Capital One 1999 Annual Report Download - page 25

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Please find page 25 of the 1999 Capital One annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

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Profits from cross-selling have tripled in the last two years. In 1999, 57% of new customers
bought at least one other product from us. The products we cross-sell are best in class. We
don’t market a product until our associates try it and say they’re satisfied with it.
The magnitude of Capital One’s potential is best appreciated in the context of two of the
biggest business revolutions of our time — direct marketing and the Internet. Capital One is
at the forefront of both because it excels at data mining, testing, customizing and innovat-
ing. Financial services are ideal for direct marketing, and customer interactions produce an
endless stream of information for research and development.
On the Internet, IBS works at unprecedented speeds. Testing and customizing happen in real
time. Approvals take less than a minute instead of a week. Account numbers are assigned
with approvals, so customers can use their cards online immediately. We’re a leader in online
credit cards. The Internet also expands opportunities for account servicing and cross-selling,
and it opens the way for new online products and services. As we move into these new areas,
we remain deeply committed to protecting the privacy of customer information on the
Internet, in our database and throughout our marketing and customer service operations.
Knowing that there are no great companies without great people, we make recruiting our top
priority. The people we attract are talented, entrepreneurial individuals with big dreams of
their own. They come for the big opportunities they see in a high-growth company with a cul-
ture that prizes performance more than time and grade. Capital One’s 15,500 associates are
first-rate at work and in their communities, where they volunteer their creativity, energy and
time. These contributions, plus financial support from Capital One, are making a difference in
countless nonprofit programs, especially for children and families at risk.
For five years, Capital One has created great opportunities for associates, great products for
customers and great returns for investors. We expect the next five years to be just as excit-
ing. We have a winning strategy as well as the market power and the momentum for continued
strong growth. Most important, we have the people who can help us realize our dream of great-
ness. It has been said that you can tell a lot about people by the company they keep. We
agree. We’re proud to be judged by the company we keep. We invite you to join us in pursuing
our dream.
Richard D. Fairbank Nigel W. Morris
Chairman and Chief Executive Officer President and Chief Operating Officer