Capital One 2014 Annual Report Download - page 8

6
Positioning Capital One
as a Digital Leader
Technology is changing everything we do: the way we work, learn,
communicate, and live. Entire industries have been invented or disrupted
by software and the power of the digital revolution. And we’re still in the
early stages.
Banking is inherently a digital product, and the momentum
around digital is building across financial services. The staggering
rate of adoption of smartphones and the proliferation of technology
is rapidly and dramatically changing consumer behavior. Consumers
increasingly expect rich digital experiences from all companies.
Software is the predominant way consumers interact with their
banks today, and that engagement will only increase. Innovation
and competition in the payments space, by both banks and
non-banks, is accelerating. The ability to efficiently store and
use vast amounts of data is unlocking new opportunities.
Technology will have a profound and positive impact on
how people relate to their money. Ultimately, the winners
in banking will have the mindset of a world-class software
and information company and the scale and capabilities
of a diversified bank.
To succeed in a digital world, a company can’t just bolt
digital capabilities onto the side of a fundamentally analog
business. Simply transferring brick-and-mortar activities
to online and mobile platforms, while useful, massively
understates the potential for entirely new, virtual
experiences. Digital isn’t a channel. It’s a way of life.
At Capital One, we are deeply embedding technology, data, design, and
software development into how we work. Most of the leverage and most
of our focus is in establishing the foundational underpinnings of a great
digital company.
Building a technology-driven bank starts with talent. We are transforming
our recruiting and people practices to attract and retain the best digital
talent. We are investing to develop our associates across the enterprise and
provide them with cutting-edge tools and training. We are creating new
Digitally Focused
Consumers increasingly expect
elegant and robust digital
experiences from all companies,
including banks. We’ve invested
in building the infrastructure
and acquiring the digital talent
of a great technology company.
We are well positioned to succeed
as a digital leader.