Case Study

Case Study: Discover Financial Services Partners With PayPal To Roll Out Mobile P2P Payments

Firm "Electronifies" Cash Transactions To Enhance Existing PFM Tool

November 2nd, 2011
With contributors:
Brad Strothkamp , Myriam Da Costa

Summary

In February 2009, Discover Financial Services introduced its Spend Analyzer, an online personal financial management (PFM) tool that lets clients track and categorize their spending. Adoption was swift, but there was one problem: Cash payments, including those made to friends and family, could not be captured, somewhat sapping the value of the Spend Analyzer as a comprehensive PFM tool. Discover's eBusiness team recognized the problem and worked to create a person-to-person (P2P) payment feature that helped clients "electronify" cash-based and P2P payments. The initiative has been a success so far, hitting adoption and transaction levels three months ahead of internal projections. Discover's mobile P2P offering demonstrates a fundamental tenet of mobile financial services strategy: Services and features have a greater chance of success when they grow out of a core business objective.

Want to read the full report?

Contact us to become a client

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.