From ATMs and mobile wallets to chatbots and robo-advisors, technology relentlessly transforms how we store, transfer, and manage money. Capital One moves at the forefront of this transformation — one of the largest and among the first banking institutions in the U.S. to make serious investments in digital technology and artificial intelligence.
Several major financial services firms have publicly announced ambitious plans for AI, including consumer-facing chatbots. Months later, they still haven’t shipped. Companies that aren’t core technology organizations like Google or Facebook often struggle with getting tech products out the door. Capital One is one of the few exceptions to the rule.
Capital One’s transition to digital kicked off when the company formed an in-house software engineering unit and migrated a significant part of operations to the cloud, foreseeing early on that agility would become a key competitive edge for players in the financial sector. More recently, the Fortune 500 firm infused both backend infrastructure and customer-facing channels with smart doses of machine learning and natural language processing, punctuated in March by an industry-first rollout of a gender-neutral and NLP-capable chatbot named Eno (“One” spelled backwards).
In 2016, the Virginia-based lender became the first financial services company to launch customer account access on Amazon’s Alexa platform, allowing users to check their balances, pay their bills, and engage in a wide range of voice-based interactions. The company also announced it plans to be the first financial services company to launch a similar service on Cortana, Microsoft’s personal assistant software.
Capital One’s latest AI-driven initiative is the chatbot Eno, which markedly shifts the medium from voice to text. Ken Dodelin, VP of digital product management, explained, “Texting is the most widely used feature on the smartphone. Ninety-seven percent of smartphone owners text. So we thought that would be a good place for us to spend some time. And we launched the first natural language SMS chatbot from a U.S. bank.
“Through Eno, folks can chat with us in natural language about their credit card accounts and their checking accounts, and we’re able to have…