GoTyme Bank, the joint venture company of local conglomerate Gokongwei Group and South Africa’s Tyme Group, said it has yet to reach its second year but it has already become the fastest-growing bank in the Philippines.
As such, the company has dropped its “digital bank” description in its marketing collaterals to convey the message that it is now a full-fledged bank performing its functions in a digital platform.
Since its launch in November 2022, it has managed to snatch one million customers within a span of nine months. In 2023, it closed off with over two million customers.
This July 2024, GoTyme Bank co-CEO Nate Clarke reported a total of 3.7 million customers, which is about 250,000 new users registering per month since December 2023.
Albert Tinio, co-CEO of GoTyme Bank, mentioned that this growth in customer base was a result of offering the best customer experience that can be offered by a bank. There were two studies conducted that supports this claim, he said.
One is a GoTyme commissioned study conducted by Forrester and an independent study conducted by the Singapore Economic Development Board (SEDB). Both studies used the Net Promoter Score (NPS) metric, which is a reflection of the customers satisfaction, loyalty, and likely recommendation.
In both studies, GoTyme Bank was reported to be the top banking institution in country in terms of customer experience and likability.
According to Tinio, the company’s journey is just beginning and is now aiming to make banking a “beautiful” experience for everyone.
With that as the goal, Raymund Villanueva, chief marketing officer of GoTyme Bank, announced the company’s new “beautiful” products on GoTyme.
The first on the line is international SIMs, which may now be used to open GoTyme accounts by Filipinos in over 170 countries abroad. Upon account opening, they can now deposit, make free GoTyme to GoTyme transfers, three free weekly real-time transfers to other banks, and access to remittance partners and bill payments outside the country.
Check deposits are also easier now with “Mobile Check Deposit”, which allows free deposits of up to P499,999.99. Even post-dated checks are accepted with real-time status and regular updates of their transactions.
The GoRewards points have been expanded and could be used to purchase loads and gaming credits with a roster of partner service providers and gaming apps.
GoTyme would also be installing Coin Deposit Machines on selected malls and stores, allowing customers to deposit their loose change and credited directly to their GoTyme accounts without a minimum limit.
Finally, for a limited time only, GoTyme is increasing the US dollar time deposit rates from 3.5% to 5% for 3-month and 6-month terms.
