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Synchrony Financial (NYSE: SYF) is a leading consumer financial services company in the United States, known for providing private-label credit cards. Established in 1932, Synchrony has grown to be the largest provider of private-label credit cards based on purchase volume and receivables. The company offers a wide range of credit products through partnerships with national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers. These products include private-label credit cards, promotional financing, installment lending, loyalty programs, and FDIC-insured savings products under the brand Optimizer+Plus.
Synchrony operates through three main segments: Retail Card, which includes private-label and co-branded general-purpose credit cards; Payment Solutions, which offers promotional financing for large-ticket purchases; and CareCredit, focused on financing for elective healthcare procedures.
With over 300,000 partner locations across the US and Canada, including physical stores, websites, and mobile applications, Synchrony provides financial flexibility to a broad customer base. The company's digital capabilities enhance customer experience and drive growth for its partners.
Recent achievements highlight Synchrony's strategic partnerships and innovation. In March 2024, Synchrony completed the sale of Pets Best Insurance Services to Independence Pet Holdings (IPH), retaining an equity stake and strengthening its position in the pet insurance market. Additionally, Synchrony partnered with Skipify to enhance the checkout experience for its cardholders and introduce digital wallets to streamline online shopping.
In April 2024, Synchrony announced a new installment financing partnership with BRP US Inc., expanding its consumer base in the powersports market. Furthermore, Synchrony renewed its agreement with Affordable Care, LLC, continuing to offer CareCredit at over 450 dental practices, thereby broadening access to dental care financing.
Synchrony's financial health remains robust, as evidenced by its Q1 2024 results and ongoing share repurchase programs, which underscore the company's commitment to delivering value to shareholders. The company's dynamic financial ecosystem, innovative digital solutions, and diverse set of financing options continue to position it as a leader in the consumer financial services sector.
Synchrony (NYSE: SYF) will report its fourth quarter 2021 results on January 28, 2022. The earnings release will be available on the company's Investor Relations website by approximately 6:00 a.m. Eastern Time. A conference call will follow at 8:00 a.m. Eastern Time to discuss the results. Synchrony is a leader in consumer financial services, offering specialized financing solutions and is one of the largest issuers of private label credit cards in the U.S.
Synchrony Financial (NYSE: SYF) announced a $1.0 billion increase in its share repurchase authorization, raising the total authorized amount to $2.2 billion through June 30, 2022. As of September 30, 2021, $1.2 billion remained under the previous authorization. The company can repurchase shares based on market conditions and regulatory requirements. This move is aimed at enhancing shareholder value and reflects the company's financial strength.
Synchrony announced a strategic investment in Skipify, a digital payments company, on December 15, 2021. This partnership aims to implement Skipify's one-tap checkout solution across Synchrony's extensive merchant network, enhancing customer transaction experiences. Skipify's merchants report a significant 30% increase in sales conversions. With around 60 million cardholders, Synchrony seeks to facilitate seamless digital commerce and bolster its growth strategy. Synchrony Ventures focuses on funding early-stage companies with innovative solutions, reinforcing its commitment to adapt the shopping journey for consumers and merchants alike.
Synchrony (NYSE: SYF) announced that President and CEO Brian D. Doubles, along with CFO Brian J. Wenzel, will participate in a fireside chat at the Goldman Sachs US Financial Services Conference on December 7, 2021, at 8:00 a.m. Eastern Time. A live webcast of the event will be accessible on the Synchrony Investor Relations website, with a replay available afterward. Synchrony is a key player in consumer financial services, offering a variety of financing programs and consumer banking products across industries.
Home Chef, a leading meal solutions company, has launched a new digital gifting platform integrated with GiftNow, a Synchrony solution (NYSE: SYF), enhancing the gift card purchasing experience. This platform features personalized e-gift cards, offering customers seasonal designs and the ability to add video messages and photos. Customers can send these e-gift cards instantly or schedule delivery up to three months in advance. The offering aims to create a more seamless and personalized gifting experience, aligning with the holiday season.
Peet's Coffee® has launched a customizable coffee gifting experience through GiftNow, a solution from Synchrony, allowing customers to personalize their coffee gifts. The service includes options for blend selection and delivery updates, enhancing the gifting experience for special occasions. Peet's aims to simplify holiday shopping, featuring popular items like the Holiday Blend, with a commitment to donate $1 for every pound sold to La Cocina, aiding BIPOC food entrepreneurs. GiftNow is available for orders over $10.
A new Coresight Research study highlights changing US holiday shopping trends, showing an increased reliance on e-commerce and an extended shopping period. The study indicates that 64% of shoppers shifted to online purchases due to COVID-19, with e-commerce sales expected to account for 21% of total holiday sales in Q4 2021. Key findings suggest that retailers should enhance their online strategies, including early promotions and improved customer experiences. The study also notes that demand for gift cards remains strong, and personalization could significantly benefit the gifting process.
Synchrony (NYSE: SYF) announced a new program to prepare underserved high school students in Stamford, Connecticut for careers in the digital economy. The initiative includes a donation of $300,000 to support the Synchrony Skills Academy, which will enroll 50 students in training and summer immersion programs starting in early 2022. Participants will gain skills in areas like coding and web development, while also receiving college and career assistance. This program aims to address the skills gap in Connecticut, where nearly 40% of employers reported difficulty finding qualified candidates.
Synchrony (NYSE: SYF) announced that its Executive Vice President and Chief Financial Officer, Brian J. Wenzel, will participate in a fireside chat at the Bank of America Merrill Lynch Banking and Financials Conference on November 9, 2021, at 11:20 a.m. Eastern Time. A live webcast of the event will be available on the Synchrony Investor Relations website. Synchrony is a premier consumer financial services company that provides a variety of financing programs across multiple industries.
Prime Healthcare has partnered with Synchrony (NYSE: SYF) to introduce new patient financing options across its 45 hospitals in 14 states. This collaboration will enable patients to use CareCredit, a healthcare credit card, for various healthcare expenses, enhancing price transparency and affordability. Patients can apply online or in-person, with immediate credit decisions. The initiative aims to address rising out-of-pocket healthcare costs and improve the patient experience through flexible financing options, including deferred interest plans.
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