Synchrony Financial (SYF): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Synchrony Financial se distingue comme une puissance de l'innovation du crédit aux consommateurs, tissant stratégiquement la technologie de pointe, les partenariats stratégiques et les solutions financières personnalisées. En tirant parti de ses plateformes numériques robustes et de son vaste réseau de vente au détail, la société a transformé les prêts traditionnels en une expérience transparente et centrée sur le client qui répond aux besoins en évolution des consommateurs modernes à travers divers segments de marché. Plongez dans la toile du modèle commercial complexe de Synchrony Financial et découvrez comment ce géant financier redéfinit le crédit de consommation à l'ère numérique.

Synchrony Financial (SYF) - Modèle d'entreprise: partenariats clés

Partenariats de vente au détail stratégiques

Synchrony Financial maintient des partenariats critiques avec les principaux détaillants:

Détaillant	Détails du partenariat	Valeur du portefeuille de crédit estimé
Amazone	Carte de signature de visa de récompense Amazon Prime co-marquée	8,2 milliards de dollars de crédit en cours
Walmart	Carte de récompenses Walmart et carte de crédit Walmart	6,5 milliards de dollars en portefeuille de crédit
Paypal	PayPal MasterCard et PayPal Credit	4,3 milliards de dollars en lignes de crédit

Accords de carte de crédit co-marqués

Les partenariats de carte de crédit co-marqués de Synchrony comprennent:

• Lowe's
• Gap Inc.
• République de banane
• Vieille marine
• Dick's Sporting Goods

Collaborations technologiques

Partenaire fintech	Focus de la collaboration	Montant d'investissement
Marqeta	Infrastructure de paiement numérique	45 millions de dollars d'investissement
Bande	Solutions de traitement des paiements	Partenariat technologique de 35 millions de dollars

Alliances du réseau de paiement

Partenariats du réseau de paiement de Synchrony:

Réseau	Volume de transaction	Portée du partenariat
Visa	Transactions annuelles de 127 milliards de dollars	Traitement complet des paiements
MasterCard	Transactions annuelles de 98 milliards de dollars	Intégration du réseau mondial de paiement

Partenariat Impact financier

Revenus générés par le partenariat total pour 2023: 16,7 milliards de dollars

Nombre de partenariats de vente au détail actifs: 75 Relations stratégiques

Synchrony Financial (SYF) - Modèle d'entreprise: activités clés

Émission de cartes de crédit et prêt à la consommation

Synchrony Financial a émis 82,4 milliards de dollars de lignes de crédit au total au quatrième trimestre 2023. La société gère des portefeuilles de crédit sur plusieurs secteurs, notamment:

Secteur	Valeur du portefeuille de crédit
Partenaires de vente au détail	37,6 milliards de dollars
Plates-formes numériques	22,9 milliards de dollars
Banque de consommation	21,9 milliards de dollars

Gestion de la plate-forme de paiement numérique

Synchrony exploite un traitement d'infrastructure de paiement numérique environ 67,3 millions de comptes actifs en 2023. Les principales capacités de plate-forme numérique comprennent:

• Intégration de paiement mobile
• Traitement des transactions en temps réel
• Systèmes de détection de fraude avancés
• Capacités de transaction en ligne / hors ligne sans couture

Évaluation des risques et souscription du crédit

L'entreprise utilise des stratégies de gestion des risques sophistiquées avec:

Métrique de gestion des risques	Performance de 2023
Taux de redevance net	3.96%
Allocation pour les pertes de crédit	5,2 milliards de dollars
Précision du modèle de risque de crédit	92.5%

Service client et gestion des comptes

Synchrony maintient une infrastructure de service client complète Gestion:

• 67,3 millions de comptes clients actifs
• Channeaux de support numériques et téléphoniques 24/7
• Représentants multilingues du service à la clientèle

Développement et innovation de la technologie financière

Investissement dans l'innovation technologique:

Catégorie d'investissement technologique	2023 dépenses
Dépenses de R&D	325 millions de dollars
Infrastructure de cybersécurité	147 millions de dollars
Développement de l'apprentissage IA / Machine	98 millions de dollars

Synchrony Financial (SYF) - Modèle d'entreprise: Ressources clés

Base de données de crédit client étendue

Au quatrième trimestre 2023, Synchrony Financial conserve une base de données de crédit d'environ 80,1 millions de comptes actifs. Le portefeuille total des créances s'élève à 77,4 milliards de dollars.

Métrique de la base de données	Valeur quantitative
Comptes actifs totaux	80,1 millions
Portfolio total de créances	77,4 milliards de dollars
Ligne de crédit moyenne	$3,200

Capacités avancées d'analyse des données

Synchrony Financial Investts 350 millions de dollars par an dans la technologie et l'infrastructure d'analyse de données.

