Blog

“From Analytics First to AI First at Capital One” – Forbes

Jul 15, 2019

by Thomas H. Davenport and Randy Bean – Capital One has long been known as a north star for financial services firms that aspire to be data-driven. Established in 1994 after spinning off of Signet Bank, the core idea behind the company’s formation was “information-based strategy”—that important operational and financial decisions should be made on the basis of data and analytics.  A 2015 Forbesarticle, “How Does Capital One Differentiate Itself In The Card Industry?”, notes that “Capital One was an early mover in using analytics to understand consumer spending patterns.” For example, the company named the world’s first Chief Data Officer in 2002. The bank’s history of leadership in data-driven financial services was further discussed in a 2014 Cap Gemini case study, “Doing Business The Digital Way: How Capital One Fundamentally  Disrupted the Financial Services Industry.”  Long-time Capital One Chief Information Officer Rob Alexander observed in an interview that, “We were creating a better consumer financial services company using data and analytics.  We were in many respects the first big data company.”

Boston | New York | San Francisco | Austin | Raleigh
© 2019 NewVantage Partners. All rights reserved.