Recorded at the Amazon Web Services Financial Services Symposium 2026 in New York City, this episode features Rebecca Knight of theCUBE Research interviewing Steve Morgan of Pegasystems. Morgan serves as global banking industry lead and outlines Pegasystems' approach to enterprise transformation in banking and insurance. They describe the platform's artificial intelligence-powered decisioning and workflow automation, its origins in banking and how the platform addresses legacy modernization, real-time decisioning and process automation to drive outcomes across revenue, cost, productivity and risk management for large banks and insurers.
Key takeaways include the importance of speed, partnerships and change management. Morgan cites accelerated modernization at Unum achieved through collaboration among Pegasystems, Amazon Web Services and systems integrators, which analyzes 1.5 million lines of code and delivers results in months rather than years. They also cite a United Kingdom mortgage lender's 20–40% uplift in digital throughput after reengineering mortgage origination processes and emphasize that governed adoption of agentic AI requires strong program management and cross-partner collaboration.
This conversation provides practical insights for financial services leaders on enterprise transformation, artificial intelligence decisioning, workflow automation and legacy modernization.
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Steve Morgan, Pegasystems
Recorded at the Amazon Web Services Financial Services Symposium 2026 in New York City, this episode features Rebecca Knight of theCUBE Research interviewing Steve Morgan of Pegasystems. Morgan serves as global banking industry lead and outlines Pegasystems' approach to enterprise transformation in banking and insurance. They describe the platform's artificial intelligence-powered decisioning and workflow automation, its origins in banking and how the platform addresses legacy modernization, real-time decisioning and process automation to drive outcomes across revenue, cost, productivity and risk management for large banks and insurers.
Key takeaways include the importance of speed, partnerships and change management. Morgan cites accelerated modernization at Unum achieved through collaboration among Pegasystems, Amazon Web Services and systems integrators, which analyzes 1.5 million lines of code and delivers results in months rather than years. They also cite a United Kingdom mortgage lender's 20–40% uplift in digital throughput after reengineering mortgage origination processes and emphasize that governed adoption of agentic AI requires strong program management and cross-partner collaboration.
This conversation provides practical insights for financial services leaders on enterprise transformation, artificial intelligence decisioning, workflow automation and legacy modernization.
>> Hello everyone, and welcome back to theCUBE's coverage of the AWS Financial Services Symposium here in New York City. I'm your host, Rebecca Knight. I would like to welcome to the show Steve Morgan. He is the global banking industry lead at Pegasystems. Welcome.>> Thanks, Rebecca. Great to be here in New York with you.
Rebecca Knight
>> Yeah. So let's start with the big picture. What does Pega do and why does it matter so much for financial services?>> Pega, we pride ourselves on being the enterprise transformation company. We're an AI-powered decisioning workflow automation company. We've got deep roots that started in banking actually many years ago in payment exceptions. We help companies and the biggest banks, we help them to manage their critical processes. And we help them things like getting away from legacy mainframe problems, helping them apply real time decisioning and workflow automation to improve their processes and ultimately get the outcomes that they need for their customers.
Rebecca Knight
>> So all 10 of the world's top 10 global banks are Pega customers.>> Correct.
Rebecca Knight
>> Which is pretty remarkable when you think about it. So what is the common problem that keeps them coming back to you?>> Oh, there's many. I mean, the main underlying thing would be getting the right outcome for the customer or for the internal processes for the staff, managing things efficiently. But we work from everywhere, from improving the revenue line through to looking at cost, productivity, managing risk. So there's a wide spectrum of areas that we work on across the banking and insurance landscape.
Rebecca Knight
>> You've got customers like Unum, Allianz, DCU. These are different American insurer, global insurance giant, a credit union, very different kinds of customers. What's the thread that runs through all of them, would you say?>> Well, there's thread through all of them. So from our biggest clients like Bank of America and Citi down to mid-size credit unions like DCU or Allianz, the common thread would be we need to transform and improve. We need to get away from some legacy technology that's holding us back and be able to improve our performance both internally and externally with our customers. And whether that's market share protection, whether that's increasing the revenue line, whether that's improving the cost productivity or managing risk, it all comes back to that improvement agenda.
