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CRP-19-667321 Annual Report 2019.FINAL.V9 Annual Report Annual 2019 2019 ANNUAL REPORT Discover Card • $77 billion in loans • Leading cash rewards program A Leading Digital Bank and Student Loans Payments Partner • $10 billion in student loans • Offered at more than 2,400 colleges Personal Loans • $8 billion in loans • Debt consolidation and major purchases Home Equity Loans • $1 billion in mortgages Discover is one of the largest digital banks in the United States, • Cash-out refinance and offering a broad array of products, including credit cards, personal home equity loans loans, student loans, deposit products and home equity loans. The Discover brand is known for rewards, service and value. Across Deposits all banking products, Discover seeks to help customers meet their • $54 billion in direct-to-consumer financial needs and achieve brighter financial futures. deposits • Money market accounts, certificates of deposit, savings accounts and checking accounts Discover Global Network, the global payments brand of Discover Discover Network Financial Services, strives to be the most flexible and innovative • $177 billion volume payments partner in the United States and around the world. • 18 network alliances Our Network Partners business provides payment transaction processing and settlement services on the Discover Network. PULSE Debit Network PULSE is one of the nation’s leading ATM/debit networks, and • $192 billion volume Diners Club International is a global payments network with acceptance around the world. Diners Club International • $34 billion volume To my fellow shareholders Discover started with just one product in 1986—the signature Discover Card—and the first new payments network to launch in more than 20 years. Today, we offer a suite of 25 card and digital banking products with innovative features, and operate three payment networks. With an unwavering focus on customer service, innovation and developing partnerships, our impact has continued to build. I am pleased to share our 2019 results in this Annual Report. They represent the collective efforts of more than 17,000 Discover employees, an amazing group ROGER C. HOCHSCHILD of people who work together every day to make a difference in the lives of our Chief Executive Officer customers by helping people achieve a brighter financial future. and President Customers Recognize How We Are Different Listening and responding to customer needs has always been a Discover strength. Each month, we receive thousands of calls, letters, emails and texts from customers across the country. They often note the care we take in answering their questions and resolving issues. They tell us how much they appreciate our 100% U.S.-based customer service, our straightforward communications, and the personalized and secure experience that puts them in control. As a result of our intense focus on the customer, Discover’s service ratings are unmatched in the industry. In 2019, we were ranked Highest in Customer Satisfaction with National Credit Card Companies by J.D. Power for the fifth time in six years. In addition, we were ranked #1 in three more J.D. Power studies: Customer Satisfaction among Credit Card Mobile Apps and with Credit Card Websites, as well as Customer Satisfaction with Small Business Credit Card Companies. We seek to earn that recognition one customer at a time. Their positive feedback (you’ll see customer comments throughout this letter) is the greatest acknowledgement we can receive. It is what motivates employees in our Customer Care Centers, and those working behind the scenes across the company, to provide customers with a great experience. It is not only our job—it is our passion. A look at our 2019 performance We believe that taking care of customers translates into strong results. Through our 2019 efforts, Discover produced solid growth across loan products, achieving a 6% increase in total loans. Direct-to-consumer deposits grew 22% and account for over half of our total funding. We increased new card accounts by 4% and drove a 7% lift in total network volume. With supply-driven credit normalization and continued seasoning of loans, we experienced higher charge-offs, although still lower than the average of our major competitors. Discover’s total net charge-off rate for the year was 3.17%, managed through disciplined underwriting and investments in new servicing and collection capabilities over the years. Diluted earnings per share was $9.08 and return on equity was 26%. These robust returns gave us the flexibility to return significant capital to our shareholders. We repurchased 7% of our shares and increased dividends for the ninth consecutive year. While achieving strong financial results in 2019, we also continued to make important investments in building the Discover brand, implementing advanced technology and expanding our global payment acceptance footprint to further strengthen our competitive position. I am pleased to share the new features, service enhancements and partnerships we launched across our business that will help Discover continue to grow in 2020 and beyond. U.S. Cards Discover offers a full set of credit cards with rewards to meet consumers’ differing financial needs, including the flagship Discover it card as well as Discover it Miles, Student, Business and Secured cards. Each one has attractive benefits, including Freeze it to prevent new purchases when you misplace your credit card, Credit Scorecard to provide an individual’s FICO® Score and key factors that help explain “ I have cards from all that score, and free New Account, New Inquiry and Social Security Number alerts to the major providers, and help consumers recognize potential fraud. I have to say, I only use In 2019, we launched a number of improvements to add more value for our card my Discover card. The benefits customers while continuing to make it even easier for them to do business with us. are on-point and incentivize As a leader in cash rewards that can be redeemed at any time, we added PayPal as me to use my Discover card a rewards redemption option for consumer cards, incorporated a Cashback Bonus tracker in the Discover Mobile App and included new categories in the 5% Cashback with any possible purchase. Bonus Calendar. We also collaborated with Amazon to give customers exclusive I also love the website. So deals during the winter holidays in “The Discover Store” on Amazon.com and offered incredibly easy and curated selections of the season’s hottest gifts across select Amazon physical stores. informative; especially the We streamlined our consumer card applications, increased personalization across our web and mobile sites, and we recently launched a redesigned customer statement. spend analyzer.” As consumers all over the world began choosing contactless payments, we were BRICKNO, right there with them. In January 2019, we teamed up with Garmin, an expert Discover Card Customer in outdoor adventure, sports performance and other devices, so Discover card customers could make contactless purchases using their smartwatch. Later in the year, we made “tap and go” payments possible with the launch of contactless- enabled Discover it and Discover More credit cards. Accessing account information 24/7 on a multitude of devices is important to our customers. With the increasing popularity of cloud-based, voice-activated devices in homes, in 2019 we made it convenient for cardmembers to access their Discover account with Alexa by using the Discover Alexa Skill to call up current balance, recent transaction, payment due date and rewards category information. Payment Services Payment Services, represented by the Discover Global Network brand, which also includes Diners Club International, PULSE and Network Partners, had a 62% increase in total volume growth from 2010 to 2019. In the ever-evolving world of payments, the key to continuing that success is enabling a frictionless, always-on experience for customers wherever, whenever and however they choose to transact. Working with other leading networks, banks and businesses, we continue to build a robust global acceptance network, which now includes more than 48 million merchant locations and approximately 2.2 million ATMs across the world, allowing us to create a bridge to a more connected commerce experience. “ When my information was stolen, Discover was SO We also provide capabilities and solutions that flex to fit the needs of our partners, helping them keep up with changing trends and implement emerging technologies. incredible with the process Discover is currently working with other major providers to develop a consistent of getting my new card and online shopping experience across all devices; Secure Remote Commerce (SRC) is refunding me what was used. a set of standards developed by EMVCo, the technical body representing the major They even overnighted my global networks. new card at no extra cost. It Below are some of the achievements made by Payment Services in 2019 as we made a stressful situation worked to build our impact. completely worry-less.” • PULSE: Discover’s debit network offers competitive options with attractive features for 3,700 U.S. financial institutions. In addition to PIN and signature BB2017, debit cards, Discover has PULSE Pay Express, a no-PIN, no-signature debit Discover it Student Card Customer experience. In 2019, we signed more than 200 new or renewed agreements with issuers and grew dollar volume by 7%. • Network Partners: As a global brand, our continued focus on international growth and expansion of our acceptance footprint led to four new strategic alliances—with Cabal in Argentina, Borica in Bulgaria, Areeba in Lebanon and DBBL in Bangladesh— for a total of 18 global alliances. We also grew our network through new or expanded relationships with global acquirers, including 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.
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