IBS Journal August 2016
45
“AMAZON IS A VERY CUSTOMER FOCUSED BUSINESS
AND THIS EMPHASIS IS WHERE FINANCIAL SERVICES
IS STILL PLAYING CATCH UP COMPARED TO THE RETAIL SECTOR”
in our new engineering and design recruits: Ability to be a problem solver; Relevant experience and skills; Good team fit.
We have created a fantastic environment to help people build tech to solve customer problems and we have a great retention rate because we offer a lot of training to ensure our associates’ skillsets continue to grow. Much of what we’re working on is proprietary and will be released to customers over the coming months/years and there will be more of that to follow.
We have already made some fantastic hires and added to our technology teams. Together I truly believe that the work we’re doing now will change the way people in the UK interact with finance forever.
IBS Journal: What are your customers telling you they want from Capital One?
AR: What we hear from our customers is that they want three things: to feel in control of their finances, to be able to access their accounts wherever they are, and that that access must be instantaneous.
I see it as a real positive that society today is asking to be in control of their finances. The days of simply building up credit agreement after credit agreement is gone and people’s attitudes and expectations have changed. We have to match this demand with technology though.
Our customers’ expectations and demands have changed too. Very rarely do we sit down to a desktop computer to check emails or browse the web or even shop; we usually reach for a smartphone or tablet, and by extension our customers expect
the same level of ease, access and portability from their financial services providers.
IBS Journal: What is your approach to FinTech new entrants; is there scope for collaboration?
AR: Absolutely. Innovation can come from anywhere and with the skills and enthusiasm that can be seen in the British FinTech scene we would be mad to turn our backs on such a fantastic pool of talent.
In 2016, we as a business are running our first ‘Capital One Growth Labs’ and we’ve had an incredible response from the other FinTech businesses. The application and pitch process concluded in early July and the next stage is that selected businesses will be invited to work with Capital One for 10 weeks at our Nottingham HQ. The companies will be able to showcase their achievements and bid for development finance. Our ambition is that Capital One will be able to develop a long-term commercial relationship with some of the companies we are supporting. We’re looking to be open and collaborative as much as we can, it can only be a positive for the future of the industry.
IBS Journal: If you are outlining the vision of what you would like Capital One to be in five years from now, what would that be?
AR: Five years from now Capital One will be seen as having been instrumental in changing the way that UK customers interact with their finances. Technology development with a focus on the customer is going to play a formative role in this evolution and I believe that, with the steps we are taking now, Capital One will be at the cutting edge.
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