• Les algorithmes d'apprentissage automatique procédaient à 2,5 pétaoctets de données clients
• Capacités d'évaluation des risques en temps réel
• Technologie prédictive de modélisation du crédit

Infrastructure technologique financière

Répartition des investissements technologiques pour 2023:

Catégorie de technologie	Montant d'investissement
Développement de plate-forme numérique	175 millions de dollars
Systèmes de cybersécurité	85 millions de dollars
Infrastructure cloud	90 millions de dollars

Équipe de gestion des risques de gestion et de crédit

L'équipe de direction de Synchrony comprend 12 cadres supérieurs avec une moyenne de 22 ans d'expérience en services financiers.

• Pureur exécutif moyen: 8,5 ans
• Plus de 60% de l'équipe de leadership ayant une expérience préalable de gestion des risques de crédit
• Expertise collective en gestion des risques couvrant plusieurs secteurs financiers

Plateformes bancaires numériques

Métriques de performance de la plate-forme numérique pour 2023:

Métrique de la plate-forme numérique	Valeur
Utilisateurs de la banque mobile	45,3 millions
Volume de transaction en ligne	1,2 milliard de transactions
Taux d'ouverture du compte numérique	72%

Synchrony Financial (SYF) - Modèle d'entreprise: propositions de valeur

Solutions de crédit flexibles pour les consommateurs

Synchrony Financial propose des solutions de crédit avec 87,4 milliards de dollars de crédit total disponibles au T2 2023. La société fournit des limites de crédit allant de 500 $ à 25 000 $ dans divers segments de consommateurs.

Type de crédit	Limite moyenne de crédit	Taux de pourcentage annuel (APR)
Cartes de crédit à la consommation	$5,600	22.7%
Lignes de crédit au détail	$3,200	19.5%

Options de financement personnalisées pour les achats de détail

Synchrony fournit un financement pour plus de 70 partenaires de vente au détail, avec 39,2 milliards de dollars de financement d'achat de détail en 2023.

• Les réseaux partenaires incluent Amazon, PayPal, Walmart
• Terme de financement moyen: 24 à 36 mois
• Périodes promotionnelles d'intérêt zéro disponibles

Expériences de banque numérique pratique

Statistiques de la plate-forme numérique pour 2023:

• Téléchargements d'applications mobiles: 12,6 millions
• Utilisateurs de gestion des comptes en ligne: 24,3 millions
• Volume de transaction numérique: 62,5 milliards de dollars

Récompenses compétitives et programmes de cashback

Type de récompense	Cashback moyen	Valeur annuelle
Cartes de crédit en cashback	2-5%	780 millions de dollars
Points de fidélité	1 à 3 points par dollar	450 millions de dollars

Produits de crédit personnalisés sur plusieurs secteurs

Synchrony dessert plusieurs secteurs avec des produits de crédit spécialisés:

• Santé: 16,7 milliards de dollars de financement médical
• Automobile: 12,3 milliards de dollars de services de services automobiles
• Amélioration de la maison: 9,8 milliards de dollars de financement lié à la maison

Performance totale du portefeuille en 2023: - Portfolio de crédit total: 112,6 milliards de dollars - Comptes actifs: 68,4 millions - Marge d'intérêt net: 13,2%

Synchrony Financial (SYF) - Modèle d'entreprise: relations avec les clients

Gestion du compte en libre-service numérique

Synchrony Financial propose une gestion complète des comptes numériques via des plateformes mobiles et en ligne avec 87,4% des clients utilisant des canaux numériques au T4 2023.

Canal numérique	Pourcentage d'utilisation	Utilisateurs actifs mensuels
Application mobile	62.3%	4,2 millions
Portail Web en ligne	25.1%	3,7 millions

Offres de crédit personnalisées

Synchrony fournit des solutions de crédit ciblées avec 73% des offres de crédit personnalisées en fonction des profils de clients individuels.

