GoTyme Bank, a collaboration between the Philippines’ Gokongwei Group and Singapore-based Tyme Group, has reached 1 million customers barely a year since it was launched in the country.
Citing “human banking” as the main driver for this milestone, GoTyme Bank reports strong deposit growth and considerable traction of its “phygital (physical and digital)” banking approach.
“GoTyme exists to unlock the financial potential of Filipinos and we are going to do that by providing a preferred banking experience to everyone (every Juan),” said Albert Tinio, co-CEO of GoTyme Bank.
GoTyme has streamlined the process for opening accounts and offers a diverse range of products and services tailored to different client profiles. Recently, the bank introduced bank kiosks within the Gokongwei retail ecosystem, including Robinsons malls, enhancing convenience and accessibility for both potential and existing customers.
Easy account opening
GoTyme operates 345 kiosks across the nation, strategically located in Gokongwei malls and retail establishments. These kiosks are supported by 884 bank ambassadors (BAs) who facilitate client onboarding and debit card issuance. Customers can conveniently deposit or withdraw funds through cashiers at 1,377 deposit and withdrawal (DEWI) locations.
At the GoTyme kiosks, dedicated personnel guide customers through the account opening process. With just a P50 initial deposit and a valid ID, anyone can join the ranks of the banked population. Customers will also receive a GoTyme Bank Visa debit card upon account opening.
“More than 60% of GoTyme customers are generated by the kiosks supported by bank ambassadors (BA),” said Nate Clarke, president and CEO, GoTyme Bank. “We have a 1:2.6 kiosk-to-BA ratio. This means that every kiosk, on average, has from two to three BAs.”
New products for merchants
With an enhanced target of deploying 450 kiosks this year, up from the initial goal of 400, GoTyme continues to expand its footprint nationwide.
This growth trajectory paves the way for expansion. GoTyme is preparing for the soft launch of its inaugural lending product in September, followed by the introduction of its first investment product in the fourth quarter. According to Clarke, the lending product will be made available to merchants through a strategic partnership.
“The merchant or a small business lending product will be the first one to be offered,” he said. “On the investment side, I would say we’re hoping for the early fourth quarter, so October. And that will be available to everyone.”