GoTyme Projects Doubling Customer Base to 5 Million, Unleashing New Products in 2024
by Fintech News Philippines February 27, 2024GoTyme Bank is poised for considerable growth, with expectations to more than double its customer base by the conclusion of this year. This anticipated expansion is linked to the bank’s plans to introduce a broader range of products and services.
Speaking at a central bank gathering, GoTyme’s Co-Chief Executive Officer and Chief Commercial Officer, Albert Raymund O. Tinio, conveyed a positive outlook for the bank’s progression throughout the current year.
Albert Tinio
Reflecting on past achievements, Albert pointed out that GoTyme’s affiliate, Tyme, attained profitability around December of the previous year.
“We’re very much on track to do that. We’re bullish that we will hit five million depositors by the end of the year,”
Albert stated, indicating optimism for GoTyme Bank’s path towards reaching a similar landmark.
Since its establishment in October 2022, GoTyme Bank has seen a rapid increase in its customer base, securing two million customers by December 2023, a mere 14 months after its inception. This customer growth is attributed to its “phygital” model, which merges digital banking with physical services.
Presently, the bank has reached a milestone of 2.5 million consumers. Albert mentioned the bank’s intention to diversify its offering, including launching more loan products and services aimed at its clientele this year.
“Our first credit product that we launched is going very well. The intent of that was to pilot and learn, and from there, we will expand,”
Albert remarked, underscoring the success of their preliminary credit product. In November 2023, GoTyme introduced a loan product for micro, small, and medium enterprises, in partnership with PayMongo Philippines, Inc.
In response to consumer feedback, GoTyme Bank has also undertaken to broaden its ATM network, collaborating with Euronet Technology Service, Inc. to increase availability across the country. Furthermore, the bank is set to offer an enhanced savings interest rate of 4% per annum from 1 March. It will also launch a multi-currency time deposit product, initially available in US dollars, with competitive interest rates for short-term investments.
These strategic developments along with the introduction of new banking solutions highlight GoTyme Bank’s commitment to addressing the changing needs of its customer base, positioning it as a progressive entity in the country’s digital banking domain.
Featured image credit: GoTyme Bank
