LAS VEGAS, Oct. 28, 2019 /PRNewswire/ -- MONEY
2020 -- Synchrony (NYSE: SYF), a premier consumer
financial services company, today announced more seamless and
streamlined experiences for its customers to apply for credit
and to make Synchrony Bank deposits. These industry-leading
capabilities dramatically simplify the application and account
opening processes by reducing the number of fields a customer
completes, implementing prefill and redesigning the customer
experience from the ground up.
"Synchrony is passionate about driving seamless digital customer
experiences," said Synchrony Chief Marketing Officer Bart Schaller. "We've invested heavily in the
technology and expertise needed to deliver the fastest and easiest
experience possible for our customers."
Three Step Credit Application Process
With nearly half of Synchrony's credit applications originating
online and via mobile, Synchrony recently unveiled enhancements to
dApply, a digital process that now allows customers to seamlessly
apply for credit in just three steps and receive approval right
away. Synchrony's robust technology architecture and data-driven
credit decisioning, combined with its partnership with Payfone, a
digital identity authentication leader whose capabilities passively
verify phone line ownership, possession and behavior with Trust
Score™, a real time assessment of identity confidence, enables the
company to rapidly verify identities, guard against fraud, and
approve credit almost instantaneously.
Applicants simply enter the last four digits of their social
security number into the digital form and verify the pre-filled
information generated from their mobile device fetched from
Payfone's de-centralized identity graph, after explicit consumer
consent. This is an 80% reduction in the number of fields a
customer needs to complete. As a dynamic tool, dApply can be
configured to each Synchrony partner, personalizing the look and
feel with individual brands. The dApply system works across
devices, from mobile to tablet to desktop.
Faster Bank Account Opening
Utilizing the same technologies and learnings, Synchrony also
dramatically simplified the process for Synchrony's online bank
customers to open and fund an account -- now in as little as
five minutes. Employing advanced digital tools, the Synchrony
Bank account opening process now has 50 percent fewer fields for a
customer to complete. Customer information can be auto-populated in
an online form, followed by a few simple questions. Customers no
longer have to enter existing bank account information to fund an
account, instead leveraging username and password to link
accounts.
"The investments we've made in our technology over the past few
years have helped us leapfrog the competition and deliver seamless
experiences to our customers. We continue to build and develop
digital innovations alongside our partners, allowing us to quickly
deliver and scale," said Carol Juel,
chief information officer, Synchrony. "We'll continue to innovate
so we can offer customers what they need wherever they may be
shopping – online, instore or via mobile."
About Synchrony
Synchrony is a premier consumer
financial services company delivering customized financing programs
across key industries including retail, health, auto, travel and
home, along with award-winning consumer banking products. With more
than $140 billion in sales financed
and 80.3 million active accounts, Synchrony brings deep industry
expertise, actionable data insights, innovative solutions and
differentiated digital experiences to improve the success of every
business we serve and the quality of each life we touch. More
information can be found at www.synchrony.com and through Twitter:
@Synchrony.
Media Contact:
India Kessler
203-585-2136
India.kessler@syf.com
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SOURCE Synchrony