• Ajustement de la limite de crédit moyenne: 1 250 $
• Taux de précision de la personnalisation: 68,5%
• Taux de conversion de l'offre de crédit: 22,4%

Canaux de support client 24/7

Synchrony maintient le support client multicanal avec des temps de réponse et des mesures de disponibilité:

Canal de support	Temps de réponse moyen	Disponibilité
Support téléphonique	3,2 minutes	24/7
Chat en direct	45 secondes	24/7
Assistance par e-mail	4-6 heures	24/7

Limite de crédit proactive et recommandations de produits

Synchrony utilise des analyses avancées pour l'engagement proactif des clients:

• Précision des recommandations: 76,3%
• Augmentation moyenne des limites de crédit: 1 750 $
• Taux d'acceptation des recommandations de produits: 19,6%

Engagement du programme de fidélité et de récompenses

Le programme de fidélité de Synchrony démontre une interaction importante des clients:

Métrique du programme de fidélité	Valeur
Membres du programme de fidélité totale	42,6 millions
Taux de rachat annuel des récompenses	34.2%
Valeur moyenne des récompenses par membre	$285

Synchrony Financial (SYF) - Modèle d'entreprise: canaux

Plateforme bancaire en ligne

La plate-forme bancaire en ligne de Synchrony Financial dessert 68,4 millions d'utilisateurs numériques actifs au quatrième trimestre 2023. La plate-forme numérique a traité 81,4 milliards de dollars de ventes numériques totales en 2023.

Métriques de plate-forme numérique	2023 données
Utilisateurs numériques actifs	68,4 millions
Volume de ventes numériques	81,4 milliards de dollars
Taux de gestion des comptes en ligne	92%

Application bancaire mobile

L'application mobile prend en charge 42,1 millions d'utilisateurs mobiles actifs avec une note moyenne de 4,6 / 5 d'App Store. Les transactions mobiles représentaient 47% des interactions numériques totales en 2023.

• Téléchargements d'applications mobiles: 12,3 millions en 2023
• Volume de transaction mobile: 36,7 milliards de dollars
• Engagement des utilisateurs mobiles: 47% des interactions numériques

Systèmes de point de vente des partenaires de vente au détail

Synchrony s'associe à plus de 350 détaillants, traitant 116,2 milliards de dollars de transactions de crédit au détail totales en 2023.

Métriques des partenaires de vente au détail	2023 données
Total des partenaires de vente au détail	350+
Transactions de crédit au détail	116,2 milliards de dollars
Valeur de transaction moyenne	$347

Centres d'appels de service client

Synchrony exploite 12 centres de service à la clientèle qui gèrent 37,6 millions d'interactions client par an, avec un taux de résolution de 89% en premier contact.

• Centres d'appels totaux: 12
• Interactions annuelles du client: 37,6 millions
• Taux de résolution du premier contact: 89%

Plateformes de marketing et de communication numériques

Les canaux de marketing numérique ont généré 3,4 millions d'acquisitions de nouvelles clients en 2023, avec un taux d'engagement client de 62%.

Métriques du marketing numérique	2023 données
Nouvelles acquisitions de clients	3,4 millions
Taux d'engagement client	62%
Dépenses de marketing numérique	124 millions de dollars

Synchrony Financial (SYF) - Modèle d'entreprise: segments de clientèle

Consommateurs de vente au détail à la recherche de solutions de crédit

Au quatrième trimestre 2023, Synchrony Financial dessert environ 68,4 millions de comptes actifs dans divers partenariats de vente au détail. La clientèle s'étend sur plusieurs profils de crédit avec une fourchette de pointage de crédit moyenne de 680 à 720.

Caractéristiques du segment de la clientèle	Comptes totaux	Limite moyenne de crédit
Consommateurs de crédit au détail	68,4 millions	$3,850

Acheteurs de commerce électronique

Synchrony Financial a des solutions de paiement numérique pour 25% de sa clientèle totale, représentant environ 17,1 millions de consommateurs axés sur en ligne.

• Volume de transaction numérique: 42,3 milliards de dollars en 2023
• Pénétration de la carte de crédit en ligne: 27,6% du portefeuille total

Propriétaires d'entreprises de petite à moyenne taille

Synchrony propose des solutions de crédit spécialisées pour 3,2 millions de petits et moyens comptes commerciaux avec une ligne de crédit moyenne de 25 000 $.

Segment d'entreprise	Comptes totaux	Ligne de crédit moyenne
Comptes de crédit SMB	3,2 millions	$25,000

Milléniaux et consommateurs numériques d'abord

Les milléniaux représentent 38% de la clientèle de Synchrony, 62% préférant les interactions bancaires numériques.

• Tranche d'âge: 25 à 40 ans
• Taux d'engagement numérique: 89%
• Utilisation des banques mobiles: 74%

Les personnes soucieuses du crédit à travers différents niveaux de revenu

Synchrony sert les clients dans des segments de revenu avec des produits de crédit diversifiés.

