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Looking Forward: Data-driven Credit Innovation

Kevin Chan, Head of Digital Strategy at Capital One

Kevin Chan leads the digital strategy and products group at Capital One Canada, a financial services company offering Canadians credit cards under the Capital One brand, as well as cards for retail partners including COSTCO and HBC. It’s no surprise to learn customer data is a guiding influence for Kevin’s team given his former role at Capital One was in data analytics.

“There’s a truth in data that you can’t get in any other way,” says Chan. “A lot of the time, we look at data down to the consumer level, and I’ve had experiences where we actually go and talk to these consumers, and they will tell you one thing, but then when you analyze their data, you actually see that they do a different thing.”

This deeper understanding of consumer behaviour has led to the development of credit monitoring tools and changes in the way Capital One’s credit card applications are processed. “We’re always looking to build digital experiences using data to help address customer pain points,” says Chan. “From our data, we know that consumers feel a lot of stress when applying for any type of financial services product; from when they apply to when they actually get [approved for] the product. We’re using data and building digital experiences to minimize that time, relieving stress for the customer.”

Of course, with more data and transactions taking place online, concerns around security and fraud are on the rise. Chan expects more payment options that give consumers added levels of protection will emerge in the near future. “One of the things I think we’re going to start to see are more secure ways for consumers to check out either using virtual card numbers or different ways to authenticate themselves online.”

Chan notes that  the payments vertical is going through a modernization “We’re going to start seeing a lot more real-time transfer of funds, movement of funds between either person-to-person or business-to-person, things like post-dated cheques may go away, the use of cash will continue to go down,” he says. “And so from there, we’ll be able to build a bunch of different digital products and digital experiences to replace those transfers of funds. I think from that will also see a gathering of more data, the data that we haven’t been able to get at because these transactions happen in cash, or they happen in cheques. And from there, that data will drive even more digital products and digital experiences, maybe even drive things like different types of loyalty programs and marketing initiatives.”

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Capital One Canada
  • Headquarters Toronto
  • Founded: 1996
  • Employees: 1,000+
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