GoTyme logs 2M customers in 14 months
What drove its success is its award-winning ‘phygital model’ that has allowed the bank to deliver preferred services to all Filipinos.
Daily TribuneWhat drove its success is its award-winning ‘phygital model’ that has allowed the bank to deliver preferred services to all Filipinos.
The digital bank of the Gokongwei Group Companies, GoTyme Bank, which is a result of a joint venture of the said conglomerate and multi-country digital banking group Tyme, logged its 2-millionth customer milestone on 22 December beating its target for the end of 2023.
In a statement, Nate Clarke, GoTyme Bank president and CEO, said what drove its success is its award-winning "phygital model" that has allowed the bank to deliver preferred services to all Filipinos.
"In merely 14 months since the start of our commercial operations, we have reached 2 million customers. The better news is that this growth is translating into deep adoption: GoTyme ranks 7th among local banks in monthly Instapay volume, according to Bancnet; 7th in active debit cards, according to Euromonitor, and 5th in finance apps, as per data.ai. Further, we recently surpassed P10 billion in outstanding deposits," Clarke said.
Top 5 finance apps
Further, he said that GoTyme Bank is consistently ranked in the top 5 finance apps in both Apple App Store and Google Play Store in the country by data.ai, a leader in mobile market data app analytics and solutions.
Clarke also credited GoTyme Bank's sustained growth to its "phygital model" that combines a well-established digital system with physical and human banking, seamlessly integrating the convenience of digital technology with human-led interactions, allowing GoTyme to extend preferred banking services to every Filipino, and not just the top five percent of the population.
GoTYme now has 462 kiosks, strategically placed in Robinson's retail outlets and other locations all over the country, which are supported by a team of 1,400 bank ambassadors.
This puts GoTyme Bank on track toward profitability, having prioritized innovation and customer acquisition in its first year of operations.
Ahead of plan
Clarke is happy to share that GoTyme Bank "is ahead of plan in financial and operational metrics." He is confident that GoTyme will hit its profitability target in 2025, three years after its commercial launch.
"Our focus on providing preferred banking to all Filipinos through our phygital model will pave the way to unlocking the Filipino financial potential," he said.
Clarke also said that GoTyme's emphasis on human interaction and support ensures that customers feel understood and that their needs, and even desires, are acknowledged and met.
He said the bank's use of technology as a tool for inclusion and accessibility streamlines processes and products to cater to all its customers, including small entrepreneurs.
AI
"It is equally heavily invested in its human workforce and its tech capabilities like artificial intelligence (AI). AI automates tasks like research, lead generation, and fraud detection, among other things, toward improved efficiency," Clarke emphasized.