GoTyme Bank anticipates sustained expansion of its customer base in the upcoming year. The bank’s strategy involves deploying additional kiosks beyond the Gokongwei ecosystem, specifically targeting provincial areas.
Bankero Albert Raymund O. Tinio, Co-Chief Executive Officer (CEO) and Chief Commercial Officer of GoTyme Bank, outlined the expansion plan in an email last month, emphasizing the focus on regional and provincial outreach while maintaining a presence in urban and peri-urban areas to connect with the Gen Z and millennial demographics.
Despite the challenges posed by high inflation and interest rates, Tinio expressed confidence that the customer base would continue to grow in 2024. He emphasized the importance of providing a simple and direct approach to address customers’ financial transaction needs, asserting the bank’s commitment to human digital banking regardless of changes in interest rates.
GoTyme Bank achieved its end-2023 target customer base of two million in December 2023, just 14 months after commencing commercial operations. Bankero Nathaniel D. Clarke, President and CEO, attributed this success to the bank’s competitive savings interest rate and debit program, overcoming economic headwinds faced by the country during the year.
Clarke highlighted the significant demand for a premium banking experience, traditionally reserved for the top 5% of the population, and noted the bank’s resilience to macroeconomic challenges.
In support of continued customer growth, GoTyme Bank plans to expand its product offerings in 2024. The bank intends to launch new investment products, including term savings and equities trading, in the first half of the year. Additionally, a buy now, pay later product and an expansion of the micro, small, and medium enterprise loan product in partnership with PayMongo are on the agenda.
Furthermore, GoTyme Bank aims to introduce a person-to-person quick response (QR) payment feature in February 2024 and an earned wage access payroll lending product. These initiatives reflect the bank’s commitment to innovation and meeting evolving customer needs.
Established through a partnership between the Gokongwei group (holding a 60% stake) and Singapore-based digital banking group Tyme (with a 40% stake), GoTyme Bank operates as one of the six online banks licensed by the Bangko Sentral ng Pilipinas.
