Pegasystems Delivers BPM Best Practices and Accelerates Time To Market for Retail Banks; Framework Packages 20+ Years' Banking Expertise
CAMBRIDGE, Mass., — Aug. 22, 2005 — Retail banks today face significant challenges in bringing new products and services to market while simultaneously navigating increased competition, managing complex information systems, and ensuring regulatory compliance. In response, Pegasystems Inc. (Nasdaq: PEGA), the leading provider of smart business process management (BPM) software, today announced the release of its Retail Banking Industry Framework.
Retail banks are investing heavily in BPM technologies to solve critical business and IT needs. As observed in a recent Gartner, Inc. report1, "With an agile business architecture, a bank can use BPM to emphasize intersections among processes and applications to create a collaborative environment, foster innovation and enable change." Pegasystems — whose customers boast over 50% of all banking assets in the US — now offers key BPM capabilities gained from its experience serving these leading banks.
The Retail Banking Industry Framework provides pre-built functionality needed for rapid initial deployment and ongoing response to market opportunities. Included in the release are extensive subledger-accounting and -adjustment capabilities; solution-design models, including organizational units, work parties, user portals, and screens and integration points; best-practice process flows; and pre-configured data structures.
"Retail banks know their business success is dependent on offering differentiated service while driving efficient back-office operations. They need to reduce time to market and increase business agility in both customer-facing solutions and back-end risk, compliance, and processing solutions," said Jay Sherry, Vice President of Marketing and Solution Development for Pegasystems. "We are now delivering best practices distilled from Pegasystems' 22 years of experience serving Tier 1 financial institutions."
The Retail Banking Industry Framework brings together best-practice bank operations with best-in-class business process management. By leveraging the pre-built foundational elements of the Industry Framework with Pegasystems' leading SmartBPM™ Suite, retail banks can rapidly build solutions such as event-based marketing, compliance management, fraud management, and customer case management. The flexibility offered by Pegasystems' rules-driven BPM platform helps banks obtain agile solutions that deliver sustainable competitive advantage.
1 "Front Office BPM Can Help Your Bank Achieve Customer-Focused Strategy," by S. Cohen & J. Sinur, April 2005.
Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.
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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.
Lisa Pintchman Rogers
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