Crisis Response Solutions for Financial Services
During this time of global disruption, your customers need you more than ever. We are providing Pega clients with new reference applications designed to enhance request triage, fast-track loan processing, and infuse empathy into every interaction.
Crisis small business lending
The COVID-19 crisis has precipitated new government programs – such as the U.S. Paycheck Protection Program (PPP) and the U.K. Coronavirus Business Interruption Loan Scheme – designed to provide small businesses with immediate access to loans. Businesses are quickly applying, but banks are struggling to respond to the flood of applications. Pega Crisis Small Business Lending helps banks:
- Manage and respond to all loan applications in a timely manner
- Adhere to the recent regulatory acts and guidelines
- Leverage flexible, built-in rules to modify solutions as the crisis evolves
Small business loan forgiveness
Speed and adaptability have become critical as servicing functions are being pushed to their limits. While most banks have a solution to accept Paycheck Protection Program (PPP) applications, they still need to process the upcoming loan forgiveness requests. Our Microjourney Kickstart service is your path to a rapid delivery. Pega Crisis Small Business Lending (Loan Forgiveness) helps banks:
- Autogenerate cases with client notification at eight weeks
- Support clients with an easy, online process for providing required data and documentation
- Calculate and validate forgiveness amounts with intelligent forms based on PPP criteria, eliminating manual processes and simplifying reviews
- Review and validate data and documents for Small Business Administration submission, with full audit trail
Learn more about Pega's approach to microjourneys using the links below:
Crisis customer request triage
As COVID-19 continues to spread, banks and call centers are receiving increased customer service requests for loan concessions and restructuring, short-term cash disbursements, fee waivers, payment disputes, and bereavement requests. Banks are scrambling to support these requests as they deal with branch closings, a suddenly remote workforce, and digital servicing gaps. Pega Crisis Customer Request Triage helps banks:
- Capture a myriad of customer requests from digital channels
- Expedite customer response and relieve pressure on contact centers
- Triage requests and route appropriately
- Manage and track exceptions with a full audit trail
Crisis loan concessions
Individuals and companies across the world are struggling to make their loan payments. Many financial institutions are providing assistance to their customers by allowing for special concessions during this time. However, they are struggling to support these requests in a managed and systematic manner. Pega Crisis Loan Concessions helps banks:
- Enable loan concessions, such as delaying payment of principal and/or interest, waiving late payment fees, and reducing interest rates
- Adhere to regulations so loans are not reclassified as distressed assets
- Infuse empathy into their collections approach
