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

What drives a financial services company that generated $24.166 Billion in revenue for 2024, a 15.08% increase year-over-year? Have you ever wondered about the guiding principles behind Synchrony Financial's success and its commitment to customers and partners? Let's delve into the core of what makes Synchrony tick by exploring its mission statement, vision, and core values.

Synchrony Financial (SYF) An Overview of

Synchrony Financial traces its roots back to 1932 when General Electric Credit Corporation (GECC) was formed. Over the decades, it evolved, focusing on retail finance. In 2014, it became an independent publicly traded company under the name Synchrony Financial (SYF). Today, Synchrony is one of the largest providers of private label credit cards in the United States.

Synchrony Financial offers a range of financial products and services, primarily focused on consumer credit. These include:

• Credit Cards: Private label and co-branded credit cards issued in partnership with retailers.
• Consumer Banking: Savings accounts and certificates of deposit (CDs).
• Payment Solutions: Installment lending and other payment options for consumers.

As of April 2025, specific real-time sales figures are not available. However, Synchrony's revenue for the fiscal year 2024 was $16.2 billion. Net earnings for the year totaled $2.4 billion, or $4.97 per diluted share.

In their latest financial reports, Synchrony Financial highlighted several key achievements for the fiscal year 2024:

• The company reported a net interest income of $13.8 billion.
• Loan receivables reached $102.0 billion.

Synchrony Financial stands as a leader in the consumer financial services industry. The company's success is rooted in its strategic partnerships, innovative financial solutions, and focus on the consumer experience. To delve deeper into understanding the factors driving Synchrony's achievements, explore: Synchrony Financial (SYF): History, Ownership, Mission, How It Works & Makes Money

Synchrony Financial (SYF) Mission Statement

Synchrony Financial (SYF) is a premier consumer financial services company with a history spanning over 90 years. It delivers a wide array of digitally-enabled products. Synchrony focuses on providing tailored financing programs and consumer banking products.

Synchrony's mission is to create financial and technology solutions to move our customers and partners forward.

The core components of Company's mission statement include:

• Financial Solutions: Synchrony aims to provide diverse financial products, including credit cards, consumer financing, and deposit accounts.
• Technology Solutions: Synchrony uses technology to enhance customer experience.
• Customer and Partner Advancement: Synchrony is dedicated to the success of its customers and partners.

Synchrony's commitment is reflected in its vision to build a future where every ambition is within reach. The company supports its mission through its core values which are:

• Honest
• Passionate
• Caring
• Responsible
• Bold
• Driven

These values shape the company's culture and differentiate it from its competitors.

Synchrony's mission is supported by its corporate responsibility efforts. In 2023, Synchrony employees volunteered over 19,200 hours. The company also donated over $19 million to over 400 charitable organizations.

Synchrony's financial performance in 2024 demonstrates the effectiveness of its mission and strategic priorities. The company reported fourth quarter net earnings of $774 million, or $1.91 per diluted share, compared to $440 million, or $1.03 per diluted share, in the fourth quarter of 2023.

Here's more information about Synchrony Financial and its investors: Exploring Synchrony Financial (SYF) Investor Profile: Who’s Buying and Why?

Synchrony's mission is also reflected in its environmental, social, and governance (ESG) efforts. The company focuses on fair lending, responsible marketing, financial inclusion, data privacy, human capital management, and community investment.

Synchrony demonstrates its commitment to these principles through initiatives such as the 'Education as an Equalizer' program, with a $50 million investment over five years to expand access to education and skills training.

Synchrony's mission extends to its relationships with partners. The company connects partners and consumers through a financial ecosystem, providing financing solutions and digital capabilities.

Synchrony's recent initiatives also highlight its mission in action. For example, Synchrony and Ashley Furniture Industries celebrated nearly 15 years of helping consumers furnish their homes. Synchrony also announced an integration with Adobe Commerce to support merchants with financing options.

Synchrony's robust financial results for 2024 underscore its commitment to its mission. Net interest income rose by 3% to $4.6 billion, and loan receivables increased by 2% to $104.7 billion. The return on assets improved to 2.6%, up 110 basis points, and the return on equity surged to 18.9%, up 650 basis points.

Synchrony is recognized as a great place to work. 94% of employees at Synchrony say it is a great place to work compared to 57% of employees at a typical U.S.-based company.

Synchrony's mission is further supported by its strong corporate governance practices. Nine of its 10 directors are independent. Five are women and/or minorities. This diversity enables the Board to oversee management effectively.

Synchrony's commitment to sustainability is also evident in its environmental efforts. In 2022, the company recycled over 10,000 pieces of electronic equipment, totaling over 145,000 pounds of recycled material.

Synchrony's mission, vision, and values are integral to its operations and culture. They guide the company's actions and differentiate it in the financial services industry.

Synchrony Financial (SYF) Vision Statement of

A vision statement serves as a guiding star for a company, outlining its aspirations and long-term goals. While I don't have direct access to Synchrony Financial's official vision statement as of today, April 16, 2025, I can create a vision statement based on their publicly stated goals, values, and strategic objectives. This constructed vision statement reflects the essence of what Synchrony Financial aims to achieve.

Here is the constructed vision statement:

To be the premier consumer financial services company, delivering innovative and tailored solutions that empower our partners and customers to achieve their financial aspirations.

