Note from the editor: This year as part of our 20th Anniversary we are not only looking back at the past, but also setting our sights on the future. This new column, Future Fridays, will feature guest blog posts from WBENC’s America’s Top Corporations for Women’s Business Enterprises as they share insights on the future of doing business with them and their industry.
Future Friday: Capital One
Capital One is challenging the banking status quo with humanity and technology.
Today’s consumer is accustomed to the digital experience offered by products from Google, Amazon and Facebook and expect the same level of experience from their financial services providers. People want experiences that are highly personalized, relevant and in real time. The winners in the future of banking will be those who excel in exceeding these consumer expectations.
However, in many respects, the financial services industry has not yet fully embraced the power and opportunity that comes with those expectations. A bank should be a trusted advisor and partner, not just a faceless entity that sends a new credit card in the mail every couple years. Customers want the convenience of being able to know how much money is in their accounts and the balance on their credit card or home loan whenever and wherever they are. Their interactions with their bank should have value – going beyond transactions to create an experience that improves their lives.
Capital One is pushing the limits of technology to deliver that experience. We’re going beyond focusing on what customers want. We’re looking beyond the horizon to what we know is going to help them manage their money effectively and confidently in the future.
The heart of what we’re doing is really about empowering people to feel confident about their relationship with their money. To do that, we’re redesigning the banking experience – making things simple and straightforward with experiences that fit more naturally into people’s lives.
Here are a few of the ways we are leveraging the digital transformation to move toward a future of banking that is more real-time, digital-first and anticipates customer needs.
- Our Capital One Wallet app tracks of all your purchases in real time and keeps them organized on the go. Customers can see a running list of their transactions, including enhanced information like the true merchant identity and location. Plus, it flags potential fraudulent activity through real-time alerts. New functionality for Capital One Wallet for Android can even deliver location-based discounts to customers in stores while they’re shopping.
- Artificial Intelligence continues to be an area of exploration.
- We recently launched the first natural language SMS chatbot from a U.S. bank. Eno embodies Capital One’s commitment to innovations that make banking truly effortless.
- Capital One was also the first company to give its customers the ability to interact with their financial information using their voice through Alexa-enabled services, such as the Amazon Echo.
- CreditWise is a free app that lets you track your credit score – and simulate ways to improve it. Users can also learn what happens to their score when they pay off debt – and what life changes impact their score. Using CreditWise, millions of people have improved their credit score by 20 points or more.
And equally as important as the experience, our customers want to know that their identity and personal information is secure. Capital One’s Second Look technology identifies charges on your account that appear to be a mistake such as a duplicate.
This type of innovation doesn’t happen in a vacuum. We are passionate about fostering an inclusive culture, knowing that innovation is powered by perspective and that diverse teams are more successful. Our goal is to have our technology workforce represent our customer base, which provides greater opportunities to learn about the needs of all types of people.
Capital One’s commitment to diversity and inclusion includes making investments in the entire technology industry ecosystem. We are devoted to our $150 million Future Edge community grant program, Women in Technology initiative, and partnerships with diverse student and professional organizations.
Another critical objective in our D&I strategy includes pursuing a diverse supply chain. Through our supplier diversity program, we are ensuring women-owned businesses and other diverse suppliers have access to opportunities, including mentoring and technical skills training. Since the inception of our supplier diversity program more than 10 years ago, we have directly touched more than 130 businesses. Our goal is to ensure that diverse suppliers can compete for business at Capital One – and with other Fortune 500 companies, too – in today’s digitally driven economy.
Supporting minority-owned businesses aligns with Capital One’s core value of Do the Right Thing. We will strive for Excellence – our second core value – by measuring our success based on the success of our customers, communities, partners and suppliers. As a leader in business technology innovation – as recognized by InformationWeek – we feel it is our responsibility to prepare women and other diverse owners for their own economic success.