Tyme Group’s Philippines operation GoTyme Bank, a joint venture with the Gokongwei Group, has reached over 2.3 million customers in just 14 months, onboarding an average of 250,000 customers per month over the past three months.
The Tyme Group attributes its record-breaking success and unprecedented growth potential to its unique sales and service model: a combination of digital and human engagement integrated into physical retail ecosystems.
In the Philippines, GoTyme Bank’s phygital model has been met with higher than expected demand.
A society that has only recently begun to embrace digital banking alternatives, Filipinos associate convenient and efficient customer service with direct interactions with people rather than chatbots–a need that GoTyme Bank fulfills by offering access to physical kiosks and banking ambassadors in partnership with partners and retailers nationwide.
Beyond bank ambassadors, the Philippines’ GoTyme Bank democratizes a “preferred banking” experience by offering features, pricing, and customer service that was previously reserved for the top 5 percent. Examples of this preferred banking include 5 minute account opening and card issuance, the leading debit card loyalty program, high interest savings with no minimum balance, low InstaPay (money transfer) fees, and a commitment for a human to answer a call or in app chat in under 3 minutes.
Proof that the phygital model is securing its rightful place in the evolving banking landscape, Singapore-based global digital banking group Tyme achieves an annualized revenue run rate of $160 million in 2023, while its flagship South African operation TymeBank becomes the world’s fastest profitable standalone digital bank.
