In this episode, Julianne Pepitone talks with Capital One President of Financial Services, Sanjiv Yajnik. Hear why this top executive says innovation is not just something applied to high tech tools, but a vital element in forming meaningful customer connections.
HIGHLIGHTS FROM THE PODCAST:
Let’s talk about the challenge that brands face when they’re trying to differentiate themselves. It’s understandably tempting for companies to just focus on offering the lowest price out there because we’ve had years of easy comparison shopping online, the recent economic challenges fueled by the pandemic and just lots of other factors, but at the same time, customers have really made it clear that brands need more than just price as a value proposition that the value they should be focusing on is their core values, their mission. Why is that so crucial?
I think that it’s really important for companies to approach the customer with a very clear mindset. Think about someone in your family, who you really care very deeply about. And what would we do for them?
I’ll give you a very simple example. In one of our businesses, which is auto, one could say, “Your business is auto finance. You’re providing auto finance for customers.” We don’t see it that way. And I’ll tell you why. [By] having a car, a person has two times the probability of finding a job, four times the probability of keeping the job, and can earn up to four times as much as a person who does not have a car. So the way we think about our role is we are enabling people to lead better lives all around by the work that we do. And that’s the orientation we had when we created Capital One Auto Navigator.