Morgan Stanley 2004 Annual Report Download - page 12
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Please find page 12 of the 2004 Morgan Stanley 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.Opportunities:DiscoverFinancialServicesDiscoverFinancialServicesispursuingmanynewprospectsfor
growth.SomearisefromDiscover’sproductinnovation;othersfromtheU.S.SupremeCourtrulinginOctober
2004,whichstruckdownanticompetitivepracticesbyVisaandMasterCard.ThatjudgmentallowsDiscoverto
forgepartnershipswithfinancialinstitutionssuchastherecentpartnershipwithGEConsumerFinanceinoffering
anewcardforWal-Martcustomers.
•
IncreasingRewardsLeadership
CashbackBonus®isAmerica’sleadingrewardsprogram,
offeringcompleteearningfreedom—freerewards,unlimited
earningsandrewardsthatneverexpireaslongasthecardis
used.Discoverwillcontinuetoexpanditsleadershipincredit
cardrewardsprograms.
•
ExpandingInternationally
Withalmost1.3millionMorganStanley
Card®creditcardsintheU.K.,accounts
theregrew21%in2004.AstheMorgan
StanleyCardseekstogrowmarketshare
andprofitabilityintheU.K.,whichisthe
secondlargestmarketglobally,weare
alsoconsideringadditionalmarketsto
enter.Theopportunitiesareimmense:
InChina,forinstance,thecreditcard
marketisexpectedtogrow29%in2005.
(Source:AccessAsia)
•
WinningExclusives
NotonlydidDiscoversignover
1millionnewmerchantlocations
in2004,butmorethan7,000
merchantlocationshaveagreed
tomakeDiscover®Cardthe
onlycreditcardtheyaccept.
Twoprominentexamplesare
KinderCareandSAM’SCLUB.
Discoverchargesthesemer-
chantslowerfees—andthe
savingsultimatelymeanlower
pricesforconsumers.
•
GrowingNon-card
FinancialServices
Mortgageoriginations
(primarilythroughMorgan
Stanley’sIndividualInvestor
Group,orIIG)havegrown
rapidlyinrecentyears,
totaling$4.6billionin2004.
Thereisroomtogobeyond
thatincomingyears,further
penetratingboththeIIGand
Discovercustomerbasesby
introducingnewproductsand
broadeningmarketingefforts.
•
AcquiringPULSE
FollowingtheU.S.SupremeCourt
ruling,DiscoveracquiredPULSEEFT
Association,afast-growingATM/debit
networkcurrentlyservingmore
than4,100financialinstitutionsand
approximately90millioncardholders.
Themerger(completedJanuary12,
2005)createsaleadingelectronic
paymentscompanythatwillofferafull
rangeofproductsandservicesand
provideanappealingalternativefor
smalltolargeinstitutionsacrossthe
UnitedStates.Newproductsexpected
in2005willbuildonthestrengthsof
bothpartners.
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