Starting in 2022 and continuing into 2023, Synchrony uses bank and deposit account data made available through Project REACH to extend credit to “credit invisible” consumers—those who don’t have enough credit history to generate a credit score. We understand that being credit invisible can make it challenging to obtain loans, credit cards or favorable interest rates, as it is difficult for lenders to effectively evaluate risk. Project REACH helps these consumers build usable credit scores. More than half of those who become new Synchrony account holders through the data Project REACH, migrated to a “prime” 651+ Vantage score within 12 months after we offered credit.

Beyond Project REACH data, Synchrony continues to use information not traditionally included in credit bureau data to enhance our underwriting overall and to improve access to the credit invisible population.

Delivering on our commitment to further Economic Equity

In February 2023, we announced a $100 million commitment in Ariel Alternatives’ (the private equity subsidiary of Ariel Investments, LLC) Project Black, which aims to create jobs, economic growth and equality with underrepresented populations from the entry level to the boardroom. Our investment will help give Black, Hispanic and women entrepreneurs more of the support they need to grow long-term. To date, we have funded over 20% of our pledge.

In addition to our financial pledge, our team continues to partner by supporting Project Black’s diligence efforts. Synchrony is dedicated to providing the resources and expertise to advance equity for diverse businesses and communities and continuing to do more even as we continually assess and work toward closing gaps around our diverse spending.

1. https://www.occ.treas.gov/

Over the past few years, we have continued to enhance our supplier diversity program with a range of new and expanded initiatives that are yielding measurable impact, including:

• Maintaining and continuously improving our robust monitoring and reporting processes.
• Establishing a program to encourage our suppliers to engage with one another and report to us their spend with diverse businesses on a quarterly basis.
• Driving program initiatives that promote supplier diversity.

Supplier Engagement Efforts

With one of our significant suppliers, we co-sponsored an inaugural cohort of 21 suppliers through a six-week development program in which the suppliers participated in courses at Georgia State University designed to increase their knowledge of banking and Fintech and provide practical insight into the unique requirements for suppliers seeking to do business within the financial services sector.

Our work is helping foster an inclusive procurement culture across Synchrony, which in turn has increased our spend with diverse suppliers. To expand our influence and outreach, we continue to identify and engage with diverse businesses and future diverse business leaders at local and national conferences. We are a national member of the National Minority Supplier Diversity Council, a corporate member of the Women Business Enterprises Council, and a corporate member of the Greater New England Minority Supplier Development Council. We anticipate our alignment with Ariel Alternatives to support a new class of underrepresented entrepreneurs and position these companies as leading suppliers to Fortune 500 companies, like Synchrony.

Supplier diversity is a key component to our EDIC ambitions. Providing diverse suppliers with access to opportunities promotes economic development and enriches our business with fresh perspectives and innovative solutions—ultimately setting us up for even MORE success.

We made significant strides from 2022 to 2023 in supplier diversity:

• Increased diverse supplier spend by 95%.
• Achieved a 15% increase in the number of diverse suppliers included in requests for proposals.
• Of the diverse suppliers included in requests for proposals, nearly 26% were selected to do business with Synchrony.

Path to Parity—Perspectives from Tech Partners

Data, allyship and collaboration help strengthen the drive toward our global EDIC aspirations. The data tells us that there are a number of reasons we, statistically, see fewer women in technology roles, including societal stereotypes that discourage girls from pursuing STEM fields from a young age, lack of female role models, less encouragement and support for young girls (compared to young boys) in technology that may impact confidence, and workplace cultures that are less inclusive or welcoming to women.^{See footnote 2}

In India, our technology teams are using data and added allyship and collaboration with vendors to combat these stereotypes and create equity for women in the technology space. The Synchrony India Technology team held the Path to Parity event in 2023 to encourage conversations among some of our technology partners about the challenges, solutions, initiatives and ideas to improve gender diversity within the technology space in India. More than 100 leaders—including our 6 largest IT professional services suppliers (who were surveyed in advance to help curate an intention-fueled program) and Synchrony employees of all genders—attended and engaged in the event.

Synchrony leaders emphasized our commitment to creating an inclusive workplace for all and shaping the future of diversity and inclusivity in the workplace, particularly within the technology sector.

Through myriad conversations, panel discussions and fireside chats, attendees received valuable insights into the path to gender parity. Some of the key takeaways and possible paths forward included engaging digital academies to increase diverse talent pools, implementing a return to work program for women who take a leave of absence for caregiving, leadership development programs, the need for unconscious bias learning for hiring partners and managers and more. These purposeful dialogues proved to be worth it as they led to new ideas and possibilities to deepen inclusion and belonging for women in India.

Paths to Parity is just one example of how we engage our vendors globally and inspire them to do more to make EDIC a reality. We, along with our partners, are excited about continuing conversations and following with real action.

2. National Science Foundation (NSF)
   National Center for Science and Engineering Statistics (NCSES)
   Pew Research Center 87

Dedicated to advancing the global Black community by developing leaders, informing policy and educating the public, the Congressional Black Caucus Foundation (CBCF) promotes financial empowerment and provides leadership development and scholarship opportunities to educate the emerging of Black leaders. For two consecutive years, Synchrony has participated in the CBCF’s C-Suite Internship Program, in which we hosted two post-graduate students as interns to learn about the intersection of public policy and the private sector. During the CBCF’s Annual Legislative Conference (“Securing Our Democracy. Protecting Our Freedoms. Uplifting Our Culture.”), Synchrony and our BE Network+ participated in conversations about how to best support HBCU (Historically Black Colleges and Universities) students, financial literacy and access to healthcare. The event culminated with the Phoenix Awards Gala, with remarks from the President and Vice President of the United States.

The Congressional Hispanic Caucus Institute (CHCI) provides leadership, public service and policy experiences to outstanding Hispanic students and young professionals in the United States and engages with members of the U.S. Congress and other leaders to address issues facing the nation and the Hispanic community. Synchrony and our HN Network+ attended the 2023 CHCI Leadership Conference (“Our Moment in History”), which brought together more than 2,000 leaders, elected officials and visionaries to celebrate emerging Hispanic change agents, discuss ways to continue to foster leadership and diversity within the organization, and amplify the collective voice of the Hispanic community.

These are just two of many examples of how we partner with others to help our communities thrive, and we look forward to influencing MORE positive change.

The Latinx Executive Alliance

The Latinx Executive Alliance, founded by Synchrony and sponsored by our Board of Directors, is a coalition of top executives across various companies, industries and sector—all dedicated to collectively advancing more Latinx business leaders to executive leadership roles in Fortune 1000 companies. According to the 2020 U.S. Census, the Latinx community is the fastest growing demographic in the country, with 19% of the population. Yet Hispanics represent only about 4% of large American companies’ top executives, according to the Hispanic Association on Corporate Responsibility (HACR). The Latinx Executive Alliance is focused on creating a more diverse workforce by identifying, mentoring, upskilling and promoting the next generation of Latinx leaders. The Alliance is also helping identify opportunities within organizations where diverse professional talent can have a meaningful impact and help their companies better meet the needs of their customers and communities. Since its 2021 launch, the Latinx Executive Alliance has grown its LinkedIn follower base to include over 1,300 members. In 2023, the Alliance continued its programming to explore three pillars of focus, which include the importance of mentors and sponsors, the criticality of investing in our future Latinx leaders, and the need to be intentional about networking with key decision makers.

More information on joining the Latinx Executive Alliance can be found at: latinexecalliance.com

While we know Equity, Diversity, Inclusion and Citizenship is a lifelong commitment and our work is never finished, we are proud of the accolades we received in 2023 and know that our work will not stop.

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