Capital One's Q2 earnings gave insight into its ongoing digital transformation

$7.12 billion in total net revenue in Q2 2019, increasing 1% year-over-year — a deceleration from 4% growth in Q2 2018. Meanwhile, its operating expenses increased 8% YoY due to jumps in both marketing and professional services costs.its technology capabilities, with Chief Information Officer Rob Alexander spearheading a multiyear digital transformation plan. Since 2011, the bank has expanded its technology staff from 2,500 to 9,000, adding software engineers and AI experts, among others.

It also developed an AI-powered chatbot, Eno, which it initially piloted in 2016. Notably, the firm is also in the middle of a multi-year effort to migrate its back-end software development tools and infrastructure to the public cloud.gave further insight into the status of its ongoing digital transformation.

Capital One expects the migration to the cloud to be completed in 2020, with"significant cost and efficiency improvement opportunities" starting in 2021, according to CEO Richard Fairbank. Until then, expenses will swell, as the firm is incurring costs of both its data center and cloud simultaneously. But cloud computing could lead to long-term cost saving benefits for banks, as well as enable them to mitigate risk and process data more efficiently.

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