Technology is already ubiquitous, and is only going to get more integral in the future. Almost every company foresees these trends, and this is why many are taking major steps to embrace it. One such company that wants to infuse technology in a big way into its operations, with an aim to meet the growing demands of its digital customers, is CapitalOne. This financial services provider believes cloud is an important technology that needs to be adapted to move forward, grow, and to continue to reach out to more customers. To achieve this long-term goal, it has partnered with the leader in cloud, Amazon Web Services (AWS).
Under the terms of the agreement, AWS will be the major cloud partner for CapitalOne. Though the company already uses the services of companies like Google and Salesforce for its small applications, it has announced that AWS will handle all of its legacy migrations.
Some researchers believe that this would be a disadvantage for CapitalOne because it will not have the flexibility to switch between providers to tap into their pricing or features. Maybe CapitalOne already thought about this disadvantage, and this is why it has announced that AWS will be its major partner, and not an exclusive one! Still, much of its migration to the cloud is going to be handled by AWS.
This decision to move to the cloud comes as a surprise because financial companies, in general, are slower to embrace technology partly because of the security concerns that arise with it. CapitalOne, though, wants to change this trend. It wants to cater to its growing tech-savvy customers, and to bring out new tech-based products and services that are sure to impress them.
CapitalOne’s move to the cloud began in 2013 when it hired people to develop and test cloud-based applications in its innovation lab. The many experiments necessitated the use of cloud, and this led the company to tap into the services of providers at a small scale. By 2015, it became clear that the company has to make a big foray into the cloud to continue with the rapidly developing projects in its lab. In addition, the company understood that cloud offers many benefits in terms of scalability, flexibility, and better user experience for its customers. Due to these factors, the company has taken the big step to partner with AWS to move all its applications to the cloud. CapitalOne has many mainframe applications too, and all these are also likely to be moved to the public cloud soon. Though no timeframe has been mentioned by either companies, this transition is expected to begin at the earliest.
Besides migrating its existing applications, CapitalOne also plans to develop new products, especially for the mobile platform. Currently, its mobile app is one of the most used customer-facing applications, and this was transitioned to AWS cloud last month, on a trial basis. The success of this transition has prompted the company to move all its applications to the cloud.
Overall, this is a strategic move by CapitalOne, and it plans to use technology to score over its competitors. Also, it is expected to fulfill its customers’ expectations.
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