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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 Financial (NYSE: SYF) has released its second quarter 2024 financial results for the period ending June 30, 2024. The company has made the earnings news release, financial tables, and related materials available on its investor relations website. A conference call to review the financial results and outlook for certain business drivers will be hosted by Brian Doubles, President and CEO, and Brian Wenzel Sr., Executive VP and CFO, at 8 a.m. ET. Investors can access the audio webcast of the conference call through the company's investor relations website, where a replay will also be available later.
Synchrony (NYSE: SYF) has announced an enhanced partnership with Atlanticus Holdings (NASDAQ: ATLC) focusing on second look financing solutions. This partnership will provide preferred second look financing for private label credit cards and installment loans under the Fortiva brand. The collaboration aims to increase sales and brand loyalty for Synchrony merchants by offering more customers access to credit. This program will streamline enrollment processes and offer favorable merchant pricing. The initiative is expected to attract a broader customer base, including underserved populations. The partnership, which began in 2019, leverages Atlanticus' analytics and technology to offer inclusive financial solutions and potentially allow customers to graduate to Synchrony credit products.
Synchrony (NYSE: SYF) will announce its second quarter 2024 financial results on July 17, 2024. The company plans to release the earnings report and presentation materials at approximately 6:00 a.m. Eastern Time on its Investor Relations website, www.investors.synchrony.com. Subsequently, a conference call to discuss the results will be held at 8:00 a.m. Eastern Time, accessible via a live audio webcast and replay on the same website under Events and Presentations.
Synchrony (NYSE: SYF), a leading consumer financial services company, has been ranked second among India's Best Companies to Work For in 2024. This marks the seventh consecutive year of recognition, highlighting Synchrony's commitment to a positive and inclusive workplace culture. The company offers comprehensive benefits including 100% work-from-home flexibility, financial and logistical support for remote work, extensive medical insurance, and inclusive parental leave policies. Synchrony also emphasizes diversity, with over 51% women in its workforce. Senior executives expressed their gratitude and commitment to maintaining a supportive environment. Notable past recognitions include being named a Top Employer by the India Workplace Equality Index in 2023 and multiple accolades from Ambition Box Employee Choice Awards in 2024.
On June 4, 2024, Synchrony (NYSE: SYF) announced a partnership with Installation Made Easy (IME) to simplify financing for kitchen, bath, and flooring installations. Homeowners can now purchase materials from Floor & Decor and schedule installations via IME, streamlining the home improvement process. Floor & Decor cardholders can finance both materials and services using their Synchrony-issued credit card, allowing them to pay over time. This collaboration aims to make renovations more accessible and hassle-free, with potential plans to expand to more retailers.
Synchrony Financial (NYSE: SYF) will participate in two significant investor conferences in June 2024. Chief Financial Officer Brian J. Wenzel will represent the company in fireside discussions. The first event is the TD Cowen Financial Services & Fintech Summit on June 5, 2024, at 12:10 p.m. ET. The second is the Morgan Stanley US Financials, Payments & CRE Conference on June 10, 2024, at 8:00 a.m. ET. Both events will offer live webcasts and replays available on Synchrony's Investor Relations website.
Virgin Red has announced a new multi-year partnership with Synchrony and Mastercard to launch the Virgin Red Rewards World Elite Mastercard credit card program in the U.S. Synchrony will be the exclusive issuer, and Mastercard the exclusive payments network. The card, debuting in the second half of 2024, will enable users to earn Virgin Points on various purchases, including travel with Virgin companies and everyday spending. Virgin Points can be redeemed for a wide range of rewards, from flights and hotels to unique experiences. The partnership also promises enhanced digital experiences for cardholders.
Synchrony marked a decade of promoting diversity with its 10th annual Global Diversity Experience (GDE) in Chicago. The three-day event hosted hundreds of employees, board members, and executives, with thousands more participating globally. The theme, 'United in Purpose – Changing Tomorrow, Today,' focused on diversity, equity, and inclusion (DEI) as core business values. Interactive workshops, keynote speakers, and panel discussions highlighted Synchrony's commitment to these principles. Additionally, Synchrony employees engaged in volunteer projects to support local nonprofits. The Synchrony Foundation donated $50,000 to various causes, including Canine Companions® and the Pediatric Oncology Treasure Chest Foundation. CEO Brian Doubles emphasized that advancing DEI is beneficial for business and communities.
A new Synchrony study reveals that while most consumers prioritize their hearing, few take proactive measures to manage their hearing health. The study, which surveyed over 2,000 consumers and 26 audiologists, found that less than 10% of consumers visited an audiologist in the past year due to cost barriers. Despite 70% considering hearing a priority, many are in denial about potential hearing loss symptoms. Furthermore, there is a lack of awareness about the link between hearing loss and other health conditions. The study highlights the need for increased awareness and financial solutions to encourage proactive hearing care.
Synchrony Skills Academy partners with The Knowledge House to launch the Technology Fellowship program, offering data science training and career coaching to underserved adults in Connecticut. The program aims to prepare learners for tech careers through a year-long curriculum combining in-person and remote learning.
The partnership focuses on increasing pathways to sustainable tech careers for underrepresented communities. The Knowledge House has a successful track record of training future technologists and entrepreneurs, with plans to expand its impact in major cities.
Synchrony Skills Academy, part of Synchrony's initiative to expand education access, has already impacted over 150 participants through technical upskilling programs for underserved communities.
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