Dr. Lakshmi Mohan
Business Model of Capital One
MISSION: Deliver the Right Product, At the Right Price, To the Right Customer, At the Right Time
When we started this company, we saw two revolutionary opportunities: We could use scientific methodology to help us make decisions, and IT to help us provide mass customization.
Foundation of Capital One: TEST AND LEARN
We test every product offering, every procedural change, every job applicant. We record every customer interaction, every card purchase; and then, with the patience of a good scientist, we run experiment after experiment. For every action taken, we know what the reaction has been. If we have sent you a blue envelope or a pink one, we know which one you received, and how you reacted to that.
- Ran 45,000 Tests in 2001, Average of 120 per day