Segment des revenus	Pourcentage de clientèle	Pointage moyen de crédit
Revenu inférieur (25 000 $ à 50 000 $)	22%	680
Revenu moyen (50 000 $ à 100 000 $)	45%	710
Revenu plus élevé (100 000 $ +)	33%	740

Synchrony Financial (SYF) - Modèle d'entreprise: Structure des coûts

Investissements technologiques et infrastructures

En 2023, Synchrony Financial a déclaré que la technologie et les investissements en infrastructure totalisant 479 millions de dollars. Les dépenses technologiques clés comprennent:

• Développement de la plate-forme numérique: 186 millions de dollars
• Infrastructure de cybersécurité: 95 millions de dollars
• Mises à niveau du Cloud Computing et du centre de données: 124 millions de dollars
• IA et technologies d'apprentissage automatique: 74 millions de dollars

Catégorie d'investissement technologique	2023 dépenses ($ m)
Développement de plate-forme numérique	186
Infrastructure de cybersécurité	95
Mises à niveau du cloud computing	124
IA et apprentissage automatique	74

Dépenses de gestion des risques de crédit

Les coûts de gestion des risques de crédit pour Synchrony Financial en 2023 étaient de 342 millions de dollars, comprenant:

• Technologies d'évaluation des risques: 142 millions de dollars
• Systèmes de surveillance du crédit: 87 millions de dollars
• Infrastructure de détection de fraude: 113 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 415 millions de dollars, ventilées comme suit:

Canal de marketing	2023 dépenses ($ m)
Marketing numérique	187
Publicité médiatique traditionnelle	129
Marketing partenaire	99

Frais généraux opérationnels et administratifs

Les dépenses opérationnelles pour 2023 s'élevaient à 623 millions de dollars, notamment:

• Compensation des employés: 378 millions de dollars
• Systèmes administratifs: 145 millions de dollars
• Infrastructure de bureau: 100 millions de dollars

Frais de conformité et d'adhésion réglementaire

Les coûts de conformité pour 2023 se sont élevés à 267 millions de dollars, distribués:

Catégorie de conformité	2023 dépenses ($ m)
Représentation réglementaire	98
Personnel juridique et de conformité	112
Technologie de conformité	57

Synchrony Financial (SYF) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des portefeuilles de cartes de crédit

Pour l'exercice 2023, Synchrony Financial a déclaré un revenu total d'intérêts de 19,5 milliards de dollars par rapport à ses portefeuilles de cartes de crédit. La société gère des programmes de cartes de crédit pour les grands détaillants, notamment Amazon, Walmart et PayPal.

Portefeuille de cartes de crédit	Revenu des intérêts annuels
Partenaires de vente au détail	12,3 milliards de dollars
Cartes de crédit co-marquées	5,7 milliards de dollars
Partenaires de paiement numérique	1,5 milliard de dollars

Frais de transaction du traitement des paiements

Synchrony Financial a généré 2,8 milliards de dollars de frais de transaction au cours de 2023, ce qui représente une augmentation de 6,5% par rapport à l'année précédente.

• Frais de transaction moyens par carte de crédit: 18,50 $
• Total des transactions traitées: 152 millions
• Frais de transaction de paiement numérique: 640 millions de dollars

Commissions de partenariat marchand

Les commissions de partenariat marchand ont totalisé 1,6 milliard de dollars en 2023, avec des partenariats clés dans divers secteurs de vente au détail.

Secteur marchand	Revenus de commission
Vente au détail	875 millions de dollars
Commerce électronique	425 millions de dollars
Voyages et hospitalité	300 millions de dollars

Frais de paiement tardif et de découvert

Les frais de paiement en retard et de découvert s'élevaient à 687 millions de dollars en 2023, ce qui représente 3,2% du total des sources de revenus.

• Frais de paiement en retard moyen: 35 $
• Frais de découvert moyen: 38 $
• Total des paiements en retard traités: 19,6 millions

Revenus de produits de prêt à la consommation

Les produits de prêt de consommation ont généré 3,2 milliards de dollars de revenus pour Synchrony Financial en 2023.

Produit de prêt	Revenu
Prêts personnels	1,5 milliard de dollars
Prêts de rénovation domiciliaire	890 millions de dollars
Financement automatique	810 millions de dollars

Synchrony Financial (SYF) - Canvas Business Model: Value Propositions

Flexible promotional financing for large purchases is valued through the resulting portfolio yield. Synchrony Financial's loan receivables yield reached 21.89% in the third quarter of 2025, which was up 35 bps, primarily driven by the impact of Promotional Payment Programs (PPPCs).

For retail partners, the value proposition translates into direct performance metrics. Retailer share arrangements increased by 12% in Q3 2025, reflecting strong program performance including lower Net Charge-Offs.

Digital-first payment options are seeing strong adoption, as evidenced by the growth in digital spend. Spend across Synchrony Financial's digital platform increased by 5% year-over-year in Q3 2025, driven by higher spend per account and reflecting strong customer response to refreshed value propositions.

