Capital One is a cautionary tale for companies rushing to embrace new tech
Capital One always said it wasn’t like other banks. While other financial giants cautiously waded into their own digital transformations, Capital One’s leadership has sought to differentiate the $28 billion bank by investing in technology meant to modernize their business. The bank has increased its number of technology staffers to 9,000 today from 2,500 in 2011, assigning employees to software engineering, artificial intelligence and building a digital chatbot to automate reminders to customers about when their bills are due or flag unusually large restaurant tips in case they want to rescind them, Rob Alexander, the bank’s chief information officer told the Wall Street Journal last year. Capital One also was different for its use of Amazon Web Services, a rarity in the financial services industry where most corporate heavyweights simply don’t trust third-parties to store their financial data. At Capital One, the use of AWS was to serve as proof of […]
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