Capital One Financial Corp. is packaging cloud and data management software it developed for internal use into products it can sell to other businesses.
On Wednesday, the McLean, Virginia, bank announced Capital One Software, a B2B software business for companies operating in the cloud. This 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.
More specifically, Slingshot will help businesses more easily adopt Snowflake’s Data Cloud, a network that lets companies securely access and share data across their business and with other organizations. Slingshot will also help them automate governance processes and manage costs. For instance, it will send alerts that notify customers when costs rise and direct them to a dashboard to investigate the cause.
The $434.2 billion-asset Capital One was an early adopter of
“We recognize that many other businesses are facing similar data management needs [to Capital One] as they accelerate their cloud and data journeys,” said Ravi Raghu, head of Capital One Software, 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 helped it save money and many hours of manual entry, as well as scale its own use of Snowflake. More specifically, Capital One calculates it saved 27% over projected costs by dynamically provisioning compute resources and saw a 43% decrease in cost per query through reducing inefficient query patterns and data model improvements.
“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.
