The Problem

With the legal battle in the UK over payment protection insurance policies (PPI) resolved, financial services institutions face significant challenges to compliance. They must make sure compensation claims are valid, that pay outs are appropriate, and that they can comply with PPI requirements at the lowest cost, without incurring additional fines and within required timescales.

And PPI is just the beginning – regulation of financial institutions will continue to increase not only in the UK, but worldwide. The difficulty for institutions comes in how to comply with the growing burden of regulations while delivering the level of service customers expect as efficiently as possible.

The Solution

The solution lies in a flexible technology that offers a unified approach to addressing regulatory requirements such as those imposed by the PPI resolution. With Pega’s Build for Change™ technology, institutions gain a single, agile solution for successfully addressing compliance requirements on an on-going basis while also meeting the need for an improved customer experience and operational efficiency.

Pega enables this level of performance by converting an institution’s goals, decisions and policies into business execution as a series of operations, procedures and systems. Pega abstracts the rules that represent an organisation’s policies and best practices and then applies them to daily workflow. As a result, rules and processes can be reused for multiple functions and applications, helping institutions quickly roll out changes without needing to alter application code anywhere.

The Benefits

With Pega’s unified technology, financial institutions can:

• Rapidly implement applications to manage day-to-day processes in a compliant way. Experience shows that Pega solutions have enabled institutions to become compliant 50 per cent faster.
• Reuse processes and rules to easily extend functionality across the enterprise and address multiple compliance requirements as well as enhance the quality of service delivery at substantially lower cost.
• Adapt immediately to market changes and business opportunities with intelligent processes that support the sale and service of products across multiple channels and focus on service excellence at every customer touch point.
• Leverage and extend legacy assets by incorporating existing data and systems in dynamic processes.