Discover Financial Services (D1FS34)

Overview

Discover Financial Services is a prominent entity in the United States that specializes in offering a wide array of digital banking products and payment services through its numerous subsidiaries. Its operations are broadly categorized into two main segments: Digital Banking and Payment Services. The company, which was founded in 1960, has its headquarters located in Riverwoods, Illinois. Its business model revolves around catering to the financial needs of individuals by providing innovative and convenient banking solutions, as well as facilitating secure and efficient payment systems across the country.

Products and Services

Discover Financial Services offers a range of products and services across two major segments:

• Digital Banking:

  Under this segment, Discover provides a suite of financial products aimed at individual consumers that include Discover-branded credit cards, which are widely accepted and offer various benefits and rewards. In addition to credit cards, the company offers various lending products such as private student loans, personal loans, and home loans, catering to a broad spectrum of financing needs. Moreover, Discover offers an array of direct-to-consumer deposit products, which encompass savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts, checking accounts, and sweep accounts, designed to enhance the saving experience of its customers.

• Payment Services:

  This segment is responsible for overseeing Discover’s payment infrastructure and services. It includes the operation of PULSE, a network facilitating access to automated teller machines (ATMs), debit, and electronic funds transfer activities. Additionally, Discover operates Diners Club International, a renowned payments network that issues Diners Club branded charge cards and provides card acceptance services across various locations. This segment not only handles the issuance of payment cards but also offers comprehensive payment transaction processing and settlement services, ensuring the smooth execution of financial transactions globally.