A few months shy of its first anniversary, GoTyme Bank has breached the 1 million customer mark, thanks to the digital platform’s consistent focus on human-led banking as well as the public’s confidence in the partnership between two respected local and international organizations.
If you strip away all the apps and the branches and everything else from banking in general, it’s a trust game, and the Gokongwei name is accelerating customer adoption. - GoTyme Bank co-CEO Nate Clarke
GoTyme, one of the six entities to be granted a digital banking license by the Bangko Sentral ng Pilipinas, is the also first financial institution in the country with a “phygital” banking model, seamlessly blending the convenience of digital technology and human-led touchpoints in its operations. Since its launch on October 20, 2022, the tie-up between the Gokongwei Group and the Tyme Group has swiftly earned the trust of the banking public, allowing GoTyme to realize strong deposit growth and gain considerable traction for its phygital banking, which offers superior products and services built around its customers’ needs and wishes.
“If you strip away all the apps and the branches and everything else from banking in general, it’s a trust game, and the Gokongwei name is accelerating customer adoption. Most importantly, I think the reason we’ve had early success is our unique model. We are doing a very human-led digital model of digital banking. And that allows us to deliver a preferred banking experience to everyone,” says Nate Clarke, GoTyme Bank president and CEO.
The Importance of Being Human
Artificial intelligence (AI) technology in banking has certainly improved customer experience, for example, by using chatbots to handle account inquiries, money transfers, loan applications, financial advice, account management, and more, according to a 2023 Forbes article. It also states that based on a survey by The Economist Intelligence Unit, 77% of bankers believe that the ability to unlock the value of AI will spell the difference between the success or failure of banks.
GoTyme has invested heavily in AI and other technologies, making banking secure, seamless, accessible, and affordable to every Filipino, but it has also invested in human banking “to allow us to show greater empathy and give a more personalized or humanized service,” says Clarke. “With our digital banking expertise, we cater to the needs and desires of the customers, giving them a better banking experience, unlocking their financial potential, and, ultimately, improving their lives.”
Today, GoTyme has 345 kiosks all over the country located in the malls and retail establishments operated by the Gokongwei Group’s Robinsons Land and Robinsons Retail Holdings, respectively, supported by 884 bank ambassadors for client onboarding and debit card printing. At the said kiosks, customers can open accounts with as low as PhP50 using just one valid I.D., upon which they will automatically receive their GoTyme Bank Visa debit card, arguably the best debit card in the market with an enticing rewards experience that allows customers and shoppers to earn points anywhere and everywhere.
For extra convenience, customers can deposit or withdraw through cashiers in 1,377 deposit and withdrawal locations that are open seven days a week. Following standard industry practice, all deposits of up to PhP500,000 are insured by Philippine Deposit and Insurance Corp.
Bigger and Better
GoTyme executives assure the public that no matter how big the bank gets, it will continue to provide clients a better banking experience that would offer fast, convenient, and secure transactions, as well as higher-value products with better rates. As the client base grows, Clarke says the bank will roll out more products like bills payment, loans, and investments.
According to Clarke, the typical preferred banking experience is limited to the top 5% of consumers, in particular, those bringing in millions of pesos to the business: “If you’re an average Filipino customer served by a bank, you’re limited to transactional savings. You have no access to affordable credit, investment, or insurance. You’re excluded from these unless you have a certain balance with the bank.”
In contrast to the norm, GoTyme redefines “preferred banking” by democratizing access to the bank’s premium offerings, regardless of the customers’ amounts in their accounts. All savings accounts earn 5% interest per annum, with no minimum maintaining balance or regular deposits of specified amounts as required by other financial institutions.
GoTyme exists to unlock the financial potential of Filipinos and we are going to do that by providing a preferred banking experience to everyone, says GoTyme co-CEO and Chief Commercial Officer Albert Tinio.
GoTyme’s take on preferred banking delivers on its promise to keep banking simple, secure, and sustainable. Customers don’t have to wait for hours and fill out forms to sign up for an account. They get free or reduced fees and high-yield savings, and automatically enjoy a debit card with versatile features. They get access to stocks, bonds, and mutual funds, and they don’t have to talk to bots or wait long on the phone when something goes wrong—instead, they are put in the priority queue and get to speak to a real person right away. GoTyme’s brand of preferred banking does not reduce the customer to a number; it makes them feel cared for and looked after in the best way possible.
“GoTyme exists to unlock the financial potential of Filipinos and we are going to do that by providing a preferred banking experience to everyone,” says Albert Tinio, GoTyme co-CEO and Chief Commercial Officer. “Our biggest challenge is to consistently and genuinely provide the preferred banking experience to the next 10 million [customers]. This is not just a promise, it’s part of our DNA. In a world that has become more digital, the more human we need to be.”
Opportunities on the Horizon
The bank’s steady growth has set it on the course of expansion; it is looking at the soft launch of its first lending product for merchants and small businesses in September, ahead of its first investment product in the fourth quarter of 2023.
GoTyme has also raised its deployed kiosk target for the year from 400 to 450 across Luzon, Visayas, and Mindanao. According to Tinio, the bank has also begun deploying kiosks outside of the Robinsons Retail ecosystem to reach a broader segment of Gokongwei Group employees, citing Cebu Pacific and Universal Robina Corporation in particular.
Following the rollout of the Quick-Response (QR) code-scanning capability on the GoTyme app, Tinio says that the bills payment function will be launched soon to offer customers an additional safe and secure mode of contactless payment.
For more information on GoTyme Bank, visit gotyme.com.ph
