GoTyme Bank gets highest CX index, named most recommended bank

The digital banking-arm of the Gokongwei Group of Companies, GoTyme, was named by leading global research and advisory company Forrester as the leading local bank in terms of customer experience (CX).

Also, GoTyme Bank, a collaboration between the Gokongwei group of companies and the multi-country digital banking group Tyme, achieved the highest CX Index score and Net Promoter Score (NPS) among local banks in the independent survey conducted by Forrester.

CX Index™ 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 Index™ 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”, shows 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.

The power of emotion

“Our customers clearly value our human-centric digital banking, which puts a premium on customer satisfaction,” said Lionel Gacad, GoTyme Bank chief experience officer (CXO). “Not only do customers love GoTyme, but they are also eager to share their exceptional experience with family and friends.”

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 4.4million customers in end-September 2024 since the start of its commercial operations in October 2022.

Nate Clarke, GoTyme president and CEO, expressed delight over the positive feedback from customers. “We're happy that our customers love the high tech-high human touch experience they have with our bank,” he said. "It's not often that a bank can make you smile the way GoTyme does.”

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.