Synchrony and ServiceTitan Team to Offer Home Improvement Financing
Consumer finance company Synchrony has launched a partnership with contractor-focused software platform ServiceTitan.
The collaboration is designed to make it easier for contractors to offer financing to customers, according to a Tuesday (April 30) press release.
“Our top priority at ServiceTitan is providing contractors with the solutions they need to grow their business while delivering the best customer experience possible,” ServiceTitan Chief Technology Officer Anmol Bhasin said in the release.
“Through our new partnership with Synchrony, we are able to offer our customers even more options when it comes to choosing a financing process.”
With the partnership, Synchrony will let contractors in the field give customers the option to apply for financing through ServiceTitan’s platform, using Synchrony’s direct-to-device application process and pre-fill technology.
Once a customer applies, the contractor will get the application response and, upon approval, can move forward with the sales process, all within the ServiceTitan platform, the release said.
The partnership comes days after Synchrony released earnings that illustrated, as PYMNTS wrote, that the “quality of the banks’ loans was generally positive but showed a few cracks in the façade of the consumer.”
The rate of loan defaults climbed to 6.31% from 5.63% in the closing quarter of 2023, suggesting a slight deterioration in March compared to January and February. Meanwhile, the ratio of loans that were more than 30 days past due remained consistent at 4.74%, a decline from 5% in February.
Meanwhile, PYMNTS spoke earlier this month with Erin Gadhavi, general manager for Synchrony’s wellness division, about the ongoing — and worsening — trend of underinvestment in women’s health.
“Women are spending less than men on healthcare, and report that financial constraints are a main barrier for them when accessing the care that they want and need,” she said.
“Women are the CEOs of their households, and they’re not prioritizing their own health as a result. As their responsibilities in the household have grown, their health has worsened.”
Research by PYMNTS Intelligence has found that every additional $500 spent on women’s health results in a positive effect on their well-being. Higher income levels correlate with better health attentiveness, underlining the role of financial stability in accessing healthcare.
“When you think about elective wellness expenditures, they are all out of pocket. Financial constraint is a real barrier for many as they’re thinking about their own personal health and wellbeing,” Gadhavi said.
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