Capital One: Future Of Banking

Today, the global banking system is not only bigger and more profitable but also extra resilient than at any time in the last decade. According to a recent survey, total assets stood at U.S $124 trillion, while return on assets (ROA) reached at 0.90 percent. However, the recovery since the financial crisis has not been uniform across the world. Due to aggressive policy, interventions and forceful regulations helped propel banks in the U.S to stabilize quickly. In addition, positive GDP growth, tax cuts, and rising rates have further helped bolster the state of the industry. That being said, firms in the financial sector are restructuring its operations through adoption of different types of consolidation strategies like mergers and acquisitions to face challenges posed by the new pattern of globalization and integration a behemoth of technologies.

In the current scenario, the market is replete with an infinite number of corporate finance solution providers, striving to pull themselves up by their bootstraps by supervising and managing businesses’ monetary aspects and veer organizations towards success. This is where Capital One Financial Corporation is carving out a niche for themselves. Headquartered in Mclean, Virginia--the company offers a broad spectrum of financial products and services to consumers, businesses of all sizes, and commercial clients through a variety of channels. The company aims to enable clients to make the most of their working capital by accelerating receivables, consolidating funds, and provide them control over outgoing payments. “At Capital One, we are committed to excellence in everything that we do, including the way we perform as individuals, teams, and an organization,” says President of Capital One Bank Northeast Region, Michael C. Slocum.

Leveraging Technological Innovations in Banking Sector

Capital One specializes in a range of financial solutions by leveraging their in-depth industry knowledge to customize them to fit specific business needs and help clients navigate through the changing needs of their industries. The firm does this by offering a myriad of automated solutions to maximize investment opportunities and free up internal resources to allow clients to focus on growing their business. These digital tools to help clients stay informed about daily account balances and transaction details to increase efficiency of decision-making and business strategies. One such tool is Capital One’s Intellix, a web-based app that enables clients to stay connected and in control of cash balances, daily transactions and other important account information securely and conveniently. The app is designed to save time, prevent fraud and manage a company’s finances efficiently online or through your mobile device.

Intellix streamlines all account data into a single, secured-access view. This interface helps in give an over-view of account summaries, balance, transaction reports and statements in real-time.

Furthermore, the app’s all-in-one Payments Center allows clients to initiate and approve ACH, wires and book transfers. Client’s data are protected with advanced security options such as multifactor authentication protocols that include alerts, custom recipient lists, and mobile soft tokens. Client’s can access accounts from any device with flexible compatibility options that include Mac, PC, Chrome, Firefox, Internet Explorer, Safari, iPhone and Android devices. Capital One also offers customer support through email or chat directly from Intellix and e-learning modules to help train users in optimizing the app. The firm continually seeks feedback in a bid to offer enhancements in product usability and experience.

Another constituent of the company’s digital solution is the Captial One Corporate Card, a virtual card that replaces check process--enabling clients to generate payments online in just a few clicks. The Corporate Card helps in improving cash flow and streamlines payable account details and expenses to simplify billing processes. In addition, the solution allows clients to manage their T&E program online 24/7, including adding employee cards, setting spend controls, reviewing transaction details and generating reports. Thus, increasing control, efficiency, and security at the same time decreasing the risk of fraud with single-use virtual cards. Clients can also earn reward points on their company’s net spend. Rewards can be redeemed through statement credits, gift cards and more.


Recent History

Since its inception, Capital One has grown into 755 branches, including 30 café style locations and 2,000 ATMs. The company was ranked 10th on the list of largest banks in the United States by assets and 98th on the Fortune 500. Capital One is credited for pioneering the mass marketing of credit cards in the 1990s. In recent years, identity fraud and data breaches are causing financial loss, poor customer experiences, and reputational damage. That being said, consumers are demanding for increasingly secure and convenient method to interact with services online. In 2018, Capital One acquired a digital identity and fraud alert start-up called “Confyrm.” “We understand that verifying identities is critical in building trust. Confyrm is the best-in-class identity verification tactics proven at scale and facilitates optimal customer experience that customers expect,” states Andrew Nash Managing VP, Identity Services at Capital One. The company now offers a suite of identity services such as real-time verification of information such as government-issued ID, mobile network information, consumer information databases, device confidence, and risk evaluation used with the company’s customer accounts.