As GE prepared to spin off its Retail Finance business as an entirely separate entity, they focused on deepening their relationships with people and partners.
GE Capital’s Retail Finance business was a profit driver for the company, but when GE decided to refocus around its core business, GE Capital was given the chance to stand on its own with a new brand and proposition and a clear strategy for growth.
GE Capital needed to take the best aspects of its business forward and pair them with a fresh ambition and new identity. The new brand was named Synchrony—which embodies the art of making things happen, putting large organizations “in sync” with the needs of its partners, as well as those of real people. Synchrony’s new position and creative expression helped them go to market as an acknowledged leader in connections: partner to retailer, retailer to consumer. The focus was fuelling growth by fostering loyalty and providing value, instead of simply transactions and credit.
This work set Synchrony up for success, raising almost $2.9 billion in its initial public offering, with stock rising 42%. More importantly, Synchrony established itself as no ordinary financial services company. As CEO Margaret Keene put it: “We are an engagement company.”