TymeBank says it has reached the 3 million customer milestone, with the digital bank consistently onboarding between 100,000 and 120,000 customers each month – between 3,000 and 5,000 new customers every day.
The bank, which only launched in February 2019, has no branches, and its core banking technology platform is hosted securely in the cloud.
Chief executive officer Tauriq Keraan said: “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.
“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.
“In addition, customers earn up to 8% with our GoalSave product, which is the highest interest rate they can earn with immediate access to their savings and without any penalties.”
A key ingredient of TymeBank’s growth lies in its partnership with retailers Pick ’n Pay and Boxer. Consumers sign up at the kiosk fitted inside the store, and can also deposit or withdraw money at any of the more than 14,000 Pick ’n Pay and Boxer till points across the country.
The following insights reflect TymeBank’s high-tech, high-touch model:
- TymeBank has 700 kiosks at Pick ’n Pay and Boxer stores across South Africa, staffed by ambassadors (service assistants) from local communities.
- It takes less than five minutes to open a fully regulated bank account, either online or at a TymeBank kiosk. No forms to fill in, no supporting documents required.
- The majority of accounts to date (85%) have been opened at kiosks, while 15% are opened online.
- More than 100 million free transactions for customers to date.
- Cash deposits at Pick ‘n Pay and Boxer stores average over R5 million per trading hour.
- Customers have deposited more than R10 billion into their TymeBank accounts in the past six months.
“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart. In a country where banking fees and data costs are high and the levels of digital and financial literacy are low, we have re-imagined digital banking to make it accessible to all South Africans across the economic spectrum.
“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,” said Keraan.