Capital One is leaning into its technology investments and digital roadmap as it looks to rebound from the economic disruption of COVID-19 amid declines in revenue across its credit cards and commercial and consumer banking lines.

“Our investments to transform our technology and how we work and our efforts to drive the company to digital are powering our response to the pandemic,” CEO Richard Fairbank said on the company’s earnings call Tuesday. “Our technology transformation enables us to develop and scale up compelling digital customer experiences as social distancing increases demand for digital engagement.”

The Maclean, Va.-based bank’s commercial banking revenue slid 2% YoY to $698 million while consumer banking revenue was down 6% YoY. The credit card business posted year-over-year losses; purchase volume for the quarter declined 15.5% year over year, and credit card revenue decreased $355 million YoY to $4.2 billion. Fairbank said that the broader effects of the pandemic, consumer behavior and a pullback in marketing all have played their part in the decline.

Meanwhile, credit results showed an improvement in charge-offs by 33 basis points (bps) and a 66 bps improvement in the delinquency rate, a result of tightening of underwriting, Fairbank noted. Automation has facilitated enhancement in the bank’s underwriting and analytics, he said.

“While the pandemic has interrupted our progress, it has not changed our journey or the milestones along the way,” Fairbank said. “COVID-19 has thrown us and other companies across the economy a big curve ball, but it hasn’t changed where we think our business is headed or the long-term strategic opportunities that will be created as digital continues to bring sweeping changes to how we work, how we interact with each other and how experience the world every day.”

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