2018 Winner Profile

Synchrony Financial

Project Description:
In the industry's current disruptive environment, retailers are in a race to connect data from a wide variety of channels to innovate quickly. So Synchrony Financial created a new API ecosystem for its retailers -- one that provides business value for retailer partners as well as for Synchrony. Synchrony Financial transformed its technology infrastructure to optimize the digital transformation occurring within the retail and payments industries. Synchrony unveiled a "cloud-first" model for its retail partners, e.g., Gap, Amazon, etc., designing an infrastructure that accelerates digital capabilities and accesses sources of data from SKU, social media analytics and leverages the use of artificial intelligence tools. Synchrony formalized and launched the API ecosystem for its retailers on this private cloud, leveraging various structured and unstructured data sources to create actionable insights. The APIs the company launched ranged from chatbots to highly sophisticated mobile shopping apps. Using cloud-based technologies, Synchrony has increased its ability to identify and prevent fraudulent activity. This cloud-based service has resulted in a 10 percent increase in the number of fraudulent new accounts the company is able to identify.
Business Goal:
Competitive Advantage
Carol Juel, Executive Vice President and CIO
Margaret Keane, CEO
Stamford, Conn.
Financial Services (e.g. Banking, broker and Dealers, Exchanges)
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