Capital One to Invest $150 Million to Help Close Digital Skills Gap

Capital One has announced a five-year, $150 million initiative aimed at helping low- to moderate-income Americans succeed in an increasingly digital economy.

Through its Future Edge initiative, the retail banking and financial services company will collaborate with educational and community organizations to prepare members of the U.S. workforce for twenty-first century jobs; enable small business owners and entrepreneurs to succeed in the digital age; and equip individuals with financial management tools and resources designed to help them invest for the future. According to new research released by Capital One and Burning Glass Technologies, nearly eight in ten middle-skill jobs in today's economy require digital skills. The research also found that digitally intensive middle-skill jobs have grown more than twice as fast as other middle-skill jobs over the past decade, and that those jobs pay 18 percent more on average than jobs without a digital component.

As part of the Future Edge initiative, Capital One will partner with global educational institution General Assembly to support GA's Opportunity Fund, which aims to increase diversity in the tech industry by providing fellowships to low- to moderate-income individuals seeking advanced digital skills. Recipients of the new Capital One Fellowship will have full access to GA's training resources, including its hiring partner network and personalized support as they seek full-time employment.

The initiative also includes a partnership with Grovo, a platform that specializes in digital skills training, to develop a self-directed micro-video-based digital literacy curriculum for people in low- to moderate-income communities. To be launched later this year, the videos will provide thousands of individuals with access to digital skills training and tools.

"The impact of technology and innovation on our economy and in our daily lives is undeniable," said Carolyn Berkowitz, managing vice president of community affairs at Capital One. "And as technology continues to evolve, there is a greater need for people to be proficient in its use and application in order to compete, grow, and prosper. With Future Edge, our goal is to holistically address the digital skills gap."