GoTyme Bank, a joint venture between the Gokongwei family and South Africa’s Tyme Group, projects hitting the 5 million depositor mark by year’s end and claims the distinction as the country’s fastest growing bank.
The digital lender said that in two years it will add 250,000 new customers a month and a seven-fold annual increase in transactions.
“We’re on track to hit the 5 million that we committed to two launches (about a year) ago,” Albert Tinio, GoTyme co-CEO, said.
GoTyme said its bills payment app is already online with billers such as credit cards, telecom firms Globe and Smart, tollway operators, and the Metro Manila Development Authority have been onboarded.
The company acknowledged its loan products have yet to report significant takeouts although it projects more from its acquisition of SAVii or New Cross Credit and Financing Gate PH Inc.
“The bigger growth from a lending perspective next year, though, will come through our shareholders’ acquisition of SaVii. A couple of months ago, we acquired SaVii, which is the largest payroll lender. They have over P3 billion in loans. We’re partnering with them to expand our salary lending and also our payroll account offering,” Nate Clarke, company CEO, said.
As to its own credit card business, Clarke said the launch could be done towards year end.
He explained that building a credit card business takes time to go live. Scale is also an issue since credit card rates are capped.
“We think we can serve more than 5 percent of the population with a credit card using risk-based scoring and alternative data,” he said.
In a May 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, the NPS is a reflection of customer satisfaction. It is measured using a single-question survey and scores can ranging from -100 to 100.
Another study by the Singapore Economic Development Board in 2023 also had GoTyme Bank receiving the top NPS position among banks and e-wallets. The digital lender also topped the EDB study on customer experience rating with an overall score of 78.
“These ratings reflect how consumers are delighted and satisfied when they transact with GoTyme Bank,” it said.
