Discover was in attendance at the National Association of Federal Credit Union’s (NACFU) 45th annual conference in Nashville this month, represented in part by Kevin O’Donnell, a group executive in the network’s credit issuance division. For PYMNTS.com, the occasion represented an ideal opportunity to get insights into what credit unions are up to, and what impact they might have on the payments industry overall in the near future.
O’Donnell’s insights are informed by Discover’s U.S. Spending Monitor, which showed a drop in consumer confidence for June after what appeared to have been a strong spring. This, O’Donnell says, offers credit unions a unique opportunity to gain business, as research shows CUs typically have a reputational advantage over their big bank competitors. When consumers are concerned about the economy, trust becomes even more important, O’Donnell says.
Once CUs establish a relationship with those customers, O’Donnell recommends offering a broad portfolio of products that includes both savings accounts and lending services “” particularly for baby boomers, which O’Donnell refers to as a “sandwiched generation,” in many cases having to take care of both aging parents and 20-something children unable to find jobs in a tough employment market.
Listen to the full audio interview with Discover’s Kevin O’Donnell here to get the full story on Discover’s U.S. Spending Monitor for June, and more insights on optimal strategies for credit unions looking to grow.
Discover was in attendance at the National Association of Federal Credit Union’s (NACFU) 45th annual conference in Nashville this month, represented in part by Kevin O’Donnell, a group executive in the network’s credit issuance division. For PYMNTS.com, the occasion represented an ideal opportunity to get insights into what credit unions are up to, and what impact they might have on the payments industry overall in the near future.
O’Donnell’s insights are informed by Discover’s U.S. Spending Monitor, which showed a drop in consumer confidence for June after what appeared to have been a strong spring. This, O’Donnell says, offers credit unions a unique opportunity to gain business, as research shows CUs typically have a reputational advantage over their big bank competitors. When consumers are concerned about the economy, trust becomes even more important, O’Donnell says.
Once CUs establish a relationship with those customers, O’Donnell recommends offering a broad portfolio of products that includes both savings accounts and lending services — particularly for baby boomers, which O’Donnell refers to as a “sandwiched generation,” in many cases having to take care of both aging parents and 20-something children unable to find jobs in a tough employment market.
Listen to the full audio interview with Discover’s Kevin O’Donnell here to get the full story on Discover’s U.S. Spending Monitor for June, and more insights on optimal strategies for credit unions looking to grow.
Vice President of Credit Issuance for Discover Network
Kevin O’Donnell is Vice President of Credit Issuance for Discover Network, a business unit of Discover Financial Services. Mr. O’Donnell leads a team who oversee the relationships with Discover Network’s credit issuing partners as well as business development activities with direct credit issuers, co-brand programs and aggregators.
Mr. O’Donnell began his tenure with Discover in 1985 and since then he has held numerous positions within the company in the areas of strategic merchant relations, merchant acquisition sales, district and regional sales management, key relationship management and network operations. Prior to joining Discover, Mr. O’Donnell worked for Maine National Bank in Portland, Maine and was the owner/operator of a small business.
He serves on the Chicago Board of the Juvenile Diabetes Research Foundation (JDRF), is a member of their National Field Operations Group and served as a past board president of the JDRF Mid-Ohio Chapter. Additionally, he is a Captain in the Civil Air Patrol. Mr. O’Donnell is a frequent speaker and panelist at industry events. He is also quoted regularly in key industry publications and has authored several published articles on topics related to credit issuance.
Mr. O’Donnell holds a Masters degree from Central Michigan University and a Bachelor degree from Niagara University.
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