Inside Capital One's ongoing digital transformation

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WEEKEND ROUNDUP Financial institutions could increase revenue by $512 billion with automation Capital One's earnings call gave some insight into the status of its multiyear digital transformation plan. CEO Richard Fairbank said the firm expects the migration to the cloud to be completed in 2020, with "significant cost and efficiency improvement opportunities" starting in 2021. Mobile user growth is an important outcome as well, and though Capital One claims to be an industry leader, it failed to disclose specific metrics. When asked about the potential threat of the Apple Card's upcoming summer launch, Fairbank said he expects Apple and Goldman Sachs' project to be successful, but was "bullish" on Capital One's ability to compete. Business Insider Intelligence's Rachel Green has the full story. Business Insider Intelligence Daily is just a preview of Business Insider Intelligence. Get started, risk-free today to unlock research reports, briefings, industry forecasts, exclusive data, and more. BRIEFING HIGHLIGHTS Google's' Pixel 4 might have gesture controls Leaked screenshots of the next generation of Google's Pixel smartphone show a large cutout that seems tailor-made for Google's new "Project Soli" sensors. Read More → 23andMe just became a lot cheaper Popular genetic testing company 23andMe received a major boost from the IRS, which revealed that more than half the cost of 23andMe's health-and-ancestry-testing kit is now considered "medical care" for tax purposes. Read More → Amazon may be set to open its biggest Go store yet Amazon is reportedly developing a large-scale retail location in Seattle that appears to be a 10,400-square foot Amazon Go store. Read More → Citizens Bank is committing $50 million to digital transformation Regional US provider Citizens Bank is planning to invest $50 million over the next two years to fuel its digital transformation and accelerate its migration to the cloud. Read More → Apple in talks to purchase Intel's smartphone-modem chip business The $1-million deal is expected to be completed as early as next week and would involve Intel offloading the staff and patents from its modem efforts to Apple. Read More → Western Union is teaming up with the UK Post Office for cross-border payments The legacy remittance giant launched the platform through the Post Office's digital channel, allowing UK consumers to make international payments through an online portal with branding from both the Post Office and Western Union. Read More → Marvel 'Phase 4' could help Disney+ one-up its competitors Disney announced Marvel's "Phase 4" — the next batch of Marvel movies and shows — this weekend at San Diego Comic-Con to the kind of fanfare that only superheroes generate. Read More → AT&T lost nearly 1 million video subscribers due to cord-cutting AT&T lost 778,000 video customers in Q2 2019, mostly attributable to its satellite TV business DirecTV, acquired in 2015, per the company's Q2 2019 earnings report. Read More → Venmo's payments volume is thriving, but monetization efforts are still developing PayPal brought in $172 billion in total payments volume in Q2 2019. This represents a 26% year-over-year (YoY) increase and is consistent with the 25-27% total payments volume (TPV) growth it's seen in each of the last six quarters. Read More → Monzo and Starling took first and second place in a ranking of banking apps UK-based Monzo has taken the top spot in a ranking of bank apps by MoneySavingExpert.com, beating out both peers and incumbents. Read More → Did a friend forward you this newsletter? Get it daily by clicking here. RESEARCH IN FOCUS The Rise of Banking-as-a-Service Fintechs are encroaching on incumbents' share in the banking game, forcing them to explore new business models — but tech-savvy legacy banks can treat this as an opportunity rather than a threat by moving into the Banking-as-a-Service (BaaS) space. Business Insider Intelligence looks at the benefits banks stand to gain by offering BaaS platforms, discusses key players in the industry that have already successfully launched BaaS platforms, and recommends strategies for FIs looking to move into BaaS. Learn More → 5G and the IoT Business Insider Intelligence will examine how the introduction of 5G is poised to transform portions of the IoT ecosystem. First, we look at the 5G standard broadly, identifying its strengths and weaknesses in comparison with existing standards, as well as laying out the timeline for rollout and expectations within the wireless industry. Next, we look at the new practices that 5G will enable in the IoT, focusing specifically on the capacity for high-bandwidth remote analytics, as well as the ability to use remote processing centers for mission-critical services. Finally, we examine areas where 5G will leave gaps and how companies will need to cope with the standards' early limitations. Learn More → The Evolution of the US Neobank Market Neobanks, digital-only banks that aren't saddled by traditional banking technology and costly networks of physical branches, have been working to redefine retail banking in major markets around the world. While the US is home to some of the oldest neobanks the country's neobank ecosystem has lagged behind its European counterpart — until now. This report maps out the factors contributing to this shifting tide, examines how key players are positioning themselves to take advantage, and explores how incumbents can embark on their own digital transformations to stave off disruption. Learn More → Do you already have Business Insider Intelligence access through your company? Check here. CHARTS OF THE WEEK APAC digital health funding cooled down in H1 2019 from a record-high H1 2018. European consumers need help managing subscriptions, and fintechs are stepping in. Private insurance claims for "nonhospital-based" telehealth consultations has spiked. Business Insider Intelligence Daily is a free newsletter highlighting topics the Business Insider Intelligence research team finds interesting. Published around 5pm ET Monday through Friday. 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