Banking Giant Capital One Enters B2B Software Industry With Launch of New Business (forbes.com) 7
Capital One, a major player in America's banking industry with $434 billion in assets and more than 100 million customers, is launching Capitol One Software, "a business that develops and sells software products to companies scaling up their use of data and cloud computing," reports Forbes. From the report: The new venture, which has been created by Capital One's CEO and founder, Rich Fairbank, is based at the company's headquarters in McLean, Virginia, and has its own dedicated personnel as well as access to software developers in Capital One's 12,000-strong technology team. Its first product, Capital One Slingshot, helps companies speed up their adoption of Snowflake, a popular cloud data platform, and manage costs associated with it. [...] Ravi Raghu, the head of Capital One Software, says executives at Capital One see its creation as a natural evolution of the overall company's digital journey. "We've been talking of Capital One as a technology company for a while now. The best proof of that is [to become] a technology company that's actually selling software. That innovation just runs in our DNA."
Still, making Capital One Software a success will be no slam dunk. The markets the new business is targeting are big but they are also full of formidable competitors whose sole focus is on software and there are significant costs associated with things such as building teams that consult with customers to help them get the most out of the products they buy. Capital One may also need to reassure investors, who have seen its share price fall by almost 12% this year to $127.86 at close of trading on May 31, that its move into the software business will not distract executives from its core finance ones, especially as the economy shows signs it may be tilting towards recession.
Still, making Capital One Software a success will be no slam dunk. The markets the new business is targeting are big but they are also full of formidable competitors whose sole focus is on software and there are significant costs associated with things such as building teams that consult with customers to help them get the most out of the products they buy. Capital One may also need to reassure investors, who have seen its share price fall by almost 12% this year to $127.86 at close of trading on May 31, that its move into the software business will not distract executives from its core finance ones, especially as the economy shows signs it may be tilting towards recession.
IS Slashdot hiring? (Score:3)
Here's an example of a bad headline:
Banking Giant Capital One Enters B2B Software Industry With Launch of New Business
Bloated. Redundant. Just plain bad. Go with conciseness and legibility instead:
Capital One Enters Software Industry
If you'd like these kind of helpful edits to each article, I would be glad to replace your editing team, and I'll probably cost less too.
Re: (Score:2)
Re: (Score:2)
It's even more stupid...
The article never mentions "B2B", because B2B in banking actually has a meaning, so a bank wouldn't "Enter B2B Software Industry" because B2B for a bank has nothing to do with software industry.
I have no idea why that term is being used in the summary, but in relation to banking, it's extremely confusing.
an ugly pivot by a bad tech company (Score:2)
Everyone who's worked in the tech department of Capital One knows that their org is basically a joke. They publish all these talks at cons trying to tell people how to do tech, but behind the scenes everything is a giant mess.
Whoever is running the ship there has some fantasy of running their own tech firm rather than a bank, and doesn't know how to do the job right either way. This little venture is gonna crash and burn if the people with the cash ever realize it's not making any money.
Good thing is, banks
Lede misses the story (Score:2)
The real point to the story is SNOW. Snowflake has pivoted to pure technology company that it is, abandoning the sales force brute force concept. The law of diminishing returns has struck its shores at the same moment pandemic, inflation and clear path to the next level alludes SNOW.
This is how its going to goCapital One has the most to gain and SNOW is enabling on the backend.
Is this the same CapitalOne (Score:2)
that I was called in to firefight after they couldn't manage to develop an online credit card application service having spent a whole year and xx million?
Re: Is this the same CapitalOne (Score:2)
In Nottingham if memory serves..