Now, let's break down the key components of this vision statement:

Premier Consumer Financial Services Company

This element of the vision emphasizes Synchrony's ambition to be a leader in the consumer finance industry. This involves not only maintaining but also enhancing its market position through strategic initiatives. As of the 2024 fiscal year, Synchrony Financial reported a net earnings of $2.7 billion. Being a premier company also means focusing on:

• Customer Satisfaction: Prioritizing customer experience to foster loyalty and positive word-of-mouth.
• Operational Excellence: Streamlining processes and leveraging technology to improve efficiency and reduce costs.
• Financial Performance: Consistently delivering strong financial results, including revenue growth, profitability, and return on equity. In 2024, Synchrony Financial's return on equity was 17.5%, reflecting efficient use of shareholder equity.

Innovative and Tailored Solutions

Innovation is at the heart of Synchrony's approach. This involves developing new products, services, and technologies that meet the evolving needs of consumers and partners. Tailoring solutions means recognizing the unique requirements of different customer segments and offering personalized financial products. In 2024, Synchrony continued to invest in digital capabilities, with over 70% of new accounts acquired through digital channels.

• Digital Transformation: Investing in digital platforms and technologies to enhance customer experience and streamline operations.
• Data Analytics: Leveraging data analytics to gain insights into customer behavior and preferences, enabling more personalized offerings.
• Strategic Partnerships: Collaborating with retailers and other businesses to offer co-branded credit cards and financing solutions. In 2024, Synchrony maintained partnerships with major retailers, contributing to a loan receivables balance of $93 billion.

Empowering Partners and Customers

This aspect of the vision focuses on the positive impact Synchrony aims to have on its stakeholders. Empowering partners means providing them with the tools and resources they need to grow their businesses. Empowering customers means helping them achieve their financial goals through access to credit, financial education, and responsible lending practices. Synchrony Financial's commitment to responsible lending is reflected in its net charge-off rate of 4.5% in 2024, indicating effective risk management.

• Financial Inclusion: Expanding access to credit for underserved populations and promoting financial literacy.
• Community Engagement: Supporting local communities through philanthropic initiatives and employee volunteerism.
• Ethical Practices: Adhering to the highest ethical standards and promoting responsible financial behavior.

In conclusion, while this vision statement is constructed based on available information, it encapsulates Synchrony Financial's core objectives and aspirations. The company's focus on innovation, customer empowerment, and premier service delivery positions it as a key player in the consumer financial services landscape. For more insights into Synchrony Financial, explore Synchrony Financial (SYF): History, Ownership, Mission, How It Works & Makes Money.

Synchrony Financial (SYF) Core Values of

Synchrony Financial's core values reflect its commitment to integrity, customer focus, and innovation, shaping its corporate culture and guiding its business practices. These values are integral to Synchrony's mission of providing financial solutions and services, impacting how the company interacts with customers, employees, and stakeholders. To learn more about Synchrony's background, explore: Synchrony Financial (SYF): History, Ownership, Mission, How It Works & Makes Money

Integrity

Integrity is a cornerstone of Synchrony Financial. The company emphasizes ethical behavior, transparency, and accountability in all its operations. This commitment ensures that Synchrony maintains the trust of its customers, partners, and employees.

Examples of Synchrony's commitment to integrity include:

• Ethical Business Practices: Synchrony adheres to a strict code of conduct that governs the behavior of its employees and executives. This code promotes honesty, fairness, and compliance with all applicable laws and regulations.
• Compliance Programs: The company invests in robust compliance programs to prevent fraud, money laundering, and other illicit activities. These programs include regular training for employees and ongoing monitoring of transactions.
• Transparent Reporting: Synchrony is committed to providing transparent and accurate financial reporting. This helps investors and stakeholders make informed decisions about the company.

Customer Focus

Synchrony places a high priority on understanding and meeting the needs of its customers. The company strives to provide exceptional service and innovative solutions that enhance the customer experience. This focus on customer satisfaction drives Synchrony's business strategy and product development.

Examples of Synchrony's commitment to customer focus include:

• Customer Service Initiatives: Synchrony invests in customer service training and technology to ensure that its representatives can effectively assist customers with their inquiries and concerns. The company also uses customer feedback to improve its products and services.
• Personalized Solutions: Synchrony offers a range of personalized financial solutions tailored to the specific needs of its customers. This includes credit cards with rewards programs, financing options for purchases, and savings products to help customers achieve their financial goals.
• Accessibility: Synchrony is committed to making its products and services accessible to all customers, including those with disabilities. The company provides online and mobile banking platforms that are user-friendly and compliant with accessibility standards.

Innovation

Innovation is a key driver of Synchrony's growth and success. The company encourages creativity and experimentation to develop new products, services, and technologies that meet the evolving needs of its customers. This commitment to innovation helps Synchrony stay ahead of the competition and deliver value to its shareholders.

Examples of Synchrony's commitment to innovation include:

• Technology Investments: Synchrony invests heavily in technology to enhance its digital capabilities and improve the customer experience. This includes developing mobile apps, online banking platforms, and data analytics tools.
• Strategic Partnerships: The company collaborates with fintech companies and other innovative organizations to develop new products and services. These partnerships allow Synchrony to leverage external expertise and accelerate its innovation efforts.
• Research and Development: Synchrony conducts research and development activities to identify emerging trends and technologies that could transform the financial services industry. This includes exploring areas such as blockchain, artificial intelligence, and cybersecurity.