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Capital One Case Study

How a leading financial services company increased credit card applications by 24%

24.4% increase in qualified leads
29.2% reduction in time to complete
43.7% reduction in form corrections


Capital One UK is part of Capital One Financial Corporation, a Fortune 500 company. Innovation has been the key to Capital One’s success, operating at the intersection between technology and financial services. Capital One launched its UK operations in 1996, offering credit card products, developing tools to protect applicants for products, helping customers avoid fees and leading the way in saving them time and money. read more...

Formisimo have worked with Mediavest | Spark for a number of years, and were introduced to Capital One by the agency in 2015. Mediavest | Spark regularly introduce technology start ups to their clients when they believe the tech will have a tangible impact on either a campaign or business as usual. Capital One is predominantly an online business when it comes to applications for their credit cards, and that means it receives a large number of leads and applications via its site, and it’s online forms. Capital One made the decision to work with Formisimo on a three-month proof of concept, working alongside Mediavest | Spark in a partnership with the aim of improving their online forms, prior to signing a longer term contract with Formisimo.

Business Challenge

Capital One were looking to increase the conversion rate of two of their forms and did not currently have a solution that provided them with sufficient insight into the pain points of their users.

Capital One has two primary forms on their website.
Capital One's Credit Card QuickCheck form
Capital One's Full Credit Card Application Form

The Process

Collecting Behavioural Insight

The team at Capital One installed Formisimo on their two main forms, using the first month of behavioural data as a baseline. This first month of data was also used as the first batch of insight on how to improve their forms. At the end of this period the Formisimo team reviewed the data and produced a report for Capital One highlighting the issues and potential bottlenecks. Shortly after this the first of several changes were made to both forms.

In addition, Capital One accessed the raw behavioural data, as an automated database export, which allowed them to share the data with additional teams.

Making changes based on insight

Over the initial three month period Capital One made a number of optimisations and changes to their two forms based on Formisimo’s insight. A significant number of changes were made, including:

The Results

The Formisimo platform increases the conversion rate of forms, by delivering insight on how to improve a form which leads to a reduction in the abandonment rate. This means that a higher proportion of people who start the form will go on to complete it. A secondary result of this optimisation is that the same marketing budget delivers more conversions and the increase in the conversion rate leads to a reduction in the cost per acquisition.

Capital One's Credit QuickCheck Form

24.4% increase in form completions
The chart above shows the form completion rate over a five-month period. Within the chart point (1) is the beginning of the project, where behaviour is captured (2) is the first round of changes made to the form and (3) the second round of changes made.

Over the charted period the completion rate increased by 24.4%, delivering almost 25% more qualified leads to Capital One.

Capital One's Credit Card Application Form

9.8% increase in credit card applications
43.75% reduction in corrections
29.2% reduction in completion time
The chart shows the form completion rate over a five-month period leading up to 1st January 2017.

Within the chart point (1) is the beginning of the project, where behaviour is captured (2) is the first round of changes made to the form and (3) the second round of changes made.

The form completion rate for the Main Application form has increased from 75.86% to 83.29%, a 9.8% improvement.

The effect of the changes made has lead to a reduction in the average correction rate for form starters decrease from 15.98 corrections per form starter to 9.33, a 43.75% reduction. The average time to complete the form has decreased from 2 minutes 56 seconds to 1 minute and 47 seconds, a 29.2% reduction.

Rob Hocknell, Head of Strategy from Mediavest | Spark said:

“We’ve known the Formisimo team for a few years now, and we felt they were a fantastic fit with the aims of the team at Capital One. Credit has to go to Capital One too - to see a multi-billion pound international company be willing and open to working with innovative start ups is a testament to the forward thinking nature of their marketing team. “They were actually one of the first start ups we introduced directly to our client - this process has now been formalised across our agency in the form of NextTECHNow initiative, which has now been running successfully for over 12 months”

Users of Formisimo include...