GoTyme Bank, a joint venture between the Gokongwei group of companies and Tyme Group, aims to address financial inclusion challenges and issues in the Philippines with a physical-digital approach.
In 2021, the Philippines witnessed a significant surge in bank account ownership, jumping from 29% in 2019 to an impressive 56%. This progress indicates a reduction of 16.9 million underserved Filipinos, from 51.2 million in 2019 to 34.3 million in 2021. The pandemic’s online-first approach drove this shift toward digital financial services, prompting a nationwide digital transformation. The Bangko Sentral ng Pilipinas (BSP) aims to continue this momentum, targeting a 70% financial inclusion rate by 2023.
However, the Philippines still lags behind its peers in banking penetration, especially in rural areas with limited access to physical banks. Several factors contribute to this gap, including financial illiteracy, mistrust in financial institutions, limited funds, accessibility challenges, complex documentation requirements, and high transaction costs.
High-touch retail-integrated distribution model
GoTyme Bank has adopted a “phygital” business model that seamlessly blends physical and digital banking, emphasizing accessibility in all its operations. The bank employs a high-tech, high-touch retail-integrated distribution model powered by its smart mobile apps. Physical onboarding kiosks, manned by bank ambassadors (BAs), facilitate quick account opening and real-time card issuance. Cash deposits and withdrawals are readily available through store cashiers.
GoTyme Bank places a strong emphasis on human interaction to enhance customer experiences. Bank ambassadors (BA) provide guidance during the onboarding process, demonstrate app navigation, and showcase the benefits of GoTyme accounts, such as the 5% interest rate per annum and free transfers to other banks.
The fusion of digital excellence and human interaction in the phygital model enhances customer loyalty, satisfaction, and trust, which are crucial elements in today’s uncertain financial landscape post-pandemic.
Building trust through transparency
GoTyme Bank demystifies banking by offering affordable, transparent, and easy-to-understand products. The bank’s human BAs and physical touchpoints foster trust, a vital element in Filipino social interactions. Partnering with trusted retail brands enhances the bank’s credibility and trustworthiness, which are fundamental to successful digital transformation.
Customer service is integral to GoTyme Bank’s success. Customers can reach out to personal bankers 24/7 through calls, chats, or emails, ensuring prompt and efficient responses. The bank’s performance metrics, including an average call response time of 1 minute and 33 seconds and a first-contact resolution rate of 79%, reflect its commitment to superior service. Customer satisfaction surveys consistently yield positive feedback, with a score of 4.48 out of 5 from surveyed customers.
Influence of human-centric banking
GoTyme Bank prioritizes tailoring solutions to meet individual customer needs. Its user-friendly app and sleek kiosk design cater to all demographics, making banking accessible to both digital natives and non-digital users. Awards from Red Dot Design and UX Design highlight the bank’s exceptional user interface and experience, reflecting its people-centric approach.
Customers, such as Gen Z users who appreciate the gaming load purchase option and free transfers, and IT professionals who value GoTyme’s rewards program, have lauded the bank’s offerings. Positive reviews on social media platforms further reinforce the bank’s sustainability and convenience.
Today, banks and financial institutions must deliver exceptional experiences that address both emotional and practical needs. Empathy, human interaction, data security, and personalized AI services are essential components. By embracing these elements, banks have a unique opportunity to shape customer preferences for digital channels, enhance customer loyalty, and strengthen relationships in an increasingly digital world. GoTyme Bank’s commitment to human-centric banking exemplifies this shift toward a more customer-focused financial landscape in the Philippines.