Onboard a new corporation end-to-end demonstration
The following video showcases an onboarding journey for a new corporation customer end to end in the Pega CLM and KYC ™ application. The demonstration is split into two consecutive parts for easier consumption.
Please be aware of the use of the following abbreviations during the demonstration and its transcript:
- CLM stands for Client Lifecycle Management.
- KYC stands for Know Your Customer.
- GM stands for "global markets," a typical business segment in a financial institution.
Introduction to CLM and KYC demonstration (part 1)
Introduction to CLM and KYC demonstration (part 2)
Introduction to CLM and KYC demonstration script (part 1)
John Johnson is a Relationship Manager at U+ Bank. He has logged into the CLM and KYC application and is now at his landing page. He can see a dashboard with several graphical charts, as well as his own Worklist.
John needs to initiate an Onboarding Journey for LGW Finance Group. This corporation wants to start a business relationship with U+ Bank, and John is the Relationship Manager responsible for this customer.
John clicks on the New Onboarding button in the top right-hand corner. Immediately the system asks if the new onboarding is for an individual or an organization. John clicks the Organization icon and is then prompted if this is a new onboarding journey is for an entity acting as a fund manager, a group of entities, or a single entity. Johns selects the new entity button to continue.
Before the creation of a new onboarding case, the system makes sure that there are no organizations already in the system of record with the same name. John clicks search and sees that there are no matches found and clicks Create new to start the journey. There are none for LGW Finance Group, and the new onboarding case is created.
John is now in the first stage of the onboard case, Capture. The first tasks for him to complete are in the first step, called Initiate Journey. John can see the current Stage and steps in the right-hand side of the navigation summary panel.
The Initiate journey step consists of three sequential screens for basic data gathering. They are Collect basic customer data, Add products, and Define business objectives.
The Collect basic customer data screen contains fields that are important for guiding the onboarding case. Any fields marked with an asterisk are mandatory and must therefore be completed before proceeding to the next screen. The organization name entered from the earlier search is already populated in the Customer Name field. John completes the mandatory information, which includes the Registered address for the entity as well as its Primary contact, and clicks on Next, moving to the next screen.
John is now in the Add products task. Before continuing with product selection John clicks on the button Save for later, on the top right-hand corner of the screen. This navigates out of his work task to the new summary view of the onboarding case.
John can see the case summary, which includes the four stages, Capture, Enrich, Due diligence, and Fulfillment as the current stage, Capture, shows as expanded. The remaining stages are collapsed by default but can be expanded by clicking their names to see the contents.
The case summary view is to provide John with an at-a-glance understanding of the onboarding case. On the right-hand side, John can see a summary of other key case information: There is the Customer name and the associated risk classification, the associated relationship and sales support managers, and the case start and case due dates. A graphical representation of the percentage of case completion is available. This is based on the total number of steps within the new onboarding case versus the number of completed ones.
The customer name is a link that John could click to display a summary of the customer. While little data has been captured thus far, the summary will become an important view of key customer data as the onboarding case progresses and completes. This master profile will be used for subsequent maintenance or review journeys for LGW Finance Group.
John expands the section named Data categories to view a list of categories of data managed within the case. The completion status for each of the categories is shown along with the number of categories Pending completion. Clicking any category presents John with a read-only representation of that category's data.
John must now continue his work. Within the first stage, four steps are listed, along with the assigned operator and status of the step. The four steps making up the Capture stage are Initiate journey, Resolve duplicates, Approve and Prioritize, and Notify stakeholders. All of the steps are sequential. The stage is primarily intended for the relationship manager, who owns the client relationship, to create the case and gather the basic client, product, and business case information.
When the task associated with a step is ready to be performed, and the operator has sufficient privileges, the action button Continue is enabled and can be clicked. John clicks on the continue button associated to the Initiate journey step which navigates him to the last performed action, Add products. John clicks Add products to show the Add products dialog box. John wants to select two products with the United States as the jurisdiction and New York as the booking entity. John filters the list of products by product category, selecting Derivatives and Apply. He then selects the two products that LGW Finance Group is interested in starting to trade with, Listed Stock Derivatives and Credit Default Swap. John clicks submit to continue.
