Early Life
Richard Dana Fairbank was born in September 1950. His father was a physicist and his mother was a physicist as well. Fairbank attended Pomona College before transferring to Stanford University, where he earned a bachelor's degree in economics in 1972. He later earned an MBA from the Stanford Graduate School of Business in 1981, graduating first in his class.
Rise to Success
After graduating, Fairbank spent seven years as a consultant with Strategic Planning Associates (SPA), which later became Mercer Management Consulting. In 1988, Fairbank and Nigel Morris set up a new, data-driven, credit card division for Signet Bank. Signet spun off the division in 1994, and Fairbank became its CEO.
Key Business Strategies
Fairbank, along with Nigel Morris, developed the idea of using information technology and statistical analysis to create customized credit card offers for different segments of customers. This was a key strategy for Capital One's success. Capital One's innovative approach included the use of data to build demographic profiles, allowing it to target personalized offers directly to consumers.
Philanthropy
Richard Fairbank is known for his philanthropic efforts and has made significant contributions to various charitable causes.