David W. Nelms, CEO of Discover Financial Services, has been named the top financial industry CEO of 2020 by the American Bankers Association. In an announcement made on December 30, 2020, the ABA described Nelms as “one of the most effective and respected executives in the financial services industry throughout his career.”
David W. Nelms, who was named Discover Financial Services’ CEO in 2006, has led the company to a remarkable track record of success since then. Discover, which is a direct banking and payment services company, is best known for its Discover card and its suite of consumer credit and banking products and services. Under Nelms’ leadership, the company has enjoyed a significant increase in revenue, market share, and profits, leading to both customer and shareholder satisfaction.
Nelms has demonstrated a remarkable ability to remain at the forefront of the ever-changing financial services industry. When he was first appointed, the financial services industry was facing steep uncertainty due to the economic downturn and restrictive banking regulations. Nelms recognized the need to transform Discover to stay ahead of the competition and charted a new course for the company. He took a risk by investing heavily in Discover’s online and digital presence, which helped the company capitalize on the increasing digital demand of today’s consumers.
Nelms also emphasized risk management, building a culture of prudent decision-making and a set of processes that minimized potential losses for the company and for its customers. He also implemented a set of corporate values, which emphasized customer service, financial stability, and responsible spending. These values have helped form the backbone of Discover’s success, as it continues to be the leader in customer satisfaction and income growth in the industry.
In addition to his leadership at Discover, Nelms has also been a major advocate in the areas of diversity and financial literacy. He has served on the board of the National Urban League and has been an active supporter of the Urban Financial Services Coalition, which works to close racial and ethnic gaps in the financial services industry. He has also served on the board of the Jump$tart Coalition, a non-profit organization that works to improve the financial literacy of our nation’s youth.
The ABA’s recognition of David W. Nelms as the top financial industry CEO of 2020 is a testament to his remarkable leadership skills and vision. In the face of an uncertain and changing financial services industry, Nelms remains steadfast in his commitment to delivering high-quality customer service and mitigating risk for Discover and its customers. His commitment to excellence and diversity, as well as his passion for financial literacy, have been recognized and appreciated by colleagues, customers, and investors alike.
