CAMBRIDGE, Mass., April 14, 2020 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the software company empowering digital transformation at the world's leading enterprises, today announced the launch of a Crisis Small Business Lending reference application which helps financial institutions manage the thousands of emergency loan applications pouring in from small businesses seeking COVID-19 financial relief. Available toPega Platform™ clients and configurable in just days, it comes with prebuilt templates reflecting new U.S. and U.K. crisis loan guidelines and can be easily customized to orchestrate crisis loan programs for other countries.
Financial institutions around the world are under extreme pressure to execute new government stimulus programs to help their small business customers stay afloat during the crisis. However, many banks are struggling to respond to a frenzied rush of loan applications and handle all the regulatory guidelines that come with it. Meanwhile, time is running out – shell-shocked small businesses are in desperate need of funding to pay employees and bills to survive the economic shutdown.
Available today for download on Pega Marketplace, the Crisis Small Business Lending reference application provides a framework for Pega clients to speed the loan process while reducing the burden on bank staff. By leveraging case management and automation, the solution helps banks dramatically improve processing efficiency – from application all the way through fulfillment. Intelligent web application forms dynamically check for eligibility and loan limits as customers fill them out, saving bank staff and customers valuable time. It also provides customers with complete visibility into the process while generating reports and audit trails so banks can comply with government guarantee and forgiveness plans.
This solution was inspired by feedback from many Pega Platform clients. Most notably, Bavarian Ministry of Economic Affairs developed its own application from scratch using Pega Platform in just five days. More than 100,000 Bavarian companies have already used the Pega-based system to apply for assistance. It replaced a highly manual process that forced applicants to scan paper documents, which slowed the release of funds. (See our other press release today on Bavaria for more details.)
The Crisis Small Business Lending reference application and its underlying Pega Platform architecture provide financial institutions with unique advantages to help them navigate this crisis, including:
Pega Platform is a cloud-based, low-code application development platform that gives anyone the power and freedom to create rich user experiences and immersive customer journeys. With an intuitive visual approach to application development, it enables better collaboration between business and IT, faster time to market, and lower costs. As part of the Pega Infinity™ digital transformation software suite, Pega Platform also includes AI, case management, and end-to-end automation capabilities, and seamlessly extends applications to any channel or device.
Used by seven of the top 10 global banks and 14 of the top 15 North American banks, Pega financial services software helps forge lasting customer relationships and accelerate digital transformation. Banks use Pega's AI, robotics, case management, and business rules to drive efficiency and customer engagement across all channels in consumer and commercial banking throughout the customer lifecycle – from marketing and sales to onboarding and Know Your Customer (KYC) to customer service and collections.
To download the Crisis Small Business Lending reference application today, visit https://community.pega.com/marketplace/applications/crisis-small-business-lending-covid-19. For more information on the solution, visit www.pega.com/crisis-response/financial-services.
Quotes & Commentary:
"Financial institutions are experiencing an entirely different crisis within a crisis. Many are struggling to get desperately needed stimulus funds into the hands of small businesses owners that help make local communities thrive," said Marc Andrews, vice president, financial services and insurance market leader, Pegasystems. "This will make it easier for banks to bring relief to these business owners and help keep vital local companies alive."
Supporting Resources
About Pega
Pega is the leader in cloud software for customer engagement and operational excellence. The world's most recognized and successful brands rely on Pega's AI-powered software to optimize every customer interaction on any channel while ensuring their brand promises are kept. Pega's low-code application development platform allows enterprises to quickly build and evolve apps to meet their customer and employee needs and drive digital transformation on a global scale. For more than 35 years, Pega has enabled higher customer satisfaction, lower costs, and increased customer lifetime value. For more information on Pegasystems (NASDAQ: PEGA) visit www.pega.com.
Press Contact:Sean AudetPegasystems Inc.sean.audet@pega.com (617) 528-5230 Twitter: @pega
All trademarks are the property of their respective owners.
View original content to download multimedia:http://www.prnewswire.com/news-releases/pega-launches-small-business-lending-reference-app-to-help-banks-speed-processing-of-covid-19-emergency-loans-301039787.html
SOURCE Pegasystems Inc.