions.Related partiesTo drive the necessary due diligence process(es), the Relationship Manager or SalesSupport staff can relate individuals and organizations to the customer being onboarded.They select existing parties or create a new one and select it. They then assign a relatedparty from the available categories, any of which can have custom attributes to drive laterbusiness processes.For example, when an organization is classified as an Ultimate Beneficial Owner, the user isprompted to collect ownership percentage data. Ownership above a certain percentage willautomatically generate additional Pega Know Your Customer for Financial Services duediligence specific for this organization.Review required documentsThe review of initially required documents (based on the currently captured customer data)is presented for verification purposes with the customer. This list of required documentscan grow significantly, as additional data is captured during the Enrich stage.Business caseThe business case information captured from this relationship includes expected servicedate, investment objectives, investment outlook, and expected value of the business to theFinancial Institution.Resolve duplicatesCore information captured in the onboarding initiation is compared with potentialduplicate matches for customers already on the system. The user is presented with a list ofpotential duplicate matches. They either continue if desired or pick the duplicate matchand abandon the journey before a duplicate record is created.Approve and prioritizeA preconfigured scorecard generates an initial priority assessment for the onboardingjourney based on a subset of the data captured by the Relationship Manager during theBusiness Case task. This step forwards the necessary details in the assessment to theappropriate manager for review. The Pega Client Lifecycle Management for FinancialPega Client Lifecycle Management for Financial Services - Product Overview12
TITLE of INTERNAL DOCUMENT – Arial Bold 12Services application allows Relationship Manager or approvers to override the initialpriority assessment as well as define the route for the journey so it enters the Enrich stageas necessary.Stakeholder notificationsKey stakeholders automatically receive email notifications, appropriately updating themwith current status and step completion. Pega email correspondence templates allow youto configure, style, and brand emails to meet your corporate standards.Enrich stage – Corporate and Investment BankingThe appropriate Sales Support teams enrich the case with the necessary data to createKnow Your Customer, Legal, and Credit due diligence work.Incorporate third-party dataIn order to enhance the data collection process during the Enrich stage, Pega ClientLifecycle Management for Financial Services allows you to easily configure allowing thirdparty services such as AVOX, Markit (KYC.com
Pega Client Lifecycle Manage ment for Financial Services - Product Overview 1 This Pega Client Lifecycle Management for Financial Services Product Overview describes the default features and benefits, cases, data model, and various preconfigured roles and portals available in Pega Client Lifecycle Management for Financial Services.
