GoTyme Bank eyes 2M users by year-end

MANILA  -Gokongwei-backed GoTyme Bank on Thursday said it is set to hit 2 million users in the Philippines by the end of the year, citing a strong monthly growth rate and banking heavily on its more customer-centric approach which it said is lacking in other similar financial institutions.

GoTyme CEO Nathaniel Clarke said their marketing strategy to focus on customer experience by making “preferred banking” accessible to all would help attract more people to open bank accounts with them.

“We see this marketing relaunch, in many ways, to focus on the customer to accelerate that. But even without this launch, we are on a pretty good track to hit the 2 million [target] by the end of the year,” Clarke said.

Clarke characterized “preferred banking” as the way traditional banks treat account holders with big savings, offering them exclusive perks such as higher yields, rewards such as cashbacks and better customer service.

The GoTyme executive said they want these perks to be available to all their customers and not just to a select few.

Connection with customers

Meanwhile, GoTyme Bank co-CEO Albert Tinio highlighted the company’s push to have stronger human connection with their customers, veering away from the heavy use of automated responses and artificial intelligence seen in other banks.

“In a world that’s becoming increasingly digital, we recognize that the more our surroundings are dominated by technology, the more human we need to be,” he said.

READ: GoTyme breaches 1M users in PH

Tino said that GoTyme currently has 1.35 million users in the Philippines, with their customer base growing by around 200,000 every month.

Today, GoTyme has 370 kiosks nationwide where people aged 18-year-old and up can open an account and be issued a Visa debit card within five minutes by submitting a single, valid identification card, a Philippine address and a mobile phone number.

The bank is expecting to have a total of 400 kiosks across the country by the end of the year, a number that is expected to increase to 550 by the middle of 2024.

“There will be at least one bank ambassador for every kiosk, but there will be an average of two. That’s in line with our commitment to have humans assist humans,” he added.