| Market Capitalization (Millions $) |
25,191 |
| Shares
Outstanding (Millions) |
334 |
| Employees |
20,000 |
| Revenues (TTM) (Millions $) |
15,324 |
| Net Income (TTM) (Millions $) |
3,456 |
| Cash Flow (TTM) (Millions $) |
424 |
| Capital Exp. (TTM) (Millions $) |
0 |
Business Description
Synchronization Financial is one of the leading consumer financial services companies in the United States. With origins dating back to 1932, it stands as the largest provider of private label credit cards in the country, measured by both purchase volume and receivables. The company offers a diverse range of credit products through well-established programs in collaboration with a wide spectrum of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers, collectively referred to as its partners.
Synchrony Financials partnerships include prominent names such as Lowes, Walmart, Amazon, and Ethan Allen, reflecting its strong connections with some of the most well-known consumer brands. The company emphasizes a partner-centric business model that aligns its interests with those of its partners, providing significant value to both parties. As a result, partners actively promote Synchronys credit products, which can lead to increased sales and enhanced customer loyalty. Customers benefit from having instant access to credit, as well as discounts and promotional offers, while Synchrony distinguishes itself through deep partner integration and extensive marketing expertise. The company is equipped with omni-channel technology and marketing capabilities, enabling it to offer and deliver credit products to customers through various channels, including in-store, online, and mobile.
The operations of Synchrony Financial are conducted through a single business segment, with revenue activities managed through three primary sales platforms:
1. Retail Card: This platform focuses on private label credit cards, Dual Cards, and small- to medium-sized business credit products.
2. Payment Solutions: It specializes in promotional financing for major consumer purchases, predominantly through private label credit cards and installment loans.
3. CareCredit: This platform provides promotional financing options for consumers seeking elective healthcare procedures or services, covering areas such as dental, veterinary, cosmetic, vision, and audiology.
Synchronys credit products are primarily offered through its wholly-owned subsidiary, the Bank, which provides a wide array of deposit products that are FDIC-insured. These products include certificates of deposit, individual retirement accounts (IRAs), money market accounts, and savings accounts. The Bank also accepts deposits through third-party securities brokerage firms, thus broadening its customer base. To enhance its deposit base and ensure stable, diversified low-cost funding for its credit operations, Synchrony is actively expanding its online direct banking services.
As a company, Synchrony Financial serves as the holding entity for the legal organizations that previously managed GEs North American retail finance operations. The company was incorporated in Delaware on September 12, 2003, but did not undertake any business until April 1, 2013, when it transitioned substantially all assets and operations from GEs North American retail finance business to Synchrony as part of a regulatory restructuring. After its initial public offering (IPO) in 2014, GE initially held approximately 84.6% of Synchrony’s common stock.
On November 17, 2015, Synchrony announced the successful completion of an exchange offer with GE, which facilitated the economic separation from GE and allowed Synchrony to operate independently. As a result of this separation, GE no longer retained ownership of any Synchrony common stock.
In its capacity as a savings and loan holding company, Synchrony is regulated and supervised by the Federal Reserve Board, and as a major provider of consumer financial services, it is also subject to oversight from the Consumer Financial Protection Bureau (CFPB).
The Bank, which is a federally chartered savings association, is primarily regulated by the Office of the Comptroller of the Currency (OCC) and is also examined by the CFPB. As an insured depository institution, the Bank is additionally supervised by the FDIC.
Through its comprehensive range of credit solutions, robust partnerships, and commitment to customer service, Synchrony Financial continues to establish itself as a key player in the consumer financial services landscape.
Company Address: 777 Long Ridge Road Stamford, 6902 CT
Company Phone Number: 585-2400 Stock Exchange / Ticker: NYSE SYF
|
0.15% 