Software company Pegasystems has launched what it describes as 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 to Pega 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. The company said the Crisis Small Business Lending reference application is available for downloan on Pega Marketplace and it 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 fulfilment. 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.
Pegasystems said the solution was inspired by feedback from many Pega Platform clients. The application and its underlying Pega Platform architecture provide financial institutions with unique advantages to help them navigate this crisis, including: hassle-free deployment, global scalability, advanced automation and case handling and future-proofed agility. 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. Pega Platform also includes AI, case management, and end-to-end automation capabilities, and seamlessly extends applications to any channel or device.
Marc Andrews, vice president, financial services and insurance market leader, Pegasystems, said financial institutions are experiencing an entirely different crisis within a crisis and many are struggling to get desperately needed stimulus funds into the hands of small businesses owners that help make local communities thrive. The Pegasystems application will make it easier for banks to bring relief to these business owners and help keep vital local companies alive, he added.