Rebecca Knight
>> Okay. So let's talk about that improvement agenda with some customer examples. Can you walk us through a couple of recent engagements?>> Sure. Well, let me mention Unum, which we focused on at re:Invent '25. They had a situation of legacy old systems, undocumented, few people retiring, not knowing the systems. With AWS, ourselves and Accenture, we worked with them to actually analyze over one and a half million lines of code, come up with a re-imagined system with a new design, new business processes and policies, procedures, freeing up their staff, but ultimately getting a better result for the customer. And the kicker isn't so much they save some manual effort. They did it in three months instead of seven years for the previous implementation. So what you can do now at the speed, the velocity you can do it at is just incredible compared to what it used to be.
Rebecca Knight
>> Okay. So that's Unum.>> Yes.
Rebecca Knight
>> Another example?>> Well, let me give a banking one given I lead the banking group. So this is a client who we'll be talking publicly at our conference in a few weeks' time. They're one of the biggest mortgage lenders in the UK. They have implemented our decisioning as well as our platform technology to totally re-engineer their mortgage origination process end to end. And within weeks of ... Not only was it a quick process to replace the system, it was within eight months where this was a 14-year-old system. The results for me are incredible what they got. They got a 20% to then 40% uplift in their digital throughput of mortgage origination. And then they were also able to improve their efficiency of their operations teams, productivity, and get the efficiency of the bank much, much better.
Rebecca Knight
>> One thing being here at the AWS Financial Services Symposium, it's so clear how rich the ecosystem is.>> Yeah, for sure.
Rebecca Knight
>> Can you talk a little bit about how critical partnerships are to helping customers solve their problems?>> They are really important. I mean, for us, when we signed this strategic collaboration agreement with AWS a year ago, it was really important for us laying down the scenes for that, having a real strong partnership, but it's not just the AWS partnership, it's with GSIs. People who are here today and sponsoring as well like HCL, TCS, and many others, you really need the best of an AWS, a partner to help implement, and then the right technology like ours that can enable that transformation. When you get that three working well together, you can achieve brilliant results.
Rebecca Knight
>> Because as we keep talking about here on the show, it's really about people and processes. It's a technology issue, of course, but it's about the people and the processes.>> Yeah. And I think in this agentic AI driven world now, it's going to become even more important that people and technology, the management of the change, the change management across the technology. So you need excellent project management. You need experts still to have a look at what's the level of STP we want. Should that be automated? Does it need a manual intervention? So there's still a place for experts to both design an AI-driven agentic world, but also especially managed through the process to ensure adoption, ensure it works and is governed and predictable.
Rebecca Knight
>> Steve Morgan, thanks so much for coming on the show.>> Thanks very much, Rebecca. Great to be here.
Rebecca Knight
>> I'm Rebecca Knight, stay tuned for more of theCUBE's coverage of the AWS Financial Services Symposium.
>> Hello everyone, and welcome back to theCUBE's coverage of the AWS Financial Services Symposium here in New York City. I'm your host, Rebecca Knight. I would like to welcome to the show Steve Morgan. He is the global banking industry lead at Pegasystems. Welcome.>> Thanks, Rebecca. Great to be here in New York with you.
Rebecca Knight
>> Yeah. So let's start with the big picture. What does Pega do and why does it matter so much for financial services?>> Pega, we pride ourselves on being the enterprise transformation company. We're an AI-powered decisioning workflow automation company. We've got deep roots that started in banking actually many years ago in payment exceptions. We help companies and the biggest banks, we help them to manage their critical processes. And we help them things like getting away from legacy mainframe problems, helping them apply real time decisioning and workflow automation to improve their processes and ultimately get the outcomes that they need for their customers.
