SYNCHRONY FINANCIAL - SYF STOCK NEWS

Synchrony, a leader in consumer financial services, has rolled out new digital capabilities aimed at enhancing its financing platform. These enhancements, particularly the Multisource Financing initiative, enable partners to integrate multiple lending sources, improving credit application approval rates. The updated dApply capabilities allow partners to swiftly embed digital credit applications on their platforms without coding. These innovations are designed to boost sales and improve consumer experiences as the holiday season approaches.

According to a recent study by Loop Commerce, 54% of companies are set to increase their corporate gift giving over the next two years, reflecting changing workplace dynamics. However, challenges remain as many employees prefer gift cards (70%) and experiences over merchandise (55%). Despite companies' willingness to spend $50-$150 per gift, they often resort to less meaningful options due to convenience. Shipping issues during the pandemic further complicate the gifting process, highlighting the need for effective Gift Experience Management solutions.

AxiaMed has announced a collaboration with CareCredit to enhance patient payment experiences through their payment platform. CareCredit offers promotional financing options for healthcare costs at over 240,000 providers. This integration will enable providers to accept CareCredit payments directly through AxiaMed's PAX Android devices, streamlining transactions and improving efficiency. The partnership aims to ease financial discussions for both providers and patients, with features like instant credit decisions and reduced paperwork. AxiaMed's technology facilitates secure transactions, benefiting over 11 million CareCredit cardholders.

Synchrony announced the winners of its Pillars Project awards at the virtual Envision conference, honoring 20 small businesses for their resilience during challenging times. Each business receives a $10,000 prize aimed at fostering growth and supporting community impact. The program, initiated in 2016, recognizes small business owners who have contributed positively to their communities. This year’s initiative saw an increase in winners, reflecting Synchrony's commitment to small business support. The awarded businesses span various industries from retail to healthcare.

CareCredit, a key player in promotional financing for health and veterinary services, has extended its partnership with National Veterinary Associates (NVA) for multiple years. This agreement allows CareCredit to remain NVA's preferred customer financing option, enhancing payment solutions for pet owners across over 700 veterinary hospitals. As pet care costs surge, estimated pet spending in 2020 is projected at $99 billion, with veterinary care accounting for more than $30.2 billion. CareCredit aims to facilitate seamless financial transactions through digital tools for pet care.

CareCredit, a solution from Synchrony (NYSE:SYF), has integrated with Open Dental practice management software version 20.3. This integration aims to enhance efficiency for dental practices and facilitate financing options for patients. New features include CareCredit's Quickscreen®, enabling staff to identify pre-approved patients easily, and streamlined transaction processing directly from the Patient Account Screen. The initiative aims to support practices in managing patient care during challenging times. CareCredit has been a key player in patient financing for over 30 years.

Synchrony Financial (NYSE: SYF) has declared a quarterly cash dividend of $0.22 per share, payable on November 12, 2020, to shareholders registered by the close of business on November 2, 2020. Additionally, a dividend of approximately $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on November 16, 2020, also to holders of record by November 2, 2020. This demonstrates the company’s commitment to returning value to shareholders while maintaining its strong position in consumer financial services.

Synchrony Financial (NYSE: SYF) reported a third quarter 2020 net earnings of $313 million, or $0.52 per diluted share, despite restructuring charges of $89 million and increased provisions for credit losses under CECL totaling $66 million. Loan receivables fell 6% to $78.5 billion, and interest and fees on loans decreased 22% to $3.8 billion. Average active accounts dropped 16% to 64.3 million. The company's capital position remains strong with a Tier 1 Capital ratio of 16.7%. Key partnerships were renewed, and a new Venmo program was launched to enhance digital offerings.