GoTyme Bank, a collaboration between the Gokongwei group of companies and the multi-country digital banking group Tyme, led Philippine banks as the #1 bank in customer experience and most-recommended bank in the country, according to a recent independently commissioned Forrester Consulting survey.
The digital bank achieved the highest customer experience (CX) Index score and Net Promoter Score (NPS) among local banks in the independent survey conducted by Forrester. CX Indexâ„¢ assesses the overall customer experience, while NPS measures customer loyalty and advocacy. Forrester, a leading global research and advisory company that specializes in customer experience management, conducted the survey in the second quarter of 2024.
The GoTyme Bank-commissioned study conducted by Forrester using Forrester’s CX Indexâ„¢ framework surveyed 2,532 consumers of 11 brands, 10 bank brands and 1 e-wallet brand. GoTyme Bank emerged as the leader in terms of CX among all these 11 brands.
GoTyme Bank leads the industry in CX Index with a score of 87, which is 4.8 points above the industry average. The bank’s CX Index score falls within the “excellent” range. This is based on: (1) effectiveness score of 84%, above the industry average of 78%; (2) ease of use score of 88%, above the industry average of 79%; and (3) emotion score of 83%, above the industry average of 73%.
Forrester’s CX Index research, the 2021 report “Benchmark Customer Journeys to Drive Emotional Engagement”, showed that “emotion” is the strongest predictor of customer experience outcomes such as customer loyalty. This is aligned with the findings from the study which found that customers want to feel valued and cared for in their interactions with banks.
GoTyme has the best-in-class performance on 4 out of 5 priority CX drivers. The majority of the priority CX drivers are most highly correlated with the positive emotions of feeling valued and cared for.
Compared to other banks, GoTyme Bank’s CX index has a 3-point lead from the next bank (a traditional bank); and a 4.7-point lead from the next digital bank.
With an NPS of 76, GoTyme Bank outshines the industry average of 58 by a significant margin. This indicates a higher percentage of customers who are likely to recommend the bank to friends and family.
The Forrester survey showed GoTyme Bank’s NPS with a 16-point lead from the next bank, a digital bank.
GoTyme Bank’s success can be attributed to its focus on delivering exceptional customer service, combining high- tech solutions with a human touch. The bank has rapidly gained traction, reaching 4.4 million customers in end- September 2024 since the start of its commercial operations in October 2022.
In a separate NPS survey commissioned by the Singapore Economic Development Board (EDB) and conducted by Qualtrics and SAP in November 2023, GoTyme Bank tops local banks with an NPS of 59. The bank also outperforms the national average in three crucial customer experience subcategories: success, effort, and emotion.
Based on the Singapore EDB survey, customers found GoTyme Bank’s platform incredibly user-friendly, completing tasks with ease. The bank’s success score of 83% significantly surpassed the national average of 73%, ensuring a smooth and efficient banking experience. Moreover, GoTyme Bank’s customers reported minimal difficulty in interacting with the bank’s services. The effort score, which measures the ease of interaction, stood at 75%, exceeding the industry standard of 68%.
GoTyme Bank’s customers expressed positive emotions after interacting with the bank. The emotion score, which gauges customer sentiment, reached 75%, surpassing the national average of 66%. This indicates that the bank is successfully creating positive experiences for its customers.
The bank’s strong performance extends beyond NPS and CX Index. The bank’s commissioned Kantar brand health study has revealed that GoTyme Bank is gaining significant traction among young Filipinos, with improved brand awareness and usage.