Clicking Next moves John to the Define business objectives screen. Here, he completes the required information that makes the business case for the new onboarding case. The information entered is used in the next step to automatically assess the priority of the onboarding request. When the required information is complete, he clicks Submit and receives a confirmation pop-up. He clicks Submit to continue. In the background an automated step executes a second, more detailed search for duplicates, using some of the additional information provided so far. No duplicates were found for the customer; John confirms and the case moves to the Approve and prioritize step.
The new onboarding case is now with Michelle Plateau, who is John's manager. Michelle is now responsible for reviewing the new onboarding case creation performed by John and can either approve or reject it. In order to speed up this demonstration John, who is configured as a demo operator, is allowed to take over Michelle's work. He clicks continue to open the Approve and prioritize step. He can see a summary for the new onboarding case creation. The system has performed an automated priority assessment as well as a decision on which sales support team is best suited to continue the case. Based on the operational structure at U+ bank this department is UPFS GM AME Sales Support, Global markets, Americas Sales Support. The automatic case priority assessment can be overridden, as well as the allocated sales support team but John decides to do neither. He clicks Approve to continue, followed by Submit to confirm the approval. The system notifies the main stakeholders via email that the new onboarding case has been created. The main stakeholders are the customer's representative, the relationship manager, John in this case, and the allocated sales support department’s manager. With this the Capture stage is complete.
Introduction to CLM and KYC demonstration script (part 2)
The second stage, named Enrich, consists of the sequential steps Incorporate third-party data, Produce welcome pack, Customer investigation, Enrich data for due diligence, Create business approval tasks, and finally, Customer synchronization. When configured, Incorporate third-party data reaches out to data providers to enrich the new customer’s data to speed up the onboarding process. This is not configured in John's system. In Produce welcome pack, another automatic step, the system generates the required onboarding documentation for the new customer. The system is configured to generate a package with product and new customer-related legal information in a PDF format and sends it via email to the customer’s primary point of contact.
John notes that the percentage of case progress has significantly increased. A new gadget, called Requirements, is showing as part of the case summary screen. John expands this. This lists the required documentary evidence that must be completed during the onboarding of LGW Finance Group, according to the applicable regulations. The system has automatically assessed these requirements based on the business rules configured.
John can see that within the Customer investigation step there are two subcases linked to the new onboarding case, one for Customer screening and another for Adverse media. The first covers the U+ Bank screening department, performing screening for the new customer in terms of potential applicable sanctions, law enforcement, regulatory enforcement, or politically exposure. The second is where the U+ Bank's adverse media department performs its investigation.
The next step, Enrich data for due diligence, is allocated to Richard Strauss, the manager of the US Americas sales support department. In order to accelerate the demo, John will also take over for Richard and opens the task. The work task then shows all the data categories as well as their completion statuses. All of the data categories must be completed in order to complete this task. John will now open, review, and complete those in In progress status. We will skip over this task to accelerate the demo. John clicks on the Submit button and confirms that all of the data categories are complete. The case continues to create Create business approval tasks. This is another automatic step where the system creates any subcases to perform specific business approvals by the regional business sponsorship departments involved within U+ Bank. One approval subcase is created by default per region with products selected for onboarding. John completes this subcase.
The last step in Enrich stage is for the automatic synchronization of the new onboarding customer’s data in U+ Bank's Customer system of record. Although the new customer is not fully onboarded yet U+ Bank prefers to incorporate the core customer data into their banking systems with an Onboarding status. This is in order to avoid the creation of potential duplicates.
John can see now that the new onboarding case has moved to the Due Diligence stage. This demo will not focus on the activity in this stage and we will therefore skip ahead. The case is now at the last stage, Fulfillment, where the final three steps Create fulfillment tasks, Wrap up and Notify completion to take place.
John can see in the case summary that the Create fulfillment tasks steps have automatically created a subcase for activation and enablement of the selected products in the United States. John clicks Open case to open the case. The actual task for product activation is intended to be automated with the product management or account activation systems in U+ Bank. In this demonstration, we see manual tasks for confirmation of the product activation. John reviews the products, clicks the confirmation dialog box, and Approve to continue.
Upon confirmation the fulfillment case completes and John navigates back to the onboarding case by clicking on the case number. The last two steps in the case are automatic. Wrap up updates the customer and product registries in U+ Bank’s system of record from onboarding to active and Notify completion delivers a second email notification to the same stakeholders as earlier indicating the success of the new customer onboarding case.
The case is now 100 percent complete and LGW Finance Group is fully onboarded as a new active customer.
This concludes the demonstration of an end-to-end new onboarding case for an organization.