第一资本信贷Capital One Financial（COF）2025年年度报告「NYSE」（英文版）（277页）.pdf

1、2 0 2 5A N N U A L R E P O R T2Rich Fairbank,Founder and CEOShareholders and friends,We are living in a time of the greatest change in human history.It is breathtaking to watch and electrifying to be a part of.For companies,the threat of obsolescence is the greatest ever,and so too is the opportunit

2、y.The imperative to adapt and lead is existential.What it takes to win cannot be summoned in the short term.It is the product of years and years of choices.Years and years of investment.Years and years working backwards from where the market is going.Capital One has done just that.Since our founding

3、 day,we have been focused on the tsunami changes sweeping the market,and over the years we built a company that is designed to capitalize on the changing marketplace.This heritage began with the founding idea of the company.In 1987,I looked at the credit card industry and realized that,unbeknownst t

4、o the players in the business,the card industry wasnt a traditional banking business.It was a sophisticated tech and data business.If we built a tech company with world-class analytical talent,massive data,scientific testing of everything,and cutting-edge 3statistical modeling,we could transform how

5、 the business works.We could remake an industry where every customer was given a credit card at the same price and with the same terms,and where half of America couldnt get a card at all.We could democratize credit and“deliver the right product to the right customer at the right time and the right p

6、rice,”a revolution I called“mass customization.”And so we set out to do just that.We found a small bank to be our venture capitalist.And we built the original“fintech”before there was such a word.It took an afternoon to come up with the idea,a year to find funding,and four more years until we had ou