The GoTyme Bank has rapidly gained over 2.3 million customers within just 14 months of its launch. This success is attributed to its “phygital” model, where customers can download the app, open an account, and then get their card from any GoTyme kiosk. The seamless process of obtaining a card in less than five minutes at a Robinsons mall has contributed to the bank’s popularity, as customers have reported positive experiences with GoTyme ambassadors.
GoTyme has surpassed the Tyme Group from South Africa in terms of customer numbers within the same timeframe. The combination of digital and physical experiences has driven higher-than-expected demand in the Philippines, with the bank attributing its success to human engagement.
The bank offers a “preferred banking” experience, which includes features such as 5-minute account opening, a debit card loyalty program, high interest savings with no minimum balance, and a commitment to answer calls or in-app chats in under three minutes.
The parent company of GoTyme Bank, Tyme, has achieved significant financial success, with a projected annualized revenue run rate of US$160 million in 2023. TymeBank in South Africa also stands out as one of the world’s fastest profitable standalone digital banks, surpassing the odds and ranking in the top 5 percent of profitable digital banks globally.
Co-founder and Executive Chairman of Tyme Group, Coenraad Jonker, emphasized the importance of bringing critical financial access to underserved markets, highlighting the growth opportunities present in emerging markets.
GoTyme Bank CEO Nate Clarke expressed pride in the success of their sister bank in South Africa, and sees it as validation of their retail distribution model. The bank is confident in its mission to become one of the largest retail banks in the country and to unlock the financial potential of all Filipinos.
The future looks promising for GoTyme Bank, as it anticipates that 32 percent of the population will embrace digital banking by 2027.
