BANKING TECHNOLOGY | Tim Charlton, Singapore

Fintech Enov8 allows banks to track and reduce their IT resources

Enov8 saved one Australian bank over $40 mn identifying duplicate and underused resources and licenses.

Most banks manage their IT environments using spreadsheets or emails, but these inefficient management processes are costing companies up to 7.5% of their total IT budget every year. Enov8, a specialised IT & testing services company established in 2013, aims to help banks manage their IT environments through a platform that enables them to improve productivity and cut costs.

According to Enov8, IT Environments are identified as the primary cause of project delays and late time to market. Common issues faced by organisations are poor transparency of resources and relationships, environment outages and instability, inconsistent and error prone operations, infrastructure and license over-proliferation, large volumes of decentralised information, and unmanageable IT project resource contention, amongst others.

“We initially went to organisations to look at their problems and help them build bespoke solutions. We eventually identified that most organisations have the same problem statement and we decided to build a commercialised solution everyone can benefit from. So we put together an IT management platform called Ecosystem EM. It’s all about transparency or visualisation of your environment and implementing a governance framework so you can better control it,” said Niall Crawford, chief technology officer at Enov8.

Find out more about Enov8 as Tim Charlton, editor of Asian Banking and Finance, sits down with Crawford for an exclusive video interview.

To learn more about Enov8's EcoSystem EM and how it works, check out this video:

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