Every society in human history, regardless of geography, language, or economic system, has had to answer the same question: how do you build something with people whose commitment has to be earned?
The answer is trust. It is what makes two strangers decide to do business, compels an employee to give more than what is required, and draws a customer back when they have a reason to walk away. At a time when trust in institutions is at an all-time low, it remains the most valuable asset any institution can hold. Trust is also most fragile at the exact moment innovation is moving fastest, and when the pressure to be the first mover is at its peak.
We live and breathe this reality every minute of every day. One in four Americans has a Synchrony credit card – putting Synchrony at the center of real, everyday financial moments: a broken refrigerator, an unexpected medical bill, a purchase that can’t wait. Every one of those moments is a real decision, for both the customer and us. We either earn their trust, or we lose it and in financial services, there are no neutral outcomes.
The foundation of Synchrony’s business is trust. We trust consumers by responsibly extending credit so they can buy the things they want and need. We are trusted by our partners to help grow their businesses by underwriting consumers responsibly, without overextending them. And we are trusted as a means for millions of Americans to build their credit.
We’re excellent at managing credit risk and underwriting. Yet, we disrupted ourselves because we know credit is about more than a single transaction – it can be transformational.
It would have been easy to protect what we were good at but instead, we saw a system that could be improved to give more people access to credit. With that in mind, we built PRISM, our proprietary underwriting system that leverages alternative data to expand credit access for people traditional models leave behind. Through this work, Synchrony’s PRISM played a key role and we’ve approved more than 180 million accounts since January 2018.
If PRISM is about using better data to make smarter decisions, AI is enhancing those decisions at a scale and speed unimaginable a decade ago. That willingness to challenge what we were already good at is the same lens we bring to artificial intelligence. It’s reshaping how we work, how we serve customers, and how we compete.
Even so, technology alone doesn’t create value; it is ultimately people who identify opportunities to build trust. AI helps us scale those insights, act on them faster, and deliver better outcomes. It’s a partnership: people create the vision; technology helps bring it to life.
The model only works, though, when the people running it feel trusted enough to use it well. At Synchrony, 92% of employees say management trusts them without constant oversight. That trust fuels better ideas, faster action, and a culture of continuous improvement.
When employees feel trusted, they also feel accountable. It allows them to try something new. Innovation, including having the freedom, expectation, and permission to experiment with new tools – including AI – creates better outcomes for our partners and consumers. That’s the environment we work every day to create at Synchrony – never getting comfortable, always looking for ways to improve.
We demonstrate this in how we work—and where. We never mandated a return to office, instead offering in-person collaboration. At our Stamford headquarters, the majority of our employees are coming in because they recognize the value they unlock and the connections they build when in person. And our New York City Experience Center inspires hundreds of partners and employees, serving as a physical manifestation of what’s possible when you bring people, partners, and technology together. It’s not only an office for employees, but an expression of innovation.
While challengers will always exist, we all need to focus on what matters most: continuous improvement for our employees, partners, and consumers, centered around building trust. It’s how Synchrony has risen in the Great Place to Work rankings from #37 in 2021 to the top three. This is how we create value not only for our shareholders but for society.
In the end, innovation is about maintaining the conditions that make trust possible. And the companies that get it right, consistently, are the ones that will endure.
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Throughout history, societies across the globe have grappled with a fundamental question: how do we foster commitment among individuals who must earn each other’s trust? The answer lies in trust itself, a crucial element that underpins relationships in business, employee engagement, and customer loyalty. In an era marked by declining trust in institutions, the value of trust has never been greater. Yet, it is also increasingly vulnerable, especially during periods of rapid innovation and fierce competition.
Trust is central to the operations of Synchrony, a financial services company that plays a significant role in the everyday financial decisions of many Americans. With one in four Americans holding a Synchrony credit card, the company finds itself at the intersection of critical financial moments, whether that involves addressing an unexpected expense like a broken refrigerator or managing urgent medical bills. Each interaction presents an opportunity for Synchrony to earn or lose trust, as there are no neutral outcomes in financial services.
The cornerstone of Synchrony’s business is the trust it builds with consumers, partners, and the broader community. The company responsibly extends credit, enabling customers to access goods and services, while also helping its partners grow their businesses through prudent underwriting practices. Synchrony also serves as a pathway for millions of Americans to improve their credit scores.
Despite its expertise in managing credit risk and underwriting, Synchrony recognized the need for transformation. Instead of merely maintaining its existing strengths, the company sought to innovate by enhancing credit access for underserved consumers. This led to the development of PRISM, Synchrony’s proprietary underwriting system, which utilizes alternative data to expand credit opportunities for individuals often overlooked by traditional models. Since its launch in January 2018, PRISM has facilitated the approval of over 180 million accounts.
The role of technology in this transformation cannot be understated. While PRISM focuses on leveraging better data for smarter credit decisions, artificial intelligence (AI) further enhances these decisions rapidly and efficiently. At Synchrony, the approach to innovation involves a willingness to challenge existing capabilities. AI not only reshapes operational practices and customer interactions but also enhances competitive positioning.
However, technology alone cannot create value; it is the people behind the technology who recognize opportunities for trust-building. At Synchrony, AI serves as a tool that amplifies insights generated by employees, enabling faster response times and improved outcomes. This synergistic relationship between people and technology is critical, as it relies on a culture of trust within the organization.
An environment of trust among employees is reflected in Synchrony’s internal culture, where 92% of employees report feeling trusted by management without constant oversight. This trust fosters accountability, allowing employees the freedom to explore new ideas and innovate. The expectation and permission to experiment—particularly with tools like AI—lead to better results for both partners and consumers. Creating such a culture is a daily commitment for Synchrony, with a focus on continuous improvement.
The company also emphasizes flexibility in its work environment. Rather than enforcing a mandatory return to the office, Synchrony promotes in-person collaboration, allowing employees to choose when to work onsite. Many employees appreciate the value of in-person connections, leading to increased attendance at the Stamford headquarters and inspiring collaboration at the New York City Experience Center. This center stands as a symbol of innovation and partnership, showcasing the potential that arises when people, technology, and partners come together.
In the face of competition, Synchrony remains committed to prioritizing trust and continuous improvement for its employees, partners, and consumers. This dedication has propelled the company to rise in the Great Place to Work rankings, moving from #37 in 2021 to a position among the top three. Such recognition not only benefits shareholders but also contributes positively to society as a whole.
Ultimately, the essence of innovation lies in fostering an environment that supports trust. Companies that consistently nurture this foundational element are more likely to endure and thrive in an ever-evolving landscape. In summary, trust is the bedrock of successful relationships in business, and maintaining it is critical for companies like Synchrony as they adapt to changing demands and strive for excellence in their service delivery.
