Pegasystems has launched a Crisis Small Business Lending reference application to improve financial institutions’ management of emergency loan applications from small businesses seeking COVID-19 financial relief, the company announced on Tuesday.
“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.
The platform will be available to Pega Platform clients and configurable in a few days. It will include 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.
“This will make it easier for banks to bring relief to these business owners and help keep vital local companies alive,” added Andrews.
In addition to the launch of its small business loan solution, Pegasystems also announced the launch of its Crisis Response Solutions Portfolio to help organizations solve urgent challenges resulting from the COVID-19 crisis.
The portfolio contains 18 rapidly deployable solutions that help businesses overcome a range of unpredictable issues they are facing during the pandemic, including surges in customer inquiries, policy exceptions requests, new emergency regulations and changing claims requirements.
“We are proud to personify this core belief by helping our clients rapidly adapt to this historic crisis with our solutions portfolio. We hope these industry-specific solutions will help them better navigate the crisis, more effectively serve their customers, and set a stronger foundation for a post-crisis world,” said Tom Libretto, senior vice president, chief marketing officer, Pegasystems.
Following the launch of the crisis response portfolio, Pegasystems developed a new application and process system for the Bavarian government to provide emergency COVID-19 financial aid to self-employed workers, farmers and small to medium-sized companies on Tuesday.
Hosted in secure, scalable data centers by T-Systems, the solution will allow those eligible for assistance to apply through an entirely digital process, which will accelerate the distribution of funds where they are most needed.
“With this new online procedure, we will be able to speed up the processing of applications to the district governments and the state capital of Munich,” said Hubert Aiwanger, Bavarian Minister of Economic Affairs. “I would like to thank Pegasystems and T-Systems for their extremely high level of commitment to helping self-employed workers, farmers, and businesses in need get the relief they need more quickly.”
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.