The Discover Card is the #4 US credit card platform behind Visa, MasterCard and American Express, operating more or less exclusively in the domestic market. Market share is well below that of the big three, at around 2.2% of total global purchase volumes in 2015, with approximately 57.8m cards in circulation. However, Discover prides itself on working harder to provide top-quality customer service. It has done this most effectively with the entertaining "Peggy" marketing campaign in the early 2010s, which suggested that other companies' call-centres are in reality run by incompetent foreigners in far-flung corners of the globe. The comapny regularly achieves top rankings for customer satisfaction, and has topped the JD Power survey for credit card providers each year since 2013, overturning the lead traditionally held for eight years by American Express. In 2008 Discover also acquired the global Diners Club business from Citigroup, and has a growing direct banking, mortgages and personal loans business. It also owns and operates the Pulse ATM network in the US. David Nelms is CEO. Net revenues hit a new high in 2016 of $9.1bn. The vast majority of that sum is generated by interest on credit card balances. Total credit card purchase volumes were $132.2bn, down around 6% on the year before. Originally launched by retail group Sears Roebuck in 1986, Discover became the financial services division of investment banking giant Morgan Stanley in the 1990s. It was spun off to shareholders as an independent company in 2007. Subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Who are the competitors of Discover? See Financial & Insurance Sector index for other companies
Capsule checked 28th March 2017
Recent stories from Adbrands Weekly Update:
Adbrands Social Media 7th Sep 2018: FRIDAY CLASSIC: Discover Card "Peggy" by The Martin Agency (2010-13). Between 2010 and 2013, one of America's most popular – and most unlikely – advertising mascots was a charming but wholly incompetent customer service call-handler located in some remote and unspecified Eastern European country. The Martin Agency created this comic anti-hero for Discover Card as an illustration of everything that was bad about other credit card companies; not least their habit of outsourcing customer service to obscure foreign sub-contractors. Kevin Ragland was Martin's associate creative director in charge of the account, with Hal Tench as creative director. Copywriter was John Mahoney with Marco Howell as art director, and Baker Smith was the director for the whole series. ...[Story continues here]..
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