Capital One is only a 24 year old company, but yet it is one of the most dominant companies in the credit card industry, better yet the world. Every day credit cards are used around the world, which gave Capital One a very attractive industry to enter. The reason they were able to grow so fast was because they advancing technologies within the past few decades. Taking advantage of today’s technologies and growing at a rapid rate is what really impresses me about Capital One.
I selected Capital One for many reasons. One reason was because they were one of the more popular companies on the list of the top companies to work for. This gave them more of an appeal over some of the companies I haven’t heard. They were also more attractive than companies I heard of but was unsure of what industry they were in. I already had somewhat of background knowledge of Capital One.
Another reason I chose Capital One was because of their marketing and advertising techniques. This is why I was aware of the company and what they did. I enjoyed all of their commercials with the Viking-like guys. They showed humor and creativity to attract customers’ attentions while also allowing themselves to advertise their rates. There aren’t many people that were alive the past decades that can say they do not remember their commercials.
Capital One interests me due to the fact that I feel like they will be dominant in the credit card/banking industry. Before I did any research on them, I had a feeling that they are one of those companies that will never settle for good. They always do things to keep improving, starting with hiring. They make smart decisions about who to hire and then do a great job retaining those employees. The more information I discover about Capital One, the more they seem to impress. CURRENT SITUATION
Capital One ranks 134 on the Fortune 500 list. During 2011, they had revenues of $19.067 billion with profits of $2.743 billion. Within the industry of commercial banks, Capital One ranks 9th behind No. 1 Bank of America Corp., No. 2 J.P. Morgan Chase & Co., No. 3 Citigroup, No. 4 Wells Fargo, No. 5 Goldman Sachs Group, No. 6 Morgan Stanley, No. 7 American Express, and No. 8 U.S. Bancorp. When it comes to the credit card industry, Capital One is among the best, if not the best in the industry. Currently they have the best cash back credit card available. It is called Capital One Cash Rewards and is available to people who have average credit. The Capital One Platinum Prestige Credit Card and their VentureOne Credit Card are amongst the lowest available interest rates on any credit card in the industry. The Capital One Venture Rewards Credit Card is the number one rewards card in the industry.
According to J.D. Power and Associates 2010 Credit Card Satisfaction Study Rankings, Capital One took the 8th spot on the list. Today, Capital One currently holds the top balance transfer credit card offer, top reward credit card offer, top cash back credit card offer, top business credit card offer, top airline credit card offer, top credit quality fair offer, top gas card offer, and the top credit cards for bad credit offer. This shows that just since the end of 2010 to today, Capital One has been striving to improve their position amongst other credit card companies.
Located on the next page is a visualization of where Capital One is located amongst competing credit card companies when it comes to customer satisfaction.
“Our vision is to become our customers’ bank for life, a trusted friend and partner. Through a commitment to financial education, innovation and community service, Capital One intends to become the premier provider of banking and credit services.”
Capital One’s vision statement does evoke powerful and compelling images. It shows that it wants to be its customer’s bank that they can trust and rely on for the rest of their lives. It states that it will become a...