Capital One announced recently that it’s reconstructing the entire organization on a culture of agile and collaborative product development. The company has undergone through a various innovative transformation that has made the Bank identical with the digital innovation including the Artificial Intelligence, Innovation Labs, Blockchain and much more.
According to Gill Haus, Senior Vice President, Retail and Direct Bank Chief Information Officer at Capital One, the employees must experiment the latest technology through various changes in the organizational culture, processes, and technology regularly in order to judge its applicability to the banking operations. Haus has overseen the gradual development of various innovation labs that enhances the value of the company.
For more than a year, Capital One has been rethinking for better ways to get out of the obvious and common approaches to innovation by investing in the latest technology that improves the customer interactions with the company products and services. According to Sanjiv Yajnik, the president of financial services at Capital One, the real power of rethinking innovation is by shifting the way one thinks about the product from the customer’s perspective.
Most companies are today employing a ‘bolt-on’ approach by developing tech innovation on the already existing outmoded product designs. But such strategies might not bring out the whole new experience for the customer who increasingly demands products and services that are faultlessly integrated into their day-to-day lives.
Capital One is systematically digitizing everything in its entire organization by continuously upgrading its legacy systems. The firm ensures that it has the right talent on board and the necessary tools and processes required for use. One of the goals of the company is to transform all its processes and people by moving to the cloud. Currently, the Bank is working in partnership with Amazon’s AWS to enhance its platforms.
One of the approaches that the company is using to attain its goal is by changing the mindset of people in building and using the innovative applications. The aim is to reinvent each step of the process and modernizing all the components of its products and services.
