How GoTyme Became the Top-Rated Bank for Customer Experience

It's only been about two years since GoTyme Bank debuted in the Philippines. In that short amount of time, it has proven to be one of the fastest-growing banks in the Philippines. In fact, the bank gets on average more than 250,000 new customers per month and has 600 percent year-on-year growth in monthly transactions.

Known for pioneering the world’s first mobile kiosk that enables account opening and printing of Visa debit cards in under five minutes, the Tyme Group's collaboration with the Gokongwei Group attributes its rapid growth to its customer satisfaction ratings. Today, GoTyme ranks fifth among all banks in the Philippines for monthly active app users and Instapay transactions. It is also second in Visa debit transactions and monthly app downloads. Deposits currently amount to P17 billion, as well. On top of that, it hopes to add 100 more kiosk locations by the end of the year.

But of all metrics, it is with the customer experience (CX) that GoTyme has thrived so far. And it looks like its latest set of offerings will only add to the experience.

ALSO READ:

Your Guide to the Six Licensed Digital Banks in the Country

Philippines-Based Consumer Finance App BillEase Scores $5 Million Investment From Saison

GoTyme's success goes back to its original promise when it first arrived in the Philippines, as GoTyme Bank CEO Nate Clarke emphasized during a recent product launch in Quezon City.

"In our first year, we had amazing results. In that first year, we onboarded close to a million and a half customers. We've had design awards for our app," Clarke says. "The real objective of our launch was to share the heart of the GoTyme strategy for the following year. We announced our full commitment to deliver the best customer experience of any bank in the country. By the end of 2024, we want to have the number one Net Promoter Score (NPS)."

In a May 2024 study conducted by the independent research group Forrester, GoTyme achieved a Net Promoter Score (NPS) of 76, which gave it a 15-point lead over the nearest competitor. A global standard for customer experience metrics, NPS is one of the most popular metrics for CX programs. It measures customer loyalty by how they can recommend a given business and recognizes how satisfied they are with the services based on a range of -100 to 100.

GoTyme Bank was recognized by international design award-giving bodies The Red Dot Design Awards 2023 and UX Design Awards 2023 for its design.

Likewise, another report by the Singapore Economic Development Board (EDB) validated these claims. The EDB gave GoTyme the highest NPS among all active banks and eWallets in the country, as well. The banking platform was also rated first in the EDB study on customer experience rating with an overall score of 78.

In the past, GoTyme has worked with emerging markets such as South Africa to bolster the country's digital economy. In a span of three years, 5.5 million customers in the African nation registered with them, making GoTyme the largest Visa provider in the continent.

GoTyme's Newest Offerings

“At GoTyme Bank, we don't settle for things that merely work. We strive to create products and offer services that work beautifully," GoTyme Bank Chief Marketing Officer, Raymund Villanueva explains. "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.”

Building on the past year's gains, GoTyme officially launched a range of upcoming products as part of its Banking Made Beautiful campaign.

Among them is the introduction of international accounts. This means that Filipinos overseas across 170 listed countries can now open a GoTyme Bank account with an international SIM. They should be able to enjoy the same features as local accounts, including but not limited to deposits through more remittance partners, unlimited free GoTyme Bank to GoTyme Bank transfers, three free weekly real-time transfers to other banks plus access to bill payment services.

The platform also adds the mobile check deposit feature. Here, depositing checks will only take a few seconds through the GoTyme Bank app. Deposits of up to P499,999.99, covering post-dated checks, will be available on the app soon. Customers can even see the deposit status in real time on the app. Complementing this is the new GoReward points system. Here, users can pay with points for loading and even gaming credits.

Interestingly, GoTyme also announced its most recent collaboration with the Bangko Sentral ng Pilipinas. It is now the first bank partner integrated into the central bank's Coin Deposit Machines. What this means is that customers will now be able to deposit coins that can be credited straight to their GoTyme accounts. The key here is that they have the chance to earn 60 times more annual interest than the usual savings account.

“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," Clarke concluded.

GoTyme Bank, a joint venture between the Gokongwei Group and the Singapore-based digital bank Tyme, is one of only six digital banks authorized by the Bangko Sentral ng Pilipinas to operate in the country. Esquire Philippines is published by Summit Media, a company owned and managed by the Gokongwei Group of Companies.

[ArticleReco:{"articles":["29266","29267","29262","29264"], "widget":"More from esquire"