For depositors, the high-yield savings products offer competitive rates. As of November 18, 2025, the Synchrony Bank High Yield Savings account offered an Annual Percentage Yield (APY) of 3.80%, with no minimum deposit requirement.

The customized credit programs across the five platforms drive the overall business volume. Total purchase volume for the quarter ended September 30, 2025, was $46.0 billion, a year-over-year increase of 2%.

Here's a breakdown of the purchase volume and loan receivables by platform segment for Q3 2025:

Platform Segment	Purchase Volume (Q3 2025)	Year-over-Year Growth	Period-End Loan Receivables Change
Total	$46.0 billion	+2%	-2%
Dual Card / Co-Brand	$21.1 billion	+8%	+13%
Digital	N/A	+5%	+1%
Diversified & Value	N/A	+3%	Flat
Health & Wellness	N/A	+3%	Flat
Home & Auto	N/A	-1%	-6%

The consumer engagement shows a willingness to spend more per transaction. Average Transaction Value (ATV) for Synchrony Financial revolving credit products was approximately 40 basis points higher than the prior year.

The deposit base, which funds these activities, stood at $79.9 billion, representing a 3% decrease, and comprised 85% of total funding as of September 30, 2025.

Synchrony Financial's value proposition to its partners is also supported by improved credit quality, which benefits retailer share arrangements:

• Net Charge-Offs (NCO) rate fell to 5.16% (down 90 bps Year-over-Year).
• 30-plus delinquency rate was 4.39% (down 39 bps Year-over-Year).
• Allowance for credit losses as a percentage of total period-end loan receivables was 10.35%.

Synchrony Financial (SYF) - Canvas Business Model: Customer Relationships

You're looking at how Synchrony Financial (SYF) manages its relationships across its vast customer base, which is segmented between retail/partner customers and Synchrony Bank depositors. The scale here is significant; as of the third quarter of 2025, the company served an average of approximately 68.3 million active accounts. This relationship strategy is deeply embedded in the success of its partner network.

The approach to relationship management varies based on the customer type, focusing on high-touch support for strategic partners and digital efficiency for cardholders.

• Dedicated relationship managers for large retail partners
• Automated, self-service digital tools for cardholders
• Co-created value propositions with partners to drive sales
• High-touch service for Synchrony Bank deposit customers
• Targeted marketing based on proprietary customer data

For the retail partners, the relationship is one of deep integration. Synchrony Financial emphasizes securing the long term, which is evident in their partnership stability. As of the nine months ended September 30, 2025, a total of 22 of their 25 largest program agreements now have an expiration date in 2027 or beyond. This represents 98% of the interest and fees on loans attributable to those top 25 programs for the year ended December 31, 2024. The company actively grows this base, having added, renewed, or expanded more than 15 partners during the third quarter of 2025 alone. For example, the nearly 25-year partnership with JCPenney was extended, now including Synchrony Pay Later options. Also, in Q1 2025, the nearly 15-year partnership with Ashley was extended.

Cardholders are increasingly managed through digital channels, which is a key area of investment. Digital platform spend showed an increase of 5% year-over-year in Q3 2025. Looking back at the full 2024 fiscal year, digital channels were responsible for $6.3 billion in interest and fees on loans, making up 29% of the total interest and fees on loans for Synchrony Financial. The company continually invests in its servicing and digital platforms to expand self-service features and improve the user experience.

The value proposition is co-created to directly fuel partner sales. The CEO noted a strong customer response to refreshed value propositions in Q3 2025. This is supported by the financial performance, where purchase volume growth was broad-based across all five sales platforms. The launch of the Walmart program, a major new relationship, showed very encouraging initial results.

For the Synchrony Bank deposit customers, the relationship is anchored in stability and low-cost funding. Deposits comprised 85% of total funding sources as of September 30, 2025, totaling $79.9 billion. The bank focuses on its online direct banking operations, which is highly scalable without needing a traditional branch network. In 2024, retail customers, who make up the substantial majority of direct deposits, numbered approximately 695,000 across about 1.5 million accounts. The retention for certificates of deposit balances up for renewal was 84% for the year ended December 31, 2024.

The use of proprietary data underpins the targeting efforts. Synchrony leverages its scale, lending expertise, and advanced data analytics to deliver financing solutions through seamless omnichannel experiences. This data-driven approach supports prudent financial flexibility for its approximately 70 million customers.

