GoTyme Bank expects continued growth in customer base this year

GoTyme Bank expects continued growth in customer base this year

GOTYME BANK expects to expand its customer base further this year as it plans to deploy more kiosks outside the Gokongwei ecosystem, with a focus on provincial areas.

“We are expanding our regional play and deploying to more provincial areas.  That said, we will maintain our urban and peri-urban track to reach Gen Zs and millennials,” GoTyme Bank Co-Chief Executive Officer (CEO) and Chief Commercial Officer Albert Raymund O. Tinio said in an e-mail last month.

The bank’s customer base is expected to continue growing this year, even as inflation and interest rates remain high, Mr. Tinio added.

“Customers will continue to look for a simple, straightforward approach to meet their financial transaction needs. Our commitment to human digital banking doesn’t end just because interest rates change,” he said.

The digital lender on Dec. 22 reached its end-2023 target customer base of two million, 14 months after it began commercial operations.

GoTyme Bank President and CEO Nathaniel D. Clarke said this was driven by the bank’s competitive savings interest rate and debit program.

This also came despite the economic headwinds the country faced during the year, he added.

“There is huge pent-up demand for a preferred banking experience that has previously been reserved for the top 5% of the population. Because of this, we are quite insulated from the macro environment,” he said.

GoTyme Bank’s product base will continue to expand this year to support customer growth, Mr. Clarke added.

“In the first half of 2024, we plan to launch several new investment products to include term savings and equities trading,” he said.

The online lender will also launch a buy now, pay later product, and will expand the micro, small, and medium enterprise loan product that it launched in partnership with PayMongo in November.

It is also planning to launch a person-to-person quick response or QR payment feature in February 2024, as well as an earned wage access payroll lending product, it previously said.

GoTyme Bank is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%.

It is one of the six online banks that got licenses to operate from the Bangko Sentral ng Pilipinas. — A.M.C. Sy