Bread Financial™ Releases 2023 Sustainability Report, Highlighting Company’s Continued Commitment to Customers, Investors, Society and the Environment

Rhea-AI Summary

Bread Financial (NYSE: BFH) has released its 2023 Sustainability Report, highlighting major achievements and initiatives in sustainability.

The report emphasizes corporate governance, risk management, customer experience, associate engagement, environmental protection, and community investment.

Key milestones include the launch of a Financial Education Hub, the creation of the Office of People, Policy and Governance, and a new Career Navigator tool for associates.

The company doubled its community investments to $8 million and significantly boosted associate volunteerism. It also improved customer service via a new mobile app and self-service options.

Bread Financial has made strides in supplier diversity, sustainable sourcing, and environmental efforts, including a new Earth Month initiative and the use of biodegradable plastics.

Positive

• Financial Education Hub launch strengthens customer financial knowledge.
• Office of People, Policy and Governance enhances compliance and governance.
• Career Navigator tool aids in associate career development.
• Invested $8 million in community through various initiatives.
• Improved customer service with new mobile app, reducing call transfers by 115%.
• Increased associate volunteerism by 160%.
• 44% of senior leaders are women, earning Great Place to Work Certification®.
• Expanded use of biodegradable plastics for Bread Cashback™ American Express® Credit Card.
• Issued TCFD report, showing progress in climate-related risk management.
• Enhanced supplier diversity and sustainable sourcing initiatives.

Negative

• The report lacks specific financial performance data.
• No detailed metrics on cost savings from sustainability initiatives.
• Potential investor concerns over increased expenses from new initiatives.
• information on the impact of initiatives on long-term profitability.

• Eleventh annual report details progress across sustainability initiatives, supporting long-term financial, operational and reputational goals 
• Inaugural third-party limited assurance received for greenhouse gas inventory

COLUMBUS, Ohio, May 16, 2024 (GLOBE NEWSWIRE) -- Bread Financial™ (NYSE: BFH), a tech-forward financial services company providing simple, personalized payment, lending and saving solutions, today released its 2023 Sustainability Report, the latest formal annual reporting of Bread Financial’s commitment to transparency and accountability across its business practices. The 11^th annual report highlights how the company’s sustainability strategy encompasses corporate governance, disciplined risk management, customer experience, associate engagement, protecting our planet, and investing in our communities. 

“At Bread Financial, our responsibilities extend well beyond the financial solutions we provide,” said Ralph Andretta, president and CEO, Bread Financial. “We continue to fortify the foundations of our business to ensure we are well-positioned and resilient for the future, focusing on supporting our associates, brand partners, investors, customers and the communities we serve.” 

Through deeper cross-functional collaboration and engagement with key stakeholders, 2023 marked several significant milestones that underscore Bread Financial’s ongoing commitment to sustainability as an integrated part of the business strategy and overall approach to risk management. These milestones include: 

• Doubled down on financial health and wellness. In 2023, Breach Financial launched its Financial Education Hub, an online resource that focuses on topics such as understanding credit, responsible saving, and managing debt to help customers strengthen their financial knowledge on breadfinancial.com.  
• Created the Office of People, Policy and Governance. As part of Bread Financial’s People and Culture function, the office was established to dedicate focus on how the company manages and complies with the numerous and ever-changing human capital requirements and policies that govern and safeguard associates and the business.  
• Invested in associate career growth. Bread Financial launched a Career Navigator tool, an on-demand website containing all career development resources in one place, designed to guide associates and leaders on a path to career success. 
• Prioritized community initiatives that align with business priorities. $8 million was invested in the community through grants, investments, donations and Community Reinvestment Act (CRA) commitments.   

“Our growth and success are a reflection of the guiding principles and priorities that define who we are as a company, and how we positively impact and deliver value to our associates, partners, customers, investors and communities,” said Dana Beckman, vice president and chief sustainability officer, Bread Financial. “Together, with the support of our Board of Directors, our leadership team, and all of my colleagues, I am proud of the work we’ve done to build upon our solid foundation and continue to accelerate and communicate progress related to our sustainability initiatives moving into 2024.” 

The 2023 Sustainability Report also details Bread Financial’s performance against its five key sustainability tenets, such as: 

• Managing business responsibly, including through the establishment of a more comprehensive data management strategy. Additionally, the company added staff to advance supplier diversity and sustainable sourcing.  
• Empowering customers through a new mobile app and greater self-service options, which resulted in improved, more efficient service, including reducing call transfers by 115%, minimizing customer wait times, and reducing overall call duration.  
• Engaging associates with the addition of the New Associate Connect Business Resource Group. We are also proud to report that 44% of our senior leaders are women, and 87% of associates feel Bread Financial is a great place to work, earning us a Great Place to Work Certification^® in both the U.S. and India.     
• Creating possibilities for communities by increasing hours of associate volunteerism by 160% and awarding $1 million in grants to 21 charities focused on financial wellness. 
• Protecting the planet with a new Earth Month incentive program that encourages cardmembers to go paperless and expanding the use of biodegradable plastic derived from renewable sources for thecompany’s proprietary card, the Bread Cashback™ American Express^® Credit Card.
  

2023 was also the second year the company issued a Task Force on Climate-related Financial Disclosures (TCFD) report, demonstrating progress on identifying, assessing, mitigating and governing climate-related risks as well as our evolving sustainability efforts.

To learn more about Bread Financial’s sustainability milestones and commitments, view the full 2023 Sustainability Report here.

About Bread Financial™ 
Bread Financial™ (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private-label and co-brand credit cards and Bread Pay™ buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback™ American Express® Credit Card and Bread Savings™ products.

Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000+ global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, Twitter/X and Instagram.

Contacts

Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

FAQ

What are the key milestones in Bread Financial's 2023 Sustainability Report?

Key milestones include the Financial Education Hub launch, creation of the Office of People, Policy and Governance, investment of $8 million in community initiatives, improved customer service via a new mobile app, and increased associate volunteerism by 160%.

How has Bread Financial improved customer service in 2023?

Bread Financial improved customer service by launching a new mobile app and self-service options, reducing call transfers by 115%, minimizing customer wait times, and reducing overall call duration.

What environmental initiatives has Bread Financial undertaken in 2023?

Bread Financial initiated an Earth Month incentive program to encourage cardmembers to go paperless and expanded the use of biodegradable plastics for their Bread Cashback™ American Express® Credit Card.

How much did Bread Financial invest in community initiatives in 2023?

Bread Financial invested $8 million in community initiatives through grants, investments, donations, and Community Reinvestment Act (CRA) commitments.

What new tools did Bread Financial introduce for associate career development in 2023?

Bread Financial introduced a Career Navigator tool, an on-demand website containing all career development resources to guide associates and leaders on a path to career success.

What is the significance of the TCFD report issued by Bread Financial?

The TCFD report demonstrates Bread Financial's progress in identifying, assessing, mitigating, and governing climate-related risks, showcasing their evolving sustainability efforts.

How has Bread Financial addressed supplier diversity in 2023?

Bread Financial advanced supplier diversity by adding staff and enhancing their sustainable sourcing initiatives.