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THE BIG INTERVIEW Disrupting from within
Andy Reeves, VP, Software Engineering, Technology, Capital One, is a man on a mission. “Our goal is to change the industry for the better,” he tells IBS Journal
transfer card in 1992.
Today, again the financial services industry is ready for a huge change. For over 30 years our industry has created the technology that many other businesses embraced and were built on. That landscape has now changed and financial services is reliant on technology that is old and outdated – much of it mainframe and batch processing focused.
At Capital One, we are on a journey to re-invent the entire finance ecosystem with technology that will help our customers succeed with credit and provide a ‘real-time’ connection with their finances. Of all the businesses in this sector, Capital One is uniquely positioned in the UK. As we’re owned by one of the largest banks in the USA, we can build on all the great work they’re doing there and then innovate locally from our two UK Software Centres, one at our UK headquarters in Nottingham and the other in our London offices – soon to move to larger facilities at Silicon Roundabout. Our goal is to change the industry for the better – and we are succeeding.
services sector? Amazon disrupted the retail sector, but you are now working for a company that’s nearly 30 years old and faces disruption from new FinTech entrants. It’s quite a change of pace.
I
Andy Reeves: There is no rule that innovation and disruption can’t come from within and at Capital One we have a long history of innovation. Back in the 1990s we revolutionised the credit card industry by rejecting uniform pricing in favour of statistical models based on credit and demographic data to develop products offering the best combination of price and credit limits. We called this the Information Based Strategy, which combined the power of information and technology to deliver the right product to the right customer at the right price. By using analytics to drive product innovation Capital One was the first credit card company to introduce the balance
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IBS Journal: What can the financial services sector learn from Amazon?
BS Journal: What drew you to the financial
AR: The challenge for financial services is around understanding the customer journey; how we can help our customers manage credit better and have a better relationship with finance. Amazon is a very customer focused business and this emphasis is where financial services is still playing catch up compared to the retail sector. Understanding what success looks like for our customers and working towards those goals is critical in building solutions that help our customers succeed with credit.
IBS Journal: You’ve said, “I’m working with the team to develop our own software to create a lasting and meaningful impact for our customers. I believe the financial industry in the UK is ready for change and Capital One is doing many things to make this happen.” Could you expand upon this?
AR: It’s no secret that we are hiring technologists, many of which will be based out of our new office in the heart of London’s FinTech hub. This is because we are looking to revolutionise the industry, starting with our own offering. We are looking for three things
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