Barely into its second year, GoTyme Bank is the fastest-growing bank in the country both by customer and transactional growth —with over 250,000 new customers a month and 600% year-on-year growth in monthly transactions. What drives this unprecedented success? A clear focus on creating the best customer experience in the Philippines.
The Fastest-Growing Bank in the Philippines
A collaboration between the Gokongwei Group and Tyme Group, GoTyme Bank has demonstrated remarkable growth since its operational launch in November 2022. The Gokongwei Group is a major conglomerate in the Philippines with interests in airlines, retail, food manufacturing, petrochemicals, and real estate. Tyme Group is a multi-country digital bank based in Singapore, known for pioneering the world’s first mobile kiosk that enables account opening and printing of a Visa debit card in under five minutes.
Only nine months after its launch, GoTyme Bank reached its first one million customers, and four months later, it doubled that number to finish 2023 with over 2 million customers. This growth has further accelerated in 2024 with GoTyme Bank adding 1.7m customers in the first half of the year. Possibly more impressive than customer growth has been the growth in customer adoption. Less than two years after launch, GoTyme Bank now ranks #5 amongst all banks in monthly active app users, #5 in Instapay transactions, #2 in visa debit transactions, and #1 in monthly app downloads. In addition, GoTyme Bank’s deposits have surged to over 17 billion pesos, signaling the trust and confidence that Filipinos have in its ability to deliver quality products and services. By every industry measure, it is now the fastest-growing bank in the Philippines in terms of app downloads, active app customer growth, and Instapay and Visa transactions.
With its mix of digital and physical touchpoints remaining as a core pillar of its growth, GoTyme Bank foresees adding another 100 kiosk locations by the end of the year as well as more GoTyme ATMs, giving consumers more options for signing up and transacting with GoTyme.
What Is Fueling This Growth? #1 Ranking in Customer Experience
GoTyme Bank attributes its rapid growth to an obsession with delivering the best customer experience to its customers. GoTyme’s efforts were recently recognized as Filipino consumers ranked GoTyme Bank #1 in customer experience in two separate independent studies. In a May 2024 study by Forrester, GoTyme Bank achieved a Net Promoter Score (NPS) of 76—a 15-point lead over the nearest competitor. The global standard of customer experience metrics, NPS isn’t just a reflection of customer satisfaction, but also loyalty and the likelihood of recommendation. It is measured using a single-question survey and scores can range from -100 to 100.
Another study by the Singapore Economic Development Board (EDB), conducted at the end of 2023, also had GoTyme Bank receiving the top NPS position amongst all banks and eWallets and also came out #1 in the EDB study on Customer Experience (CX) rating with an overall score of 78. These ratings reflect how consumers are delighted and satisfied when they transact with GoTyme Bank.
How Will GoTyme Build on Its Momentum? Banking Made Beautiful
The GoTyme Bank team plans to further strengthen its position as the country’s leader in customer experience with an even heavier focus on making banking products and processes simpler and more convenient. GoTyme Bank’s Chief Marketing Officer, Raymund Villaneuva, expands on this, “At GoTyme Bank, we don’t settle for things that merely work; we strive to create products and offer services that work beautifully. From the moment you sign up, to managing your finances, to interacting with our customer service team, GoTyme Bank ensures that your experience is not just efficient but also beautiful.”
At the event, GoTyme Bank announced a range of new and upcoming products to expand their “beautiful banking” proposition.
- International Accounts. Filipinos living abroad in 170 countries can now open a GoTyme Bank account using an international SIM and enjoy the same benefits and features as local accounts. Among these benefits are easy deposits through more remittance partners, unlimited free GoTyme Bank to GoTyme Bank transfers, three free weekly real-time transfers to other banks, access to bills payment services even when abroad, and no limits (vs. e-wallets).
- Mobile Check Deposit. Deposit checks in a few easy steps using your GoTyme Bank app, anytime, anywhere—no need to go to the bank. Enjoy free, safe, and secure deposits of up to P499,999.99, even with post-dated checks. View your deposit status in real-time with regular updates and notifications.
- Pay With Points. Users can now use their GoRewards points to purchase load and/or gaming credits by simply entering the amount in PHP or GoRewards points.
- Coin Deposit Machines. The first bank partner integrated with the BSP’s Coin Deposit Machines, customers will be able to deposit their coins to be credited straight into a GoTyme Bank account where it’ll earn 60 times more annual interest than the average savings account.
GoTyme Bank CEO, Nate Clarke, concluded the event by inviting others to join the fastest-growing bank in the country, “In the coming months, we hope you all enjoy our new, beautiful products and features, but even more so we hope you invite your friends and family to join you in the switch to beautiful banking.”
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