Table of contents for PegaWorld 2014
- PegaWorld 2014 Alan Trefler Opening Keynote
- PegaWorld 2014 – Vodafone
- Pegaworld 2014 Executive panel on digital transformation
- Pegaworld 2014 – Pega 7 Summary
- PegaWorld – OnStar and Decision Management
- PegaWorld – Rob Walker, Decision Management and 1:1 Customer Engagement
- PegaWorld – BNY Mellon and business transformation
- PegaWorld – PayPal and Innovation
- PegaWorld – McKinsey on digitization
Jeffrey Kuhn from BNY Mellon came up to talk about business transformation in the face of unprecedented and accelerating change. Technology is changing what is possible and allowing new competitors to emerge while offering new distruptors at every turn. We need, he says, to use these challenges to drive transformation in our organizations and this is what BNY Mellon has tried to do with Pega. Their Continuous Process Improvement program is designed to increase client satisfaction, increase employee satisfaction, eliminate waste, reduce risk, improve customer service and drive excellence in everything they do for clients. It’s about using automation to drive straight through processing and freeing people to handle exceptions and help clients: to partner with customers to add value not simply be order takers.
Some history: BNY Mellon is the oldest bank in the US. BNY Mellon is not a typical bank but is focused on the investment process, managing and services assets. $1.6 Trillion of assets under management using various brands but all managed by BNY Mellon. They estimate that they service 20% of the world’s financial assets every day. They support the entire investment lifecycle.
Despite this scale and their history, BNY Mellon realizes that they must continue to develop and change to meet new challenges. These challenges come from the economy, from changing market conditions, from new regulations. This, he says, is the new normal and companies must continually adapt to change. Using Pega to automate and streamline processes they have driven same day response rates to 98%, for instance, and reduced the time to handle investigations from hours to seconds. They are improving their ability to see the status of the 11M+ inquiries they handle every year. Automation of their processes has allowed them to save money while delivering better customer service.
BNY Mellon is focusing on its CPI project to drive this kind of improvement across the board – diagnosing strengths and opportunities in each business area, designing and validating a solution and then implementing and automating it. Critical to CPI is scale, developing solutions that can scale across the company to deliver better results widely. Engaging technologists and technology in this process is important and the approach relies on good data about challenges and opportunities in existing processes.