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Synchrony (SYF) Supplements Its Array of Digital Solutions

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Synchrony Financial (SYF - Free Report) recently added digital capabilities to enhance its financing platform. This expansion aims to accelerate the use of technology by partners with more convenience at the point of sale.
Synchrony Multisource Financing provides lending sources within the Synchrony Business Center that allow seamless consumer financing possibilities. The company also boosted its patent-pending dApply abilities to enable fast integration of digital credit applications into a partner's business.

This initiative will help driving online sales. Synchrony is now allowing partners to register with a secondary lender to improve their customers’ credit application approval rate with Multisource Financing. This is the right time for this strategic move as the holiday season is approaching.

Notably, Synchrony partners can simplify the credit application and lending procedure by easing the process of completing one application for use with additional lenders to find out the best financing option for them.

Multisource Financing also offers access to credit applications, account numbers and purchases for the company and secondary lenders from one location.

The best part about this is that people can enjoy an enriched digital application experience without any fuss as no coding is required.

This strategic action is in line with the company’s commitment to provide customers with hassle-free experiences. This addition of digital capabilities is expected to ease consumer financing, cultivate lasting relationships and boost customer experiences.

In September too, the company augmented its digital payment technology solutions for partners to carry on with contactless commerce.

Zacks Rank and Price Performance

Shares of this currently Zacks Rank #3 (Hold) company have soared 71.5% in six months’ time against its industry’s decline of 1.1%.

Companies in the same space, such as Oaktree Specialty Lending Corp. (OCSL - Free Report) , Houlihan Lokey Inc. (HLI - Free Report) and Alliance Data Systems Corporation (ADS - Free Report) have also gained 24.7%, 4.2% and 68.9%, respectively, in the same time frame. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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