White Paper
May 20, 2015, 10:28 AM EDT
Synchrony Financial has an Entire Lab Dedicated to Revolutionizing Mobile Shopping
Author
Source: Business Insider
Abstract:
Table of Contents
Innovation Station
Synchrony Financial, a leader in consumer financing with more than 80 years of retail heritage, has its finger on the pulse of consumer purchasing habits and recognized early on the need to retain the benefits of private label credit cards in this new mobile environment. In response, Synchrony Financial established its Innovation Station, dedicated to emerging digital technology, in the fall of 2013. BI Studios recently toured this facility, located in Stamford, Conn.
Cross-Functional Teams
Beginning with a business or customer problem — such as how to retain brand loyalty and stay top-of-wallet in today's new mobile environment — the Innovation Station team hosts intense, one-day prototyping sessions, often including partners and customers. A session ends with a working prototype of a digital solution that can be quickly implemented using Synchrony Financial's digital development capabilities and agile execution principles. Previous sessions have resulted in a range of innovative, streamlined mobile products for the entire credit lifecycle, from acquisition to servicing and loyalty to payments.
mApply platform
Continuing the theme of consumer convenience, Synchrony Financial's cross-functional team also developed the mService product, which allows customers to easily pay bills and service their account using a mobile device. Seamlessly integrated with the mService product, the company's customized Mobile Rewards allow customers to display a reward certificate on their mobile phone and present it at the point of sale.
Another innovative mobile offering resulting from rapid prototyping and agile development is Synchrony Financial's digital card, a digital version of a Synchrony Bank-issued credit card that enables in-store account lookup and mobile payments functionality. The digital card, which is device agnostic, was successfully piloted in 2014, resulting in increased activations and transactions for a significantly higher credit spend at a number of retailers.
Digital Card Technology
"We are shaping the future of how private label credit cards work in mobile wallets," says Carol Juel, chief information officer for Synchrony Financial. "Through our ongoing innovation and strategic partnerships, we are working to securely integrate all the benefits of private label that appeal to our partners and customers for whichever mobile wallet they choose. We continue to work with new and existing wallets, such as Apple Pay, Samsung Pay, MCX (CurrentC), and others."