第一资本金融 2025年度报告

Rich Fairbank, Founder and CEO Capital One has done just that. Since our foundingday, we have been focused on the tsunami changessweeping the market, and over the years we built acompany that is designed to capitalize on thechanging marketplace. Shareholders and friends, We are living in a time of the greatest change inhuman history. It is breathtaking to watch andelectrifying to be a part of. For companies, thethreat of obsolescence is the greatest ever, and sotoo is the opportunity. The imperative to adapt andlead is existential. This heritage began with the founding idea of thecompany. In 1987, I looked at the credit cardindustry and realized that, unbeknownst to theplayers in the business, the card industry wasn’t atraditional banking business. It was a sophisticatedtech and data business. If we built a tech companywith world-class analytical talent, massive data,īěġĝĦĬġNjěĬĝīĬġĦğħĞĝĮĝĪıĬĠġĦğęĦĜěĭĬĬġĦğÐĝĜğĝ What it takes to win cannot be summoned in theshort term. It is the product of years and years ofchoices. Years and years of investment. Years andyears working backwards from where the marketis going. the important banking services available digitallyand a leaner distribution model with thin physicalpresence of iconic showroom branches in iconiclocations in major metropolitan areas across thecountry. Our advertising features our industry-leading checking accounts with “no fees, noĥġĦġĥĭĥīęĦĜĦħħĮĝĪĜĪęǏĞĝĝīƺĒĠĝĚĭīġĦĝīīhas grown rapidly, and we are now one of thelargest retail banks in the United States. statistical modeling, we could transform how thebusiness works. We could remake an industrywhere every customer was given a credit card atthe same price and with the same terms, and wherehalf of America couldn’t get a card at all. We coulddemocratize credit and “deliver the right product tothe right customer at the right time and the rightprice,” a revolution I called “mass customization.” And so we set out to do just that. We found a smallbank to be our venture capitalist. And we built theħĪġğġĦęĤƹNjĦĬĝěĠƺĚĝĞħĪĝĬĠĝĪĝįęīīĭěĠęįħĪĜćĬĬħħģęĦęǏĝĪĦħħĦĬħěħĥĝĭĨįġĬĠĬĠĝġĜĝęęıĝęĪĬħNjĦĜĞĭĦĜġĦğęĦĜĞħĭĪĥħĪĝıĝęĪīĭĦĬġĤįĝĠęĜħĭĪNjĪīĬīĭěěĝīīćĬįęīęĤħĦğęĦĜĤħĦĝĤıĢħĭĪĦĝıĚĭĬęĤħĦğĬĠĝįęıćīęġĜƹĀĝğĤęĜġĬƷīĬĠġīĜġǒěĭĤĬbecause if it were easy, everyone else would do it.” āęĨġĬęĤčĦĝįęīĬĠĝħĪġğġĦęĤNjĦĬĝěĠÿĦĜĦħįĬĠĪĝĝĜĝěęĜĝīĤęĬĝĪįĝęĪĝĬĠĝĤęĪğĝīĬNjĦĬĝěĠġĦAmerican history. But the quest was never justabout scale. It was to build a company which is anadaptive athlete at scale. In 2013, we saw in stark clarity the revolution of AIęĦĜĜĝěĤęĪĝĜġĬįęīęīĚġğęīNjĪĝęĦĜĝĤĝěĬĪġěġĬıHow we do business would be forever changed,and the customer experience would be transformedby the ultimate personalization, real-time masscustomization, where companies would deliverinstant solutions tailored uniquely to eachindividual customer. I called this the “real-time,intelligent” revolution. It would be powered bymassive data and AI in real time. We believed itwould transform how companies worked on theinside and the outside. ćĦ ((!įĝNjĦęĤĤıěĪęěģĝĜĬĠĝĨĭIJIJĤĝęĦĜĪħĤĤĝĜħĭĬa product with breakthrough underwriting andĨĪġěġĦğęĦĜĬĠĝīĬħĪıħĞāęĨġĬęĤčĦĝNjĦęĤĤıĬħħģǎġğĠĬĕĝĠęĜęĦćĎčġĦ ((#ęĦĜĠęĮĝĚĝěħĥĝthe largest credit card company in the United States. But the story was never just about credit cards.ĕĝĚĝĤġĝĮĝĜĬĠĝěĪĝĜġĬěęĪĜįęīNjĪīĬġĦęĦĭĤĬġĥęĬĝrevolution that would sweep banking andNjĦęĦěġęĤīĝĪĮġěĝī Our next foray was into auto lending. Once again,we saw a tech and data business, while the industrysaw a traditional banking business. So in 1998 weīĬęĪĬĝĜęĦęĭĬħNjĦęĦěĝĚĭīġĦĝīīÿĦĜĦħį!'years later, we are the largest auto lender in theUnited States. We also faced a stark realization. The technologyfoundation on which we had built Capital One—modern at the time of our founding and early “Capital One was the originalNjĦĬĝěĠÿĦĜĦħįĬĠĪĝĝĜĝěęĜĝīĤęĬĝĪįĝęĪĝĬĠĝĤęĪğĝīĬNjĦĬĝěĠin American history.” But our strategy wasn’t even just about lending.We set our sights on the retail banking business.That business has been forever dominated bybanks with branches on every corner and theproduct pricing model to support the expensivedistribution. We set out to build the bank of thefuture. It was a full-service retail bank with all of The acquisition of Discover servesas a platform for future growth The AI revolution will power a horizontaltransformation in how work is done. All companiesįġĤĤĚĝĦĝNjĬĚĭĬĥħĜĝĪĦěħĥĨęĦġĝīįġĤĤĚĝĦĝNjĬeven more. The AI revolution will also drive avertical revolution in individual industries. Thatrevolution will be driven by companies that arebuilt with modern technology and which haveembedded AI into the business model, talent,technology, operations, processes, riskmanagement and customer experiences of thecompany. Their transformative solutions will bepowered by their boundless proprietary customerdata in the