Synchrony Financial Stock Price, News & Analysis

Synchrony (NYSE: SYF) has appointed Curtis Howse as the new Executive Vice President and CEO of Payment Solutions, effective January 1, 2021, succeeding Neeraj Mehta, who will leave the company in March 2021. Howse brings over 25 years of experience in consumer finance, previously leading Synchrony Direct to Consumer and driving substantial growth with over $63 billion in online banking deposits. This transition aims to strengthen Synchrony's ability to innovate and expand its digital payment solutions for small and medium-sized businesses.

Synchrony (NYSE: SYF) highlights its GiftNow® solution, designed to enhance corporate gifting programs amidst the pandemic's disruption. GiftNow enables creative agencies to provide personalized gift experiences digitally, allowing recipients to customize their gifts before delivery. The platform streamlines gift logistics, requiring only the recipient's contact information. Clients can engage attendees effectively during virtual events, adding value to corporate initiatives. GiftNow also facilitates donations to charities, making gifting more meaningful.

Synchrony, through its Loop Commerce platform, has announced that Dressage Extensions, a sister brand of Dover Saddlery, will implement GiftNow® to enhance its e-commerce capabilities. This integration allows customers to easily shop and personalize gift cards among over 8,500 dressage products. Following the success of GiftNow at Dover Saddlery, which saw a 10% sales increase and 74% growth in gifting, this move aims to optimize customer experiences while reducing cart abandonment and shipping costs. Dressage Extensions continues to focus on providing specialized products for equestrian enthusiasts.

On November 24, 2020, Loop Commerce announced that jewelry retailer Catbird has implemented its GiftNow solution to enhance digital gifting for the upcoming holiday season. This partnership aims to streamline the jewelry gifting process, especially amid limited in-store capacities. GiftNow allows users to send personalized digital gifts and gift cards instantly, enabling recipients to modify items before delivery. The platform also supports promotional programs like BOGO gift cards. Catbird specializes in ethically sourced handmade jewelry, enhancing its online presence through this digital initiative.

Synchrony (NYSE: SYF) will participate in the Goldman Sachs US Financial Services Conference in New York on December 9, 2020, at 9:20 a.m. (ET). The event will feature CEO Margaret M. Keane and CFO Brian J. Wenzel. A live webcast and replay will be available on the Synchrony Investor Relations website. Synchrony is a leading consumer financial services provider, specializing in financing programs and consumer banking products across various sectors. More details can be found at www.synchrony.com.

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.