Capital One has a new software company. Its first objective is the cloud

Capital One Financial Corp. bundles cloud and data management software it has developed for internal use into products it can sell to other companies.

On Wednesday, the bank in McLean, Va., announced Capital One Software, a B2B software company for businesses operating in the cloud. The division’s first product is Capital One Slingshot, a data management tool for customers of Snowflake, a company that provides data warehousing, data engineering, and other data services.

Specifically, Slingshot will help businesses more easily adopt the Snowflake Data Cloud, a network that enables businesses to securely access and share data within their company and with other organizations. Slingshot will also help them automate governance processes and manage costs. For example, it will send alerts that notify customers when costs are rising and direct them to a dashboard to investigate the cause.

Capital One, a $434.2 billion asset, was an early adopter public cloudcompleting its move to the cloud in 2020. This is a transition that financial institutions such as Key Corp, American bank and Wells Fargo have announced or are doing as well. A Gartner report from November 2021 predicts that more than 85% of organizations will adopt the principle of the cloud by 2025.

“We recognize that many other companies face similar data management needs [to Capital One] as they accelerate their cloud and data journeys,” Ravi Raghu, head of Capital One Software, said in a press release. “Bringing some of the tools we’ve built and scaled to market as enterprise B2B software solutions is a natural evolution for us.”

The company says using Slingshot has saved it money and many hours of manual input, as well as adapting its own use of Snowflake. Specifically, Capital One calculates that it saved 27% of planned costs by dynamically provisioning compute resources and experienced a 43% decrease in cost per query from reducing inefficient query patterns and model improvements. of data.

“We’re excited to help other companies harness the full power of the cloud to accelerate innovation for customers,” said Biba Helou, senior vice president of enterprise data platforms at Capital One.

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