Capital One is continuing to build on its Capital One Cafe venture by opening new cafés targeting millennials throughout the United States; the bank will be opening new locations in San Francisco, Seattle, Denver, Chicago, Philadelphia, Miami, Austin and Richmond over the next two months; the cafés offer a range of services to the public including free WiFi and coffee; the bank is also using the cafés to market to millennials with digital portals offering online financial advice and space for financial coaching sessions; locations are also staffed with Capital One representatives to offer banking and customer service support. Source
According to a report from Banking Technology, Amazon could potentially be acquiring Capital One; Capital One uses Amazon's AWS cloud services; its credit card business could complement Amazon's current offerings for payment processing and credit cards while also expanding its services for Amazon's merchant network; according to Neil O'Brien, former director of digital banking at Santander US, "There has been speculation for a long time about a tech giant (GAFA – Google, Apple, Facebook, Amazon) buying a bank in the US, but the general sentiment was that banks were an undesirable target because of low margins and more importantly, high regulation."; the potential for a bank acquisition is now likely to increase given recent regulatory developments in the financial services industry. Source
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