In response to the pandemic, Synchrony increased investment in digital offerings
Following the onset of the COVID-19 (coronavirus) pandemic in 2020, Synchrony increased its investment in meeting the changing needs of customers and how it interacts with accounts. The company worked to develop contactless digital tools for both in-store and online use. Additionally, the company established digital card and mobile wallet capabilities, text-to-apply and mobile account lookup, creating a digital representation of Synchrony credit cards and facilitating consumer adaptation to the new business environment. Ultimately, this resulted in a 3.0% increase in the use of direct channels, such as the internet and mobile applications, to manage bank accounts.
COVID|Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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