Here's a quick look at some key relationship and scale metrics as of late 2025:

Metric	Value (Latest Available)	Date/Period
Average Active Accounts	68.3 million	Q3 2025
Total Deposits	$79.9 billion	September 30, 2025
Digital Channel Contribution to Interest/Fees	$6.3 billion (29%)	Year Ended Dec 31, 2024
Partnerships Secured Until 2027 or Beyond (Top 25)	98% of total	As of Sept 30, 2025
New/Renewed Partners in Q3 2025	More than 15	Q3 2025

The company's underwriting discipline and credit actions have delivered credit performance in 2025 that has exceeded expectations, which management believes primes the business for strong risk-adjusted growth as conditions allow. Finance: draft next quarter's partner engagement KPI review by end of month.

Synchrony Financial (SYF) - Canvas Business Model: Channels

You're looking at how Synchrony Financial (SYF) gets its products-primarily credit and financing-into the hands of consumers and businesses. This is all about distribution, and for SYF, it's heavily weighted toward their partners.

The scale of their operation is significant, based on the latest reported figures. For the third quarter of fiscal 2025, Synchrony Financial financed a total purchase volume of $46.0 billion across its programs. This volume was supported by an average of 68.3 million active accounts as of that quarter.

Here's a quick look at the core metrics driving these channels as of late 2025:

Metric	Value (Q3 2025)	Context/Period
Total Purchase Volume	$46.0 billion	Three Months Ended September 30, 2025
Average Active Accounts	68.3 million	Q3 2025
Digital Purchase Volume Growth	+5%	Year-over-Year for Q3 2025
Dual and Co-branded Cards Share of Purchase Volume	45%	Q1 2025
Loan Receivables (Total)	$100.2 billion	As of Q3 2025
Consumer Dual/Co-branded Share of Loan Receivables	28%	As of March 31, 2025

Partner-branded credit card applications at the point-of-sale (POS)

This remains the bread and butter of Synchrony Financial's distribution. Applications are initiated directly at the retailer, healthcare provider, or service location, often through integrated terminals or digital sign-up flows managed by the partner. The company supports a diverse group of national and regional retailers, manufacturers, and healthcare service providers, which they call partners. Synchrony Financial renewed or expanded partnerships with over 15 companies in Q3 2025 alone, including the Toro Company and the Lowe's commercial program. The acquisition of Versatile Credit is specifically aimed at enhancing flexible financing options connecting merchants, lenders, and consumers through point-of-sale solutions. This channel is where the private label credit cards are primarily issued.

Direct-to-consumer online banking platform (Synchrony Bank)

The wholly-owned subsidiary, Synchrony Bank, serves as the direct channel for deposit-taking activities, which fund the credit business. As of December 31, 2024, the Bank held $83.9 billion in total deposits. Of that total, $72.3 billion came from direct deposits, which represented 90% of total funding sources on that date. This platform offers FDIC-insured products like certificates of deposit, IRAs, money market accounts, and savings accounts directly to retail customers.

Embedded financing options within partner e-commerce sites (e.g., Adobe Commerce)

This is deeply intertwined with the POS channel but specifically targets digital transactions. The Digital sales platform provides integrated digital experiences, enabling partners to embed payments and financing solutions directly within their online checkout flows. The Q3 2025 results showed that Digital purchase volume increased by 5% year-over-year, indicating strong adoption of these embedded digital financing options. Furthermore, the integration of Pay Later products across major partners like Amazon and Walmart is a key strategy to strengthen market position and customer engagement.

The channel mix is evolving; for instance, Dual Cards and Co-Branded cards made up 28% of the total loan receivables portfolio as of March 31, 2025.

Mobile apps and digital wallets for card management and transactions

While specific mobile app download or active user statistics aren't explicitly detailed for late 2025, the growth in Digital purchase volume suggests consumers are actively using digital interfaces for their Synchrony-backed accounts. The focus on delivering end-to-end payment and financing solutions paired with integrated digital experiences is a core function of the Digital platform. This includes card management features within the mobile environment, which supports the overall digital engagement strategy.

Partner call centers and in-store personnel

These personnel act as the front line for initiating applications and servicing accounts at the physical point of sale. The success of the private label and Dual Card programs depends on the partner's staff being trained and motivated to offer Synchrony Financial's credit products. For example, the expansion of CareCredit acceptance across veterinary spaces, including all 29 public veterinary university hospitals, relies on the provider staff to facilitate financing options at the time of service.

• The company supports over 400,000 small and midsize businesses and health and wellness providers.
• The Home & Auto platform provides financing solutions with integrated in-store and digital experiences.
• The company offers advertising center tools to partners to help them create ads promoting the Synchrony financing program.

Finance: draft 13-week cash view by Friday.

