STAMFORD, Conn. — IDG’s CIO magazine today announces Synchrony Financial (NYSE: SYF), a premier consumer financial services company with more than 80 years of retail heritage, as a recipient of the 2015 CIO 100. The 28th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology (IT).
Synchrony Financial, the largest provider of private label credit cards in the U.S. based on purchase volume and receivables, was recognized for its innovative mobile solutions for the entire credit lifecycle, from acquisition to servicing and loyalty to payments. Synchrony Financial will accept the award at the CIO 100 Symposium & Awards Ceremony, to be held Tuesday evening, August 11th at The Broadmoor in Colorado Springs, Colorado.
Carol Juel, CIO of Synchrony Financial said, “As a newly public company with 80 years of experience, we are honored to be named to the CIO 100 and recognized for the operational and strategic excellence of our IT organization. We see our technology expertise and innovation as a competitive differentiator, integrated into all aspects of our business, and this award highlights the value our mobile platform delivers to our partners and customers.”
“For 28 years now, the CIO 100 awards have honored the innovative use of technology to deliver genuine business value,” said Maryfran Johnson, Editor in Chief of CIO magazine & Events. “Our 2015 winners are an outstanding example of the transformative power of IT to drive everything from revenue growth to competitive advantage.”
Synchrony Financial’s award-winning proprietary suite of mobile assets includes:
• The mApply product, which allows shoppers to securely apply for credit on their mobile devices and instantly access their approved credit line
• The mService product, which allows customers to easily pay bills, redeem rewards, and service their accounts on their mobile devices
• The digital card, a proprietary digital version of either a Synchrony Financial private label credit card or one of our patented Dual Cards, that enables in-store account lookup and mobile payments functionality
Committed to working with all third-party digital wallets, including Apple Pay, Samsung Pay, Android Pay, MCX (CurrentC), and others, Synchrony Financial is helping shape the future of how private label credit cards work in mobile wallets, integrating all the benefits of private label that appeal to our partners and that customers value.
The rapid growth and deployment of Synchrony Financial’s mobile capabilities has been the result of a dedicated Innovation Station team comprised of cross-functional employees focused exclusively on emerging technology, ideation and agile development of new products. One-day prototyping sessions with partners and customers led this team to develop a number of proprietary mobile solutions including the prototype for the digital card product, enhancements to the mApply platform, and other innovative releases. This team also initiated the strategic investment in LoopPay, the company which developed Magnetic Secure Transmission (MST) technology and was acquired by Samsung in February.
About Synchrony Financial
Synchrony Financial (NYSE:SYF), formerly GE Capital Retail Finance, is one of the premier consumer financial services companies in the United States. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables. We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ more than 300,000 locations across the United States, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Our offerings include private label and co-branded credit cards, promotional financing and installment lending, loyalty programs and Optimizer+plus branded FDIC-insured savings products through Synchrony Bank.