Unveils new enterprise data management SaaS solution for
Snowflake Data Cloud customers
MCLEAN,
Va., June 1, 2022 /PRNewswire/ -- Capital One
Financial Corp. today announced the launch of Capital One Software,
a new enterprise B2B software business focused on providing cloud
and data management solutions for companies operating in the cloud.
Capital One Software's first product is Capital One Slingshot, a
data management solution for customers of Snowflake, the Data Cloud
company, that is designed to help businesses accelerate adoption of
the Snowflake Data Cloud, manage cloud costs, and automate critical
governance processes.
Capital One's entrance into the enterprise software market comes
after years spent building its own in-house cloud and data
management tools.
"As one of the first large enterprises to go all-in on the
public cloud, Capital One has pioneered the adoption of modern data
and cloud capabilities. We've solved technology challenges faced by
America's largest enterprises and increased our speed and agility
in delivering breakthrough products and experiences for customers.
We recognize that many other businesses are facing similar data
management needs as they accelerate their cloud and data journeys,
so bringing some of the tools we've built and scaled to market as
enterprise B2B software solutions is a natural evolution for us,"
said Ravi Raghu, Executive Vice
President, Head of Capital One Software. "Starting with the launch
of Capital One Slingshot, Capital One Software will offer proven
solutions that have been battle-tested by one of the nation's
largest enterprises serving more than 100 million customers."
Analysts from Gartner® report that "more than 85% of
organizations will embrace a cloud-first principle by 2025 and will
not be able to fully execute on their digital strategies without
the use of cloud-native architectures and
technologies"1. As companies scale their business
operations and digital workloads in the cloud, Capital One Software
will help them solve challenges related to data management in the
cloud, including data publishing, data consumption, data
governance, and infrastructure management.
Capital One Slingshot
Capital One Slingshot is a data management solution for
customers of the Snowflake Data Cloud. The solution is designed to
help businesses accelerate adoption of Snowflake, manage cloud
costs, and automate critical governance processes. With Capital One
Slingshot, businesses can streamline their Snowflake provisioning
processes, adhere to governance requirements, gain detailed
visibility into cost drivers, and optimize future spend.
"Capital One was an early adopter of Snowflake, which enabled
our more than 6,000 analysts to run millions of queries with no
degradation in performance. Snowflake gave us the ability to scale
instantly for nearly any workload, and as our access to data
increased, we wanted to ensure we were managing costs in a
well-governed way," said Biba Helou,
Senior Vice President, Enterprise Data Platforms at Capital One.
"Since creating and launching Slingshot at Capital One, we've seen
27 percent cost savings over projected costs by dynamically
rightsizing resources. Slingshot has allowed us to further scale
our use of Snowflake, and we're excited to help other companies
harness the full power of the cloud to accelerate innovation for
customers."
"As we enter into the defining decade of data, it's clear that
every organization needs to leverage insights to manage costs,
identify new opportunities, and ultimately drive the bottom line.
Capital One Slingshot makes it incredibly easy to identify these
insights from across all our Snowflake accounts," said Kaushik Patel, Senior Vice President, Business
Operations, ThoughtSpot. "With Slingshot, we have the information
we need to empower our teams to optimize usage and control costs in
a seamless, scalable fashion."
Slingshot helps
businesses:
- Manage costs through intelligent cost savings
recommendations and dashboards to monitor warehouse
performance
- Gain insights and visibility into important changes to
Snowflake costs and usage through proactive alerts
- Federate warehouse administration to lines of business
to remove bottlenecks and scale without exponential cloud
spend
- Automate governance using custom workflows, dynamic
warehouse provisioning, and self-service capabilities
"Over the past five years, we have seen first-hand how Capital
One has been able to harness the Snowflake Data Cloud and deliver
exceptional value to their customers," said Christian Kleinerman, Senior Vice President of
Product at Snowflake. "With Capital One's new Slingshot solution,
joint customers will be able to benefit from its cost
predictability, forecasting, and optimization, enabling them to
expand upon their Snowflake usage with confidence."
For more information about Capital One Software and Slingshot
visit: https://www.capitalone.com/software. Capital One Software
will also provide demos of Slingshot at the Snowflake Summit,
June 13-16, 2022, in Las
Vegas.
About Capital One Software
Capital One Software, an Enterprise B2B Software business of
Capital One, is dedicated to helping businesses accelerate their
cloud and data management journeys at scale. Backed by 25 years of
data innovation, Capital One Software is focused on providing
proven, battle-tested solutions that help businesses overcome key
cloud and data management challenges related to data publishing,
data consumption, data governance, and infrastructure management.
Building on Capital One's pioneering adoption of modern cloud and
data capabilities to create exceptional customer experiences,
Capital One Software will help other companies to harness the full
power of the cloud, data, and AI to accelerate innovation and
unlock new value for customers. Capital One Software is based in
McLean, Virginia, at Capital One's
headquarters. To learn more, go to:
https://www.capitalone.com/software
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries, which include Capital
One, N.A., and Capital One Bank (USA), N.A., had $313.4
billion in deposits and $434.2
billion in total assets as of March
31, 2022. Headquartered in McLean,
Virginia, Capital One offers a broad spectrum of financial
products and services to consumers, small businesses and commercial
clients through a variety of channels. Capital One, N.A. has
branches located primarily in New
York, Louisiana,
Texas, Maryland, Virginia, New
Jersey and the District of
Columbia. A Fortune 500 company, Capital One trades on the
New York Stock Exchange under the symbol "COF" and is included in
the S&P 100 index.
Additionally, please visit the Capital One newsroom for more
Capital One news.
1Gartner® Press Release,
"Gartner Says Cloud Will Be the Centerpiece of New Digital
Experiences", November 10,
2021.
GARTNER is a registered trademark and service mark of
Gartner, Inc. and/or its affiliates in the U.S. and internationally
and is used herein with permission. All rights reserved.
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SOURCE Capital One