Synchrony Financial (SYF) - Canvas Business Model: Customer Segments

You're looking at the core groups Synchrony Financial (SYF) serves to generate its revenue, which is a mix of lending income and fees from partners. Here's the quick math on who is using their credit and banking products as of late 2025, based on the third quarter results.

Large national and regional retailers seeking private label credit programs

Synchrony Financial (SYF) is the largest provider of private label credit cards in the United States, measured by purchase volume and receivables. They support the growth and operations of some of the country's most respected brands. The scale of this segment is substantial, though loan receivables are managed across the entire portfolio.

Metric	Value (as of Q3 2025)
Total Loan Receivables	$100.2 billion
Purchase Volume (Q3 2025)	$46.0 billion
Total Partners (Retailers, Merchants, etc.)	More than 400,000 (including SMBs/Health Providers)
US PLCC Industry Purchase Target (Projected 2025)	Over $339 billion

Consumers across the credit spectrum utilizing promotional financing

This segment represents the core cardholder base, which is showing resilience in meeting obligations despite a higher rate environment. The company has been tightening standards, resulting in a higher-quality customer base.

• Average Active Accounts (as of September 30, 2025): 68.3 million.
• Q3 2025 Purchase Volume Year-over-Year Growth: +2%.
• 30+ Day Delinquency Rate (Q3 2025): 4.39%.
• Net Charge-Off Rate (Q3 2025): 5.16%.
• Credit Cards under Promotional Offer (as of March 31, 2025): 31.3% of total credit card receivables (Deferred Interest + Other Promotional).

Small and midsize businesses (SMBs) and health providers needing patient financing

Synchrony Financial (SYF) provides financing solutions through its network, notably through the CareCredit brand in health and wellness. The company supports over 400,000 small and midsize businesses and health providers.

• Health & Wellness Purchase Volume (Q3 2025) Growth: +3%.
• Commercial Credit Products as % of Total Loan Receivables (March 31, 2025): 1.9%.

Direct-to-consumer depositors seeking competitive savings rates

These depositors provide stable, low-cost funding for the credit activities. The total deposit base is a significant component of the company's funding structure.

Total Deposits (as of September 30, 2025)	$79.9 billion
Deposits as Percentage of Total Funding	85%

Products offered directly to consumers include Certificates of Deposit, Individual Retirement Accounts, money market accounts, and savings accounts.

Digital-native shoppers using BNPL and co-brand cards

The digital channel is a key driver of spend per account, even as the overall active account base saw a slight sequential decline. The Dual Card products are central to this strategy.

• Digital Purchase Volume (Q3 2025) Growth: +5%.
• Dual and Co-branded Cards Contribution to Total Purchase Volume (Q1 2025): 45%.

The company offers patented Dual Cards, which are proprietary digital versions of their credit cards, enabling in-store account lookup and mobile payments.

Synchrony Financial (SYF) - Canvas Business Model: Cost Structure

You're looking at the major drains on Synchrony Financial's top line, the costs that determine how much of that interest and fee income actually translates into profit. For a finance company like Synchrony Financial, the cost structure is dominated by credit risk and funding costs, so those numbers are what you need to watch most closely.

The single biggest variable cost, which is a direct reflection of credit quality, is the Provision for credit losses. For the full year 2025, Synchrony Financial is guiding its Net Charge-Off (NCO) rate to be between 5.6%-5.7% of average loan receivables, which is toward the lower end of their long-term underwriting target range of 5.5% to 6%. To give you a concrete sense of the current impact, the provision for credit losses for the third quarter of 2025 was $1.1 billion, which included a reserve release of $152 million due to improved credit performance.

Next up, you have the cost of money: Interest expense on deposits and borrowings. This is definitely a big cost, as Synchrony Financial relies on deposits and borrowings to fund its loan receivables. For the three months ended September 30, 2025, the Total interest expense was reported at $1,011 million, marking a 14.0% decrease compared to the same period last year, largely due to lower interest-bearing liabilities costs associated with lower benchmark rates. Deposits represented 85% of total funding sources as of September 30, 2025.

Then we get to Operating expenses, which cover the day-to-day running of the business, including technology, marketing, and personnel. For the third quarter of 2025, Other expense-which captures these items-increased by 5% year-over-year to $1.2 billion. This increase was primarily driven by higher employee costs and costs related to technology investments. For the full year 2025 outlook, management expects other expenses to increase approximately 3% on a dollar basis, which includes costs for the Walmart program launch.

The cost structure also includes payments back to partners via Retailer Share Arrangements (RSAs). These are performance-based payments to partners. For the full year 2025, RSAs are projected to be between 3.95% and 4.05% of average receivables. In the third quarter of 2025, the actual RSA amount was $1.0 billion, an increase of 12.0% year-over-year, reflecting strong program performance.

