By: Ken Chase.
Estimated reading time: 2 minutes
In a press release this week, Capital One Financial Corp. unveiled its new enterprise B2B software company, Capital One Software. The new business represents Capital One’s official entry into the enterprise software market and will focus on leveraging the firm’s own experience in developing in-house data management and cloud solutions to help business customers efficiently adopt new cloud capabilities.
According to the press release, the company’s initial product offering will be Capital One Slingshot, which will focus on facilitating customer adoption of Snowflake’s data cloud solutions. Capital One was an investor in Snowflake and has since used the Snowflake Data Cloud to leverage big data, scale operations, and manage its response to evolving customer needs.
Now, the company plans to use its own software business to ensure that its business customers can enjoy similar benefits from cloud technology. Executive Vice President and Capital One Software head Ravi Raghu notes:
“Capital One has pioneered the adoption of modern data and cloud capabilities. We’ve solved technology challenges faced by America’s largest enterprises and increased our speed and agility in delivering breakthrough products and experiences for customers. We recognize that many other businesses are facing similar data management needs as they accelerate their cloud and data journeys, so bringing some of the tools we’ve built and scaled to market as enterprise B2B software solutions is a natural evolution for us.”
Late last year, Gartner, Inc. analysts predicted that the future of business enterprise strategy will rely on effective adoption of cloud capabilities. According to Gartner, more than eight in ten organizations will need to pursue the use of cloud technologies if they want to fully execute their future digital plans.
Capital One says that Slingshot will provide a host of benefits to the businesses that use it, including superior cost management, new insights into cost and usage changes, automated governance capabilities, and the ability to scale while avoiding “exponential cloud spend.” Capital One Software will be located in Capital One’s McLean, Virginia headquarters.