
Synchrony builds innovative system to expand credit access
Synchrony builds innovative system to expand credit access
- Synchrony developed PRISM to leverage alternative data for credit access.
- They emphasize trust in both customer and employee relationships.
- Their innovative approach contributes to progress in the credit industry.
Story
In the United States, Synchrony, a major provider of credit cards, focuses on innovation driven by trust. They recognize the importance of trust in business relationships and within their own corporate environment. Recent insights indicate that approximately one in four Americans holds a Synchrony credit card, emphasizing the company's significant presence in the credit card market and the responsibility that comes with this level of consumer trust. Acknowledging the fast-moving pace of innovation and its inherent challenges, Synchrony decided to proactively disrupt their operations rather than sticking solely to their successful traditional models. This led to the creation of PRISM, a proprietary underwriting system designed to leverage alternative data. PRISM aims to provide access to credit for individuals who have been excluded by conventional credit scoring systems. By incorporating alternative data, Synchrony demonstrates its commitment to improving access to financial resources, recognizing that credit is essential for many individuals and can result in transformative opportunities. AI technology plays a crucial role in this initiative. It aids in scaling insights derived from the alternative data that PRISM collects and processes, allowing the company to act on these insights more rapidly. This partnership between innovative technology and human vision exemplifies how companies can effectively improve their services by prioritizing customer needs. In their operations at Synchrony, a notable 92% of employees report feeling trusted by management while working without constant oversight, fostering a culture of accountability and engagement. The environment created at Synchrony aligns with their focus on continuous improvement and enhancing the workplace for both employees and consumers. Their headquarters in Stamford serves as a hub for collaboration among employees, who recognize the value of face-to-face interactions. Furthermore, their New York City Experience Center embodies the potential of unifying people, partners, and technology to drive innovation. With a steady rise in rankings, Synchrony shifted from #37 to the top three in the Great Place to Work rankings, illustrating a successful effort to cultivate trust and improvement, essential elements for their growth strategy and corporate responsibility.