Low-code platform Pegasystems has unveiled Pega GenAI. This is a set of 20 new generative AI-powered boosters to be integrated across Pega Infinity 23, the latest version of Pega’s product suite built on its low-code platform for AI-powered decisioning and workflow automation.
According to the vendor, a bank looking to automate its loan processing operations would traditionally need to start by identifying, designing, and developing dozens of workflows from scratch. With Pega GenAI, they tell Pega they are building a loan processing application. Pega will automatically create the related workflows, data models, user interfaces, sample data, and more based on responses from generative AI models like those from OpenAI.
Because the responses from generative AI are mapped directly into Pega’s powerful model-driven architecture, low-code developers can easily configure and change these suggested starting points to rapidly deliver a completed application. Pega GenAI boosters like these will be infused throughout Pega Infinity. This allows users to accelerate their low-code application development, enhance customer service, and improve customer engagement.
Plug-and-play architecture allows for low-code development of AI prompts
A new API abstraction layer, called Connect Generative AI, will allow organisations to get immediate value from generative AI. The plug-and-play architecture allows for low-code development of AI prompts. Rather than directly calling OpenAI, or other APIs directly from UIs or workflow steps, the firm says that Pega uniquely provides an API abstraction layer.
As a result, developers can easily swap out large language models running on both public and private clouds. And they can build reusable generative AI components that can be leveraged across applications. Pega says that its approach to generative AI allows organisations to confidently deploy their AI models of choice in a responsible and governed way while minimising risk. It incorporates auditing, rules-based governance, and workflow-managed human approval to advance safety, security, and reliability.
Generative AI: revolutionising financial services
Generative AI is revolutionising the financial services industry by offering personalised customer experiences, enhanced decision-making capabilities, and efficient automation of processes. By analysing vast volumes of data, generative AI enables financial institutions to adapt to the changing conditions, and detect and prevent fraud.
Manish Dixit, Practice Head at GlobalData, said: “Generative AI in financial services can be used to develop intelligent chatbots and virtual assistants that provide personalised customer support. These AI-powered assistants can answer customer queries and assist with basic transactions. Leveraging large language models, they analyse financial data to offer valuable insights, personalised recommendations aligned with customer financial goals and preferences, and insightful performance comparisons.”