Synchrony Bank achieved an unprecedented core banking platform and digital customer experience transformation. Every business aspect was affected, from internal processes to customer-facing business services, creating a frictionless, end-to-end digital flow of data and services.
Because of its incredible transformation, research and advisory firm Celent presented Synchrony Bank a Model Bank Award in New York on April 12, 2019, the sole winner of the Core Technology Replatforming category. Synchrony won in recognition of the ambitious transformation to create a back-end technology infrastructure that delivers a best-in-class experience.
A major aspect of the transformation was the use of microservices in the business services layer. This technology effectively creates objects that serve as independent functions which can be called by any user to create a personalized customer experience. This approach is unique in the financial services industry and is an example of what financial institutions can create with open banking.