Discover Financial Services SWOT and PESTLE Analysis
ID : 52795653| Feb 2023| 16 pages
COMPANY PROFILE -Discover Financial Services
Business Sector :Banking and Financial Services, Payments
Operating Geography :United States, North America, Global
About Discover Financial Services :
Discover Financial Services, Inc is an American company providing financial services. It owns and operates Discover Bank and provides a lot of offerings like checking and savings account, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. It was founded by Sears in 1985 and is currently headquartered in Illinois, United States. It aims to bring bank to the customer’s fingertips allowing them to do banking whenever their need arises. The products are designed here keeping the customers in mind to help people achieve their goals. The company employed around 17,200 employees, early 2020.The company strives to be the leading digital bank and payment services company. Discover Financial Services, Inc’s mission statement reads “to help people spend smarter, manage debt better, and save more to achieve a brighter financial future”. Discover Financial Services, Inc’s vision statement reads “to be the leading direct bank and payments partner”. Its values are “Doing the right thing”, “Innovation”, “Simplicity”, “Collaboration”, “Openness”, “Volunteerism”, “Enthusiasm”, “Respect”.
Discover Financial Services Revenue :
$2,957 million – FY ending 31st Dec, 2019
$2,742 million - FY ending 31st Dec, 2018
Competitive Analysis of Discover Financial Services
SWOT
PESTLE
The SWOT analysis for Discover Financial Services is presented below in a table followed by the detailed analysis report.
| Strengths | Weaknesses |
| 1. Leading digital bank and payments partner with large number of services provided to customers 2. Strategic alliances with global partners. 3. Strong marketing programs for customers and merchants 4. Highly ranked in customer satisfaction | 1. Discover industry underdog in terms of revenue amongst peers 2. Dependent on subsidiaries for payments, dividends, distributions 3. Transaction volume is concentrated among large merchants |
| Opportunities | Threats |
| 1. Increased acceptance worldwide through multiple partnerships 2. Use of technology and analytics to improve decision making | 1. Highly competitive financial services market. 2. COVID-19 outbreak impacting payments volume in travel and restaurant industry 3. Merchants’ increasing focus on fees by credit and debit card networks |
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Detailed SWOT Analysis of Discover Financial Services
Strength
1. Leading digital bank and payments partner with large number of services provided to customers: Discover Financial Services operates through two business segments. The first segment is Direct Banking segment which includes consumer banking and lending products. The main products are Discover-branded credit cards to individuals on Discover network. The interest that the company earns on revolving credit card balances is approximately 81% of total interest income. Other products include student loans, personal loans, home equity loans and deposit products. The private student loans are available to students attending eligible non-profit undergraduate and graduate schools. Its other segment which is the Payment services segment includes PULSE, Diners Club and our Network Partners business. All these provide payment transaction processing and settlement services on Discover network.
2. Strategic alliances with global partners: Discover Financial Services is a global brand and continues to focus on international growth and expansion through strategic alliances. In 2019, it strived to achieve this with alliances like Cabal in Argentina, Borica in Bulgaria, Areeba in Lebanon and DBBL in Bangladesh. It now has almost 18 strategic alliances. It also expands its network through global acquisitions like Redsys in Spain, Sage Pay and EVO Payments in the U.K. and Ireland, Arkéa in France, FOMO Pay in Singapore, Global Payments in Hong Kong and Taiwan, Geoswift for cross-border payments in and out of China, AsiaPay in Asia, Isbank in Turkey and Windcave in New Zealand. Such major global acquisitions have helped Discover Financial Services expand its footprint globally through a strong position worldwide. Even the Diners Club International is continuing its expansion. Diners Club cards are issued in more than 55 countries as of 2020.
The remaining section of “Strength” is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threats
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- VISA
- Mastercard
- Ally Financial
- American Express
- Capital One Financial Corp
- MBNA
Major Brands :
- Discover Bank
- Diners Club International
- Discover Network
- Pulse
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SWOT & PESTLE (combined)
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Discover Financial Services Segmentation, Targeting and Positioning (STP) Analysis -
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References used in Discover Financial Services SWOT & PESTLE Analysis Report
1. 2019 Annual Report –
https://s23.q4cdn.com/669804705/files/doc_financials/2019/ar/160056_Annual-Report-2019-033020.pdf
2. Discover Card Ranks Highest in Customer Satisfaction by J.D. Power –
https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2019/Discover-Card-Ranks-Highest-in-Customer-Satisfaction-by-JD-Power/default.aspx
3. Investor Relations –
https://investorrelations.discover.com/investor-relations/overview/default.aspx
4. DISCOVER CARES
Volunteerism is One of Our Core Values - https://www.discover.com/company/corporate-responsibility/
5. How Discover Global Network helped Elo reach international presence –
https://thepaypers.com/case-study/how-discover-global-network-helped-elo-reach-international-presence--1243752
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Discover Financial Services SWOT & PESTLE analysis has been conducted by Sushree Lasyamayee and reviewed by senior analysts from Barakaat Consulting.
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Discover Financial Services SWOT and PESTLE Analysis
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