- Synchrony’s investments in tools and technology meet the needs of partners and consumers by developing secure digital payment solutions to provide transparent and socially distant transactions.
- Direct to Device is the latest tool in Synchrony’s arsenal of contactless payment options.
- About 70% of Synchrony’s second quarter credit applications were processed digitally.
Synchrony, a leading consumer financial services company, is rapidly deploying digital technology solutions to help ensure a safe, transparent and socially remote experience at every step of the payment process – requesting credit, finalizing the transaction and paying for it. ‘an invoice or management of an account. . Synchrony even has digital holiday gift technology.
While the transformation of digital shopping has been underway for several years, the pandemic has accelerated consumer demand to make transactions without touching money, cards or keyboards – also known as contactless commerce. In a recent study, the global use of contactless payments has increased by 150% since March 2019.
As businesses respond to the digital needs of consumers in the COVID era, Synchrony is increasing its digital capabilities for its partners and their customers across all channels. Consumers can apply for a credit card on their own device (in store, at home, or anywhere), add a new credit card to their digital wallet, complete contactless card transactions, and make monthly payments by card. Due to the company’s investments in technology capabilities and user-friendly tools, approximately 70% of Synchrony’s second quarter credit applications were processed digitally. About 80% of Synchrony’s total bill payment transactions are processed electronically – both through digital channels and over the phone.
“The pandemic has made contactless shopping a necessity, and now that consumers are more familiar with contactless commerce, there is no sign that they will stop, ”said Carol juel, executive vice president and chief information officer, Synchrony. “Synchrony is well positioned to help our partners navigate this time of rapid change.”
Synchronization facilitates contactless in-store commerce
Synchrony’s latest contactless solution is called “Direct to Device” – a patent pending technology that provides an efficient contactless experience for customers using their own smartphones. The technology enables the transfer of data between the enterprise and the mobile devices of in-store customers. For example, if a customer is shopping in store and wants to open a line of credit, the company can send the app to the customer’s mobile device by email or QR code.
The client then uses Synchrony’s patent pending dApply technology to safely apply for credit. dApply allows the customer to authenticate and have their app pre-populated with basic information such as name, address, and phone number – by simply entering the last four digits of their social security number. This leaves only a few fields to complete, reducing overall time and effort.
The credit decision is made in seconds, in partnership with mobile authentication technology from To prove. The data and information is entered by the customer and if the credit is approved, the card can be provisioned / added to the customer’s wallet for immediate use.
Direct to Device technology was brought to market when Verizon and Synchrony launched the first Verizon co-branded credit card earlier this summer. Synchrony works with its partners to develop this innovation in all sectors.
“Direct to Device is an exciting new tool and just the latest example of how Synchrony is focusing on digital laser solutions, to enable the contactless and frictionless experiences demanded by consumers,” says Brad burke, senior vice-president, products and digital development. “We continue to innovate quick and easy solutions for consumers throughout the customer journey, whether they are requesting credit, making a purchase or servicing their card.
Synchrony expands the contactless ecosystem
Direct to Device is the latest addition to Synchrony’s contactless ecosystem. Through a combination of smart investments and Agile methodology, Synchrony has gradually built an arsenal of payment technologies that provide partners with advanced contactless solutions. Credit application, which also includes technologies such as dApply and Quickscreen; shopping with SyPI; At checkout, which can be done with unique QR codes that Synchrony creates for its partners, consumers can expect a suite of contactless options, whether they buy online or in-store:
- Customer-centric credit applications with dApply: Advanced prefill technology helps streamline the application process, reducing the number of fields a customer has to complete on their mobile device or desktop to open an account. dApply is white-labeled to adopt the look and feel of each partner, with a customer-centric interface that makes the app simple and the account terms easy to understand.
- Special credit offers with Quickscreen: Synchrony’s pre-approval engine enables partners to offer qualified customers on-site financing at the point of sale. The process is initiated when the store obtains the customer’s name and mailing address, to quickly make a credit decision.
- Seamless integration of credit capabilities into retailers’ mobile applications with SyPI: The Synchrony plugin is easily integrated into partner’s branded mobile apps and customizable according to their needs, whether it’s creating a comprehensive omnichannel experience for customers or allowing them to redeem rewards. Patented synchrony SyPI technology, which allows customers to apply for credit, complete transactions and manage their accounts, has seen $ 6 billion in credit card bill payments since its launch in 2016.
- QR Codes: Unique Codes for Synchrony Partners or CareCredit Providers provide an additional and easy way for consumers to inquire, apply for credit, and pay, all from their own device. For merchants, each QR code is associated with the merchant ID number of the partner or supplier, making it easy to see who has applied, who has been approved, and who has credit available – and where.
Preparation meets demand
Synchrony’s deep technology investments have enabled the company to respond quickly to partners and cardholders with dedicated resources to help them adapt to the challenges of this new environment.
In fact, as society learns to balance the need for increased health and safety measures, while preserving traditions, such as celebrating birthdays, holidays, and anniversaries, synchronization enables contactless gift technology (GiftNow®), offered by selected partners.
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative consumer banking products, in key industries such as digital, retail, home, automotive, travel, health and animals. of company. Synchrony enables our partners to increase sales and retain consumers. We are one of the largest private label credit card issuers in United States; we also offer co-branded products, installment loans, and consumer finance products for small and medium-sized businesses, as well as healthcare providers.
Synchronization is changing what’s possible thanks to our digital capabilities, deep industry expertise, actionable data, seamless customer experience, and personalized financing solutions.