LAS VEGAS — Synchrony Financial (NYSE: SYF) the largest provider of private label credit cards in the U.S. based on purchase volume and receivables, today announced that it ranked number 48 on this year’s InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. The full list can be found on http://www.informationweek.com/elite100.
Synchrony Financial was recognized for its innovative mobile solutions for the entire credit lifecycle, from acquisition to servicing and loyalty to payments. The 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 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, 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.
Carol Juel, CIO of Synchrony Financial said, “As a newly public company with 80 years of experience, we are pleased to be included in this year’s Elite 100 and recognized as a leading business technology innovator. We see our technology expertise and innovation as a competitive differentiator, integrated in all aspects of our business, and this award highlights the value our mobile platform delivers to our partners and customers.”
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 partnership with LoopPay, the company which developed Magnetic Secure Transmission (MST) technology and was acquired by Samsung In February.
Speaking about the 2015 Elite 100, InformationWeek editor Chris Murphy said, “Gone are the days IT could run as an entity unto itself. If IT isn’t part of product development, or marketing, or customer service, a company risks falling behind in the era of digital business. At InformationWeek, we talk about this as ‘IT Without Borders,’ as we see the best IT leaders tearing down traditional borders to help every department leverage technologies such as data analytics, cloud, and mobility. The 2015 InformationWeek Elite 100 spotlights companies where IT is not only inseparable from every department, it’s pivotal to every customer experience.” This is InformationWeek’s 27th year identifying and honoring the nation’s most innovative users of information technology. The InformationWeek Elite 100 research tracks the technology-based investments, strategies, and results of some of the best-known organizations in the country. Unique among corporate rankings, the InformationWeek Elite 100 spotlights the power of business technology innovation.
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.