Mission Statement, Vision, & Core Values (2024) of Synchrony Financial (SYF).

An Overview of Synchrony Financial (SYF)

General Overview of Synchrony Financial (SYF)

Synchrony Financial (SYF) is a premier consumer financial services company that has been a key player in the industry since its inception in 2003. Originally a part of General Electric, Synchrony became an independent entity in 2014, focusing on providing a wide array of financial products, including consumer credit cards, promotional financing, and loyalty programs. The company operates primarily in the United States and serves millions of customers through its extensive network of retail partners.

As of 2024, Synchrony Financial offers a diverse range of products, including:

• Credit cards
• Consumer installment loans
• Healthcare financing solutions
• Retail credit programs

In 2024, Synchrony reported total sales of approximately $44.3 billion across its various product lines, reflecting its strong presence in the consumer financing market.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for the third quarter of 2024, Synchrony Financial demonstrated a robust financial performance. Key highlights include:

The company achieved a record-breaking revenue of $16.9 billion for the nine months ended September 30, 2024, up from $15.2 billion in the same period of 2023. This growth was primarily driven by an increase in interest and fees on loans, which rose by 7.2% and 10.5% for the three and nine months ended September 30, 2024, respectively. Additionally, the company benefitted from strategic acquisitions, including Ally Lending, which contributed to its loan receivables growth.

Introduction to Company as a Leader in the Industry

Synchrony Financial is recognized as one of the leading companies in the consumer financial services industry. Its extensive portfolio of products and strong partnerships with major retailers positions it well for continued success. The company has maintained a solid market presence, with approximately 70.4 million active accounts as of September 30, 2024.

Investors and analysts alike are encouraged to explore Synchrony Financial's strategic initiatives and market performance further, as the company continues to innovate and adapt in a competitive landscape.

Mission Statement of Synchrony Financial (SYF)

Mission Statement Overview

Synchrony Financial (SYF) is committed to empowering its customers through innovative financial solutions. The company's mission statement serves as a guiding principle for its operations and strategic initiatives, focusing on enhancing the customer experience, driving growth, and fostering sustainable business practices.

Core Component 1: Customer-Centric Solutions

At the heart of Synchrony's mission is a focus on delivering customer-centric financial products. The company aims to provide tailored solutions that meet the evolving needs of its diverse customer base.

• As of September 30, 2024, Synchrony reported an average of 20,787 thousand active accounts, reflecting its extensive reach in the consumer finance market.
• The company achieved a total purchase volume of $44.3 billion for the nine months ended September 30, 2024, indicating strong customer engagement and utilization of its financial products.

Core Component 2: Innovation and Technology

Synchrony places a strong emphasis on leveraging technology to enhance its offerings. The company's mission includes a commitment to innovation, ensuring that it stays ahead of industry trends and meets customer expectations.

• In 2024, Synchrony launched new partnerships with various retailers, expanding its digital sales platform and enhancing customer access to credit options.
• The company's net interest income for the nine months ended September 30, 2024, was $13.4 billion, demonstrating the effectiveness of its innovative financial strategies.

Core Component 3: Community and Sustainability

Synchrony is dedicated to making a positive impact in the communities it serves. This commitment is reflected in its sustainability initiatives and community engagement efforts.

• The company reported net earnings of $2.7 billion for the nine months ended September 30, 2024, which supports its ability to invest in community programs and sustainability efforts.
• As of September 30, 2024, Synchrony’s allowance for credit losses stood at $11.0 billion, representing a proactive approach to managing credit risk and ensuring financial stability for its customers.

Financial Performance Table

Vision Statement of Synchrony Financial (SYF)

Vision Statement Overview

The vision statement of Synchrony Financial (SYF) as of 2024 emphasizes innovation, customer focus, and commitment to financial well-being. Synchrony aims to be a leader in consumer financing solutions, driving growth through technology and customer engagement.

Innovative Financial Solutions

Synchrony Financial is committed to providing innovative financial solutions that meet the evolving needs of its customers. As of September 30, 2024, the company reported total loan receivables of $102.193 billion, reflecting its extensive reach in consumer finance.

Customer-Centric Approach

At the core of Synchrony’s vision is a strong customer-centric approach. The company aims to enhance customer engagement through tailored financing solutions. As of Q3 2024, Synchrony reported a net earnings increase of 2,725 million, up from 1,798 million in the previous year, showcasing its effectiveness in meeting customer needs.

Commitment to Financial Well-Being

Synchrony Financial is dedicated to promoting financial well-being among its customers. The company’s risk-based capital ratios indicate strong capital management, with a Tier 1 risk-based capital ratio of 14.3% as of September 30, 2024, well above the minimum requirement of 6.0%.

Technological Advancement

To achieve its vision, Synchrony Financial leverages technology to enhance service delivery. The company has invested significantly in digital solutions, with total interest income reported at $16.935 billion for the nine months ended September 30, 2024, indicating a robust performance driven by technological integration.

Strategic Partnerships

Synchrony’s vision includes fostering strategic partnerships to expand its market presence. The company reported total deposits of $82.284 billion as of September 30, 2024, reflecting its successful partnerships and customer trust.

Core Values of Synchrony Financial (SYF)

Integrity

Integrity is a core value at Synchrony Financial, emphasizing ethical behavior and accountability in all actions. The company demonstrates this commitment through rigorous compliance programs and transparent communication with stakeholders.

In 2024, Synchrony implemented enhanced training programs to ensure that all employees adhere to ethical standards. The company invested $3 million in compliance training, which has resulted in a 15% decrease in compliance-related incidents compared to the previous year.

Customer Commitment

Customer Commitment focuses on building lasting relationships through exceptional service and support. Synchrony Financial has prioritized customer satisfaction, reflected in a net promoter score (NPS) of 75 in 2024, up from 70 in 2023.

To uphold this value, Synchrony launched its "Customer First" initiative, which includes a dedicated support team available 24/7, resulting in a 20% improvement in response times and a 30% increase in positive customer feedback ratings.

Innovation

Innovation is vital for Synchrony's growth and adaptability in a rapidly changing financial landscape. In 2024, the company allocated $50 million towards technology upgrades and digital solutions.

This investment led to the successful launch of a new mobile app, enhancing user experience and increasing mobile transactions by 40%. Additionally, Synchrony introduced AI-driven analytics to better understand customer needs, which has improved product offerings and personalized marketing strategies.

Diversity and Inclusion

Diversity and Inclusion are integral to Synchrony's culture. The company strives to create an inclusive environment where all employees feel valued. In 2024, Synchrony launched a diversity training program that reached 100% of its workforce.

The results of these initiatives are evident, as 50% of new hires in 2024 were from diverse backgrounds, and the company's employee satisfaction score related to inclusivity rose to 85%, an increase from 78% in 2023.

Collaboration

Collaboration fosters teamwork and open communication across the organization. Synchrony promotes a collaborative work environment, facilitating better problem-solving and innovation.

In 2024, Synchrony established cross-functional teams to enhance project efficiency, leading to a 25% reduction in project turnaround times. Employee engagement surveys indicated a 90% approval rating for collaborative efforts, underscoring the success of this core value.

Article updated on 8 Nov 2024

Resources:

• Synchrony Financial (SYF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Synchrony Financial (SYF)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Synchrony Financial (SYF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.