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Discover tech investment jumps 31% in Q1

Technology, consulting costs climb to $232M

Whitney McDonaldbyWhitney McDonald
April 21, 2023
in All Posts
Reading Time: 1 min read
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Discover Financial Services increased its technology spending 31% last quarter to focus on four areas of investment: machine learning and AI, core systems, and network and compliance management systems.

The company made the disclosure during its first-quarter earnings report released Thursday.

Discover tech investment jumps 31% in Q1
Photo by Bloomberg Mercury

Discover spent $232 million on technology and consulting expenses during the quarter, according to the company.

Among its Q1 initiatives was the launch of the Discover Technology Experience platform, which allows Discover engineers and outside developers to share knowledge and ideas on new technologies. A company official said the platform allowed for the introduction of more open-source development.

“We’re a digital institution; we need to invest in technology to ensure that we keep capabilities advancing,” said John Greene, Discover’s chief financial officer, during the Q1 earnings call.

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Tags: Discover Financial ServicesearningsPremiumtech spend
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