DESPITE being less than two years in existence, GoTyme Bank is tabbed as the fastest-growing bank in the country both by customer and transactional growth, with over 250,000 new customers a month and 600 percent year-on-year growth in monthly transactions. What drives this unprecedented success is a clear focus on creating the best customer experience in the Philippines.
The Fastest-Growing Bank in the Philippines
A collaboration between the Gokongwei Group and Tyme Group, GoTyme Bank has demonstrated remarkable growth since its operational launch in November 2022. The Gokongwei Group is a major conglomerate in the Philippines with interests in airlines, retail, food manufacturing, petrochemicals, and real estate. Tyme Group is a multi-country digital bank based in Singapore, known for pioneering the world’s first mobile kiosk that enables account opening and printing of a Visa debit card in under five minutes.
Only nine months after its launch, GoTyme Bank reached its first one million customers, and four months later doubled that number to finish 2023 with over 2 million customers. This growth has further accelerated in 2024 with GoTyme Bank adding 1.7 million customers in the first half of the year. Possibly more impressive than customer growth has been the growth in customer adoption. Less than two years after launch, GoTyme Bank now ranks #5 among all banks in monthly active app users, #5 in Instapay transactions, #2 in Visa debit transactions, and #1 in monthly app downloads. In addition, GoTyme’s Bank’s deposits have surged to over P17 billion, signaling the trust and confidence that Filipinos have in its ability to deliver quality products and services. By every industry measure, it is now the fastest-growing bank in the Philippines in terms of app downloads, active app customer growth, and Instapay and Visa transactions.
With its mix of digital and physical touchpoints remaining as a core pillar of its growth, GoTyme Bank foresees adding another 100 kiosk locations by the end of the year as well as more GoTyme ATMs, giving consumers more options for signing up and transacting with GoTyme.
What Is Fueling This Growth? #1 Ranking in Customer Experience
GoTyme Bank attributes its rapid growth to an obsession with delivering the best customer experience to its customers. GoTyme’s efforts were recently recognized as Filipino consumers ranked GoTyme Bank #1 in customer experience in two separate independent studies. In a May 2024 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, NPS isn’t just a reflection of customer satisfaction, but also loyalty and the likelihood of recommendation. It is measured using a single-question survey and scores can range from -100 to 100.
Another study by the Singapore Economic Development Board (EDB), conducted at the end of 2023, also had GoTyme Bank receiving the top NPS position amongst all banks and eWallets and also came out #1 in the EDB study on Customer Experience (CX) rating with an overall score of 78. These ratings reflect how consumers are delighted and satisfied when they transact with GoTyme Bank.