Discover 2014 Annual Report Download - page 6

Download and view the complete annual report

Please find page 6 of the 2014 Discover annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 200

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200

Direct Banking Accomplishments
Credit card loan growth of 6% outpaced the industry average, driven in
part by the popularity of our fl agship Discover it card. One of our greatest
accomplishments of 2014 came when Discover received the highest customer
satisfaction ranking among U.S. credit card companies, tying for the top
ranking in the 2014 J.D. Power U.S. Credit Card Satisfaction StudySM—
a recognition bestowed upon us by our customers.
Discover pioneered cash rewards in the credit card industry, and today
Discover continues to innovate in ways that are important to customers. In
2014, we enhanced our Cashback Bonus rewards program by providing
customers with multiple redemption options with no minimum for redemption,
and with rewards that will never expire. We also launched Discover Deals,
which provides customers with opportunities to earn extra cash rewards and
to receive instant savings while shopping.
Also in 2014, Discover led the industry by providing free FICO® Credit
Scores to all eligible Discover cardmembers—online and on monthly
statements. Knowing and understanding their FICO Credit Scores can help
cardmembers achieve their personal goals and better prepare for the future.
Customer response has been overwhelmingly positive.
Of course, our growth in credit cards would be of no value to shareholders
were it not profi table growth. Accordingly, we have continued to focus on
leading-edge practices in credit risk management. As a result, we continue to
outperform most large competitors when it comes to credit quality.
We are leveraging our expertise in credit risk management across other
consumer lending products. In 2014, we grew personal loans by 19% and
private student loans by 4% (22% growth rate excluding purchased student
loans). We also made Discover Personal Loans more widely available to
the general public, and Discover Student Loans launched rewards for good
grades.
Discover.com/company