Rebecca Knight
>> So all 10 of the world's top 10 global banks are Pega customers.>> Correct.
Rebecca Knight
>> Which is pretty remarkable when you think about it. So what is the common problem that keeps them coming back to you?>> Oh, there's many. I mean, the main underlying thing would be getting the right outcome for the customer or for the internal processes for the staff, managing things efficiently. But we work from everywhere, from improving the revenue line through to looking at cost, productivity, managing risk. So there's a wide spectrum of areas that we work on across the banking and insurance landscape.
Rebecca Knight
>> You've got customers like Unum, Allianz, DCU. These are different American insurer, global insurance giant, a credit union, very different kinds of customers. What's the thread that runs through all of them, would you say?>> Well, there's thread through all of them. So from our biggest clients like Bank of America and Citi down to mid-size credit unions like DCU or Allianz, the common thread would be we need to transform and improve. We need to get away from some legacy technology that's holding us back and be able to improve our performance both internally and externally with our customers. And whether that's market share protection, whether that's increasing the revenue line, whether that's improving the cost productivity or managing risk, it all comes back to that improvement agenda.
Rebecca Knight
>> Okay. So let's talk about that improvement agenda with some customer examples. Can you walk us through a couple of recent engagements?>> Sure. Well, let me mention Unum, which we focused on at re:Invent '25. They had a situation of legacy old systems, undocumented, few people retiring, not knowing the systems. With AWS, ourselves and Accenture, we worked with them to actually analyze over one and a half million lines of code, come up with a re-imagined system with a new design, new business processes and policies, procedures, freeing up their staff, but ultimately getting a better result for the customer. And the kicker isn't so much they save some manual effort. They did it in three months instead of seven years for the previous implementation. So what you can do now at the speed, the velocity you can do it at is just incredible compared to what it used to be.
Rebecca Knight
>> Okay. So that's Unum.>> Yes.
Rebecca Knight
>> Another example?>> Well, let me give a banking one given I lead the banking group. So this is a client who we'll be talking publicly at our conference in a few weeks' time. They're one of the biggest mortgage lenders in the UK. They have implemented our decisioning as well as our platform technology to totally re-engineer their mortgage origination process end to end. And within weeks of ... Not only was it a quick process to replace the system, it was within eight months where this was a 14-year-old system. The results for me are incredible what they got. They got a 20% to then 40% uplift in their digital throughput of mortgage origination. And then they were also able to improve their efficiency of their operations teams, productivity, and get the efficiency of the bank much, much better.
Rebecca Knight
>> One thing being here at the AWS Financial Services Symposium, it's so clear how rich the ecosystem is.>> Yeah, for sure.
Rebecca Knight
>> Can you talk a little bit about how critical partnerships are to helping customers solve their problems?>> They are really important. I mean, for us, when we signed this strategic collaboration agreement with AWS a year ago, it was really important for us laying down the scenes for that, having a real strong partnership, but it's not just the AWS partnership, it's with GSIs. People who are here today and sponsoring as well like HCL, TCS, and many others, you really need the best of an AWS, a partner to help implement, and then the right technology like ours that can enable that transformation. When you get that three working well together, you can achieve brilliant results.
Rebecca Knight
>> Because as we keep talking about here on the show, it's really about people and processes. It's a technology issue, of course, but it's about the people and the processes.>> Yeah. And I think in this agentic AI driven world now, it's going to become even more important that people and technology, the management of the change, the change management across the technology. So you need excellent project management. You need experts still to have a look at what's the level of STP we want. Should that be automated? Does it need a manual intervention? So there's still a place for experts to both design an AI-driven agentic world, but also especially managed through the process to ensure adoption, ensure it works and is governed and predictable.
Rebecca Knight
>> Steve Morgan, thanks so much for coming on the show.>> Thanks very much, Rebecca. Great to be here.
Rebecca Knight
>> I'm Rebecca Knight, stay tuned for more of theCUBE's coverage of the AWS Financial Services Symposium.
Rebecca Knight