Capital One CTO Says Future of Banking Will Be Real-Time, Intelligent, and Proactive

March 12, 2019

By Tracey Cheek

Capital One is making some big investments in tech to transform the banking experience ー from digital assistants to real-time alerts powered by machine learning.

"We believe that the future of banking is going to be real-time, it's going to be intelligent, and be proactive," Chief Technology Officer Gill Haus told Cheddar Tuesday. "In order to offer those sorts of services to our customers, we need to change the way that we build our technology."

The Capital One team has brought on over 9,000 engineers to build out its technology services. Haus told Cheddar that the company has put much of its effort into its digital assistant, Eno, and services that alert customers to possible financial errors ー for example, accidentally double-swiping a credit card.

Those real-time customer support tools are made possible through artificial intelligence.

"We apply machine learning and big data to everything that we do so we're able to go through large amounts of data that would not be possible without these algorithms to see what is and isn't fraud and then alert you," explained Haus.

The technology behind Eno also allows the bank to offer customers proactive tips about how to spend their money.

Haus told Cheddar that the team is focused on any type of innovation in the payment space, and is also exploring the possibilities around blockchain and cryptocurrency.

As the bank advances its use of data to improve customers' experience, Haus said that privacy protection remains a top concern.

"As the Digital CTO, privacy and the protection of data is one of the top things on my mind, also the DNA of the company," said Haus. "So we ensure that we have the right rigor, the right processes in place to make sure we are protecting all of our customers' personal and private information."

For full interview click here.