Egnyte: combining technology with customer-centricity
Recognising the value of cutting-edge technology combined with a strong, customer-centric work ethic, Egnyte is an intelligent content platform to access, share, and manage content no matter where the work happens. Specifically, working with one of its key clients, PIB Group, Egynte has been helping it define a vital data management strategy to maintain its high-quality services in a shifting insurance landscape. “For enterprises these days, the focus isn’t just on digital transformation,” explains Andrew Martin, Managing Director, UK. “Really it's about data transformation and helping our customers formulate a strategy regarding their structured and unstructured data.”
Fascinated by both technology and sport at a young age, Martin says that he has been able to incorporate his leadership and team management skills from the latter to drive his coordination of Egynte’s EMEA-focused operations. Priding himself on an ability to see problems from the customer’s point of view, Martin explains that the philosophy of the company’s founders - Vineet Jain (Chief Executive Officer) and Rajesh Ram (Chief Experience Officer) - drew him in and inspired him to join. “Fundamentally, they’re two guys who found a problem that they couldn't solve at their previous organisations and decided to create a company to address it.” Claiming that, in a direct comparison with its competitors, Egynte’s cloud-first usually emerges victorious, it is Martin’s opinion that the time is right for further market expansion.
With over 16,000 customers accrued since it was founded in 2007, the company has a solid grasp on its core capabilities and is now assessing the market carefully to anticipate the needs of tomorrow’s clients. “The business started with moving document file servers to the cloud without negatively impacting the user experience or speed degradation. However, with a client like PIB Group, we have to manage millions of files across thousands of employees while they're also trying to onboard multiple new acquisitions every year.” To give a more accurate impression of the scale of the onboarding: PIB Group has brought over 40 businesses under its umbrella in less than five years.
Regarding the COVID-19 pandemic, one of the most difficult logistical challenges of modern business, Martin proudly states that Egnyte’s strong relationship with PIB Group has seen the latter through its implementation of remote working processes. “Paul Johnson (COO and CIO at PIB Group) has said that, through PIB Group’s usage of our technology, the company has had no challenges making content and data available to all their employees wherever they want to work.” What was once a static and relatively limited vendor relationship has developed over the years to become a fully-fledged partnership, one underpinned by mutual recognition of the value of customer-centricity. “Darrell Cook (Customer Success Manager) runs our relationship with PIB Group, not my sales team,” Martin emphasises. Cook himself adds: “That dynamic allows us to really understand its business, goals and problems, therefore making it easier to find solutions. That's something that I think Egnyte does very well: we listen to the customer and find out what they want to see in the future.”
Read the full PIB Group article in the latest edition of InsurTech Digital
BIS and Bank of England launch Innovation Hub London Centre
The BIS Innovation Hub's work programme is currently focused on six areas: use of technological innovation in supervision and regulation (suptech and regtech), next-generation financial market infrastructures, central bank digital currencies, open finance, cybersecurity, and green finance.
The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which also includes the opening of Centres with the Bank of Canada (Toronto), the European Central Bank/Eurosystem (Frankfurt and Paris) and the four Nordic central banks (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank) in Stockholm.
“The BIS, together with its partners, is taking a leading role in coordinating the work of central banks on technological innovation in the financial sector to pave the way for the future of central banking. This new Centre in London reflects the Bank of England's critical role as an innovator in responding to the challenges and opportunities of the digital world while safeguarding financial stability.” said Agustín Carstens, General Manager of the BIS.
“The UK is known for pushing the boundaries of digital finance so it's great to have the new Innovation Hub opening here. Its work will help central banks to support safe innovation, and boost our efforts to capture the extraordinary potential of technology.” said Rishi Sunak, UK Chancellor of the Exchequer.
Importance of banks staying up to date with the latest technologies
It is important that banks upgrade their legacy systems to handle the new wave of digital payments and currencies. The hubs are focusing on the study of these areas so that they can help the various central banks and also carry out their own tests on these as the financial system across the world prepares itself for this digital transformation.
It is likely that there will need to be changes and upgrades to handle the various practices and processes that are to come into existence and it is expected that these hubs would advise the various central banks on how such practices need to be regulated and supervised as the new rules need to blend the processes of both legacy and digitalisation systems.
In the coming years, the focus will turn to green banking. Every institution has a responsibility to take care of the environment and bring in processes to help the Earth stay green. With digital currencies using a mass amount of electricity, it remains to be seen how the banks are going to handle this new developing situation.