Elevating Financial Services: PEGA vs Traditional Development Methods

Choosing the right approach to crafting banking solutions is important in today's digitally driven financial world. Even traditional financial experts are now recognizing the pivotal role of elevating customer experience. By selecting the ideal strategy to tackle banking solutions, you're not just enhancing customer interactions but also transforming the agent experience.

Of course, banking is no walk in the park. It is an industry in constant motion, with constantly changing products, services, and rules. To face these challenges, banks often rely on Pega services.

In this comparison, we will understand traditional development methods, which rely on manual processes and custom coding, and compare them with PEGA, a modern alternative. This journey will shed light on the path forward for financial services in the digital age.

PEGA vs. Traditional Development Solutions

Onboarding and KYC

When it comes to onboarding and KYC (Know Your Customer), the processes with traditional financial services can be slow, expensive, and prone to errors. The lack of real-time access to KYC data further complicates this. Moreover, government and regulatory requirements differ from country to country, which make the onboarding process difficult for global organizations.

Now, here's how Pega Financial Services can help:   

• Pega ensures transparency, global KYC risk management, and a simple onboarding process.
• It helps you put in the right amount of effort for every customer relationship and takes care of the rest.
• It delivers readily available data and documents at your fingertips. This helps to keep KYC risks in check.

Financial Crime and Fraud  

Traditional financial services often struggle with slow and laborious operations. This results in draining of resources and increasing costs for businesses and  prolonged delays. Because of this, traditional systems' struggle to face the financial crime and security concerns. Additionally, with more customers shifting to digital banking, blocking fraudsters has become a significant challenge.

Enter Pega Solutions for Financial Services, where a holistic view of customer risk is achieved effortlessly:

• Pega streamlines research processes, improves decision making, and employs an intelligent approach to alerts.  
• With intelligent automation, machine learning and AI capabilities, Pega Solutions helps in mitigating costs, reducing risk, and minimizing false positives.
• It also simplifies workflow and ensures efficient audit processes, making it the practical choice in the battle against financial crime. 

Payment Exception Resolution  

Organizations still battle with manual work processes and complicated business systems when it comes to payment exception resolution. This is not just laborious but results in delays, errors, and increased costs. 

In contrast, Pega Services simplifies payment exception resolution:

• Pega improves client and staff experiences and ensures compliance with pre-built features and workflows.  
• Pega solutions unify dispute and fraud claim operations, enhancing customer and employee satisfaction.
• Pega's unified payment exceptions empower banks to rapidly resolve inquiries. Staying up to date with all messages and managing the entire dispute lifecycle also becomes easier.

Customer Service  

Traditional financial services have often struggled to prioritize customer service due to the challenges posed by a significant volume of manual work. This has resulted in delay in resolving customer disputes. The complex systems and processes further complicate matters.

In contrast, Pega Financial Services prioritizes customer service excellence:

• Empowering agents, it enhances their productivity and delivers seamless services, all while significantly cutting service costs across various channels.
• By harnessing the power of AI and low-code solutions, Pega transforms the agent experience.
• Pega proves invaluable for banks, addressing consumer disputes, fraud claims, and commercial payment exceptions with expertise, ensuring utmost customer satisfaction.

Bank Operations  

Traditional financial services involve repetitive and manual tasks. As a result, it leads to duplicate customer requests and processes that do not meet consumer demands for personalized service.  

On the other hand, Pega Services revolutionizes bank operations with its low-code workflow:

• It promotes cross-team collaboration, automates processes, and simplifies operations.  
• Pega's centralized dashboard simplifies decision-making and prioritizes work efficiently.
• With Pega, financial organizations can easily scale up as needed, and keep up with evolving business demands. 

Conclusion

Are you still struggling to choose between Pega solutions and traditional approaches? Try considering business objectives, budget, and technical requirements. Pega services offer advantages, including faster time-to-market, reduced costs, and improved customer experience.

EvonSys, your trusted Pega partner, not only helps you decide but also brings your ideal financial services approach to life. Our expert team understands the intricacies of Pega solutions and traditional methods. We offer personalized consultations, thoroughly analyzing your unique business requirements and goals. Whether you're aiming for streamlined processes, cost-effective solutions, or superior customer satisfaction, EvonSys tailors Pega services to align seamlessly with your vision. Contact Us Today

Click here to explore EvonSys' portfolio of PEGA-powered solutions for the banking industry.