The past two years for TymeBank since its launch in February 2019 has only seen an upward trajectory for the digitally-focused financial institution. Its most recent success sees TymeBank surpass the three million customer mark, with it onboarding between 100 000 and 120 000 customers per month.
While the speed at which a customer can sign up is part of its rapid onboarding, the digital bank also pegs its massive uptake down to the fact that it has no monthly banking fees, as well as its transaction costs being between 30 to 50 percent lower than what customers would pay at other institutions, according to TymeBank.
“Financial institutions need to be responsive to consumer preferences. Banking customers are sensitive to costs impacting adversely on their financial health, particularly in these tough times. They also want to know exactly what they’re paying for and TymeBank’s simple, transparent, affordable banking offering is giving our 3 million customers what they want and need,” explains CEO Tauriq Keeran regarding the recent milestone.
“With our focus on lower transaction costs and giving value to our customers, we can proudly say that we have enabled 100 million free transactions to date, which is timely given the current climate. This, plus the fact that we have never asked a customer to complete any paperwork, saves our customers money and makes their banking experience quick and convenient, right from the start,” he adds.
Partners have also played a key role in the digital bank’s success, with TymeBank singling out Pick n Pay and Boxer in particular.
“Not only can consumers sign up at the kiosk fitted inside the store, they can also deposit or withdraw money at any of the more than 14 000 Pick ’n Pay and Boxer till points across the country,” highlights a press release sent to Hypertext.
The institution’s hybrid banking model of digital sign ups and transacting, along with physical points of contact for more traditional banking, has certainly yielded significant results in a short space of time.
The next steps in the process for TymeBank appear to be in adding new products to its current portfolio.
“While our technology allows for exponential customer growth, our priority is to broaden our offering to include innovative credit and insurance products plus a variety of value-added services. We want to continue broadening access to banking for the benefit of the country’s consumers,” concludes Keraan.
The growth it has achieved over the past couple of years is indeed impressive, but with larger financial institutions also pushing digital agendas, it will be interesting to see how long TymeBank can keep this pace up.