Finally, the measure of how efficiently Synchrony Financial manages these costs is the Efficiency ratio. The updated guidance for the full year 2025 efficiency ratio is targeted between 33.0% and 33.5%. This is a slight upward revision from earlier expectations. For context, the actual efficiency ratio for the third quarter of 2025 was 32.6%.

Here's a quick look at the key cost components and targets for 2025:

Cost Component	Latest 2025 Guidance/Metric	Period/Context
Net Charge-Off (NCO) Guide	5.6%-5.7%	Full Year 2025 Outlook (Loss Rate)
Provision for Credit Losses (Actual)	$1.1 billion	Q3 2025
Total Interest Expense (Actual)	$1,011 million	Three Months Ended September 30, 2025
Other Expense (Actual)	$1.2 billion	Q3 2025
Other Expense (Outlook)	Up approximately 3%	Full Year 2025
Retailer Share Arrangements (RSA) (Outlook)	3.95%-4.05% of average receivables	Full Year 2025
Retailer Share Arrangements (RSA) (Actual)	$1.0 billion	Q3 2025
Efficiency Ratio (Target)	33.0%-33.5%	Full Year 2025 Outlook
Efficiency Ratio (Actual)	32.6%	Q3 2025

The structure shows that managing credit risk and funding costs are paramount. If NCOs creep above the 5.7% guide, the provision will spike, directly hitting earnings. Also, note that the efficiency ratio target of 33.0%-33.5% reflects the updated net revenue outlook, meaning they are managing expenses against a slightly lower revenue expectation than previously modeled.

• Provision for credit losses is a direct measure of portfolio health.
• Interest expense on deposits is a major fixed-like cost tied to benchmark rates.
• Other expense growth of 5% in Q3 2025 was driven by personnel and tech spend.
• RSAs align partner incentives with Synchrony Financial's credit performance.

Synchrony Financial (SYF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Synchrony Financial brings in the money, and honestly, it's still heavily weighted toward the interest they earn on the cards they manage. It's a classic finance model, but with a modern partnership twist.

The biggest piece of the pie comes from the loans themselves. For the third quarter of 2025, the Net Interest Income (NII) from loan balances was $4.7 billion. That's the difference between what they earn on the receivables and what they pay out for funding. To give you a sense of the full-year picture, Synchrony Financial projects its total net revenue for 2025 to land between $15.0 billion and $15.1 billion. That projection was actually trimmed slightly from earlier estimates, mainly because of higher payment rates and lower late fee incidence, which is something to watch.

Here's a quick look at some of those key revenue drivers and related figures from the recent Q3 2025 results:

Revenue Component	Latest Real-Life Figure	Context/Period
Net Interest Income (NII)	$4.7 billion	Q3 2025
Projected Full-Year Net Revenue	$15.0 billion-$15.1 billion	FY 2025 Projection
Interest and Fees on Loans (Total)	$5.5 billion	Q3 2025
Other Income (including PPPC fees)	$127 million	Q3 2025
Retailer Share Arrangements (RSA)	Increased 12%	Q3 2025 YoY Change

Interchange fees from co-brand and general-purpose credit cards form another crucial layer. These are the fees merchants pay every time a card is swiped or tapped within a program Synchrony manages. In Q3 2025, the reported interchange revenue was $266, which is a significant component of the total interest and fees on loans figure.

You also have to account for the fees charged directly to cardholders, though this stream is becoming more dynamic. Late fees and other non-interest income are part of that. We saw reports of lower late fee incidence in Q3 2025, which actually muted the growth in total interest and fees on loans, despite higher loan yields from product, pricing, and policy changes (PPPCs). It defintely shows how regulatory and consumer behavior shifts directly impact this revenue bucket.

Partner-specific fees for program management and services are key to the co-brand model. These are often captured in the Retailer Share Arrangements (RSA). For instance, in Q3 2025, these arrangements saw a 12% increase, reflecting strong program performance, including lower net charge-offs. For context, in Q1 2025, the RSA figure was reported as ($895 million), showing the scale of these partner economics.

The revenue streams can be broken down like this:

• Net Interest Income from loan balances: $4.7 billion in Q3 2025.
• Interchange revenue: $266 in Q3 2025.
• Other income (including partner fees): $127 million in Q3 2025.
• Retailer Share Arrangements: Increased 12% year-over-year in Q3 2025.
• Total projected net revenue for 2025: $15.0 billion-$15.1 billion.

Finance: draft the Q4 2025 revenue forecast based on the current payment rate trend by next Tuesday.