In an impressive display of growth and customer satisfaction, GoTyme Bank has established itself as the Philippines’ fastest-growing digital bank, based on new customer acquisitions per month and transactional growth.
IMAGE CREDIT: https://www.gotyme.com.ph/
In the first half of 2024 alone, GoTyme Bank welcomed 1.7 million new customers, averaging 250,000 new customers each month. This remarkable achievement has brought GoTyme’s total customer base to over 3.7 million since its launch in 2022.
Earlier this year, GoTyme Bank also introduced its Multi-Currency Time Deposit service, a pioneering initiative in the Philippine banking sector that offers high returns with a minimal initial investment. This innovative product requires only a US$1 minimum deposit, making it accessible to a wide range of clients aiming to maximize their savings.
GoTyme Bank’s expansion and its substantial financial milestones
GoTyme Bank now holds approximately PHP17 billion (USD 291.21 million) in deposits, a testament to its growing trust and popularity among Filipino consumers.
The bank also reported a staggering 600% increase in monthly transactional value growth, underscoring its success in driving customer engagement and activity.
Central to GoTyme Bank’s strategy are its innovative kiosks, which have significantly contributed to its customer acquisition and service delivery. The bank plans to add another 100 kiosks by the end of 2024, in addition to more GoTyme ATMs, to further enhance accessibility and convenience for its customers.
Customer satisfaction is a cornerstone of GoTyme Bank’s success. In May 2024, Forrester reported that GoTyme Bank achieved a net promoter score (NPS) of 76, outpacing its nearest competitor by 15 points.
Another study by the Singapore Economic Development Board at the end of 2023 ranked GoTyme Bank as the top bank in the Philippines for customer service, with an overall customer experience (CX) rating of 78.
Accelerating growth, enhancing its product offerings
In a related development, GoTyme Bank’s major shareholders, JG Summit and Tyme Group, recently acquired SAVii, the largest fintech salary lender in the Philippines to further accelerate its growth and enhance its product offerings.
SAVii, founded in 2017, has become the market leader in salary lending with a loan book exceeding PHP3 billion. Serving over 500,000 employees across 150 major Philippine corporations, SAVii has been recognized as the “Top Employee Benefit Provider” by HR Tech Magazine in 2022 and 2023.
The acquisition of SAVii is expected to propel GoTyme Bank’s expansion into payroll-enabled financial products, aligning with the Bangko Sentral ng Pilipinas’ call to broaden lending to Filipinos. By integrating SAVii’s credit offerings into its lending and payroll proposition, GoTyme Bank aims to capture a significant share of the employed population in the Philippines.
Nate Clarke, President and CEO of GoTyme Bank, emphasized the strategic importance of this acquisition: “This acquisition enables us to drive our strategy of deepening customer relationships by offering payroll and financial products that benefit both employees and their employers.”
Liam Grealish, CEO of SAVii, echoed this sentiment, stating, “For us at SAVii, salary is more than just take-home pay — it’s the safest vehicle to financial empowerment. Teaming up with GoTyme Bank was a clear and obvious path in our mission to assist individuals in accessing formal finance. We are excited with the opportunities that it opens for our partner companies and their employees.”
The partnership will also see GoTyme Bank rolling out innovative features such as earned wage access (EWA), enabling employees to access their pay daily. This aligns with the bank’s commitment to addressing the challenge of low consumer credit penetration in the Philippines, where many people turn to informal lenders.
Clarke highlighted the broader impact of this acquisition: “This partnership with SAVii will open up the simple and beautiful GoTyme banking experience to more companies and their employees. It’s a pivotal step toward resolving the longstanding issue of limited access to reliable and affordable credit among Filipino consumers.”
GoTyme Bank’s rapid growth, customer-centric approach, and strategic acquisitions underscore its commitment to transforming the digital banking landscape in the Philippines. As the bank continues to expand its innovative services and reach, it is poised to play a pivotal role in the financial empowerment of millions of Filipinos.