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Capital One Background
Who is Capital One? Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts. The bank has 755 branches including 30 café style locations and 2,000 ATMs. It is ranked 97th on the Fortune 500, 17th on Fortune's 100 Best Companies to Work For list, and conducts business in the United States, Canada, and the United Kingdom. The company helped pioneer the mass marketing of credit cards in the 1990s. In 2016, it was the 5th largest credit card issuer by purchase volume, after American Express, JPMorgan Chase, Bank of America, and Citigroup. The company's three divisions are credit cards, consumer banking and commercial banking. In the fourth quarter of 2018, 75% of the company's revenues were from credit cards, 14% were from consumer banking, and 11% were from commercial banking. History Capital One is the fifth largest consumer bank in the U.S. and eighth largest bank overall(Capital One, 2020), with approximately 50 thousand employees and 28 billion US dollars in revenue in 2018(Capital One, 2019).Capital One works in a highly regulated industry, and the company abides to existing regulations, as stated by them: “The Director Independence Standards are intended to comply with the New York Stock Exchange (“NYSE”) corporate governance rules, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and the implementing rules of the Securities and Exchange Commission (SEC) thereunder (or any other legal or regulatory requirements, as applicable)”(Capital One, 2019).
In addition, Capital One is a member of the Financial Services Sector Coordinating Council (FSSCC), the organization responsible for proposing improvements in the Cybersecurity framework. Capital One is an organization that values the use of technology and it is a leading U.S. bank in terms of early adoption of cloud computing technologies. According to its 2018 annual investor report (Capital One, 2019), Capital One considers that “We’re Building a Technology Company that Does Banking”. Within this mindset, the company points out that “For years, we have been building a leading technology company (...). Today, 85% of our technology workforce are engineers. Capital One has embraced advanced technology strategies and modern data environments. We have adopted agile management practices, (...).We harness highly flexible APIs and use microservices to deliver and deploy software. We've been building APIs for years, and today we have thousands that serves as the backbone for billions of customer transactions every year.” In addition, the report highlights that “The vast majority of our operating and customer-facing applications operate in the cloud(...).”Capital One was one of the first banks in the world to invest in migrating their on-premise datacenters to a cloud computing environment, which was impacted by the data leak incident in 2019.
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