Synchrony Financial: a Digital Transformation Case Study

Financial service customers expect full and instant access to all of their credit information in their moment of need from any device. And they assume their transactions will be secure.

Synchrony is now using AI to improve customer services and help process and secure millions of credit card transactions per day across more than 74 million accounts. The company, which manages private-label credit cards for GAP, Lowe’s and several other high-profile retail brands, is also hiring more talent to ensure that it keeps pace with evolution in AI and other technologies that undergird its digital transformation.

Synchrony is using AI, ML and RPA to facilitate sales, improve the underwriting experience for customers, and enhance the company’s ability to assess risk.

Synchrony is also using ML for fraud detection in its credit underwriting process.

Underpinning these AI and ML moves is a Hadoop data lake, working in concert with tools such as Apache Kafka, which helps Synchrony process data streaming from mobile device and computer transactions in real time.

To forge a strong talent pipeline, Synchrony opened the Emerging Technology Center at the University of Illinois to advance technology capabilities and equip students with real-world skills in AI, data science, design thinking.