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A new bank has arrived in the Philippines this year. But don’t expect to see physical branches popping up on the streets of Manila because the new brand, GoTyme Bank, has a unique approach to a new kind of consumer.
Instead of opening the doors of physical branches, the launch of GoTyme Bank was marked by the appearance of special digital kiosks that will be located throughout the Gokongwei Group’s retail ecosystem. From supermarkets, department stores and even convenience stores, this approach will help Filipinos switch to mobile banking and financial services offered by the new venture.
A partnership between Gokongwei Group and Singapore-based digital banking group Tyme – which operates in Asia and South Africa – GoTyme Bank will be led by Nate Clark, President and CEO and co-founder of Tyme Group.
Before joining the business in 2012 to launch its first operations in South Africa, Clarke held senior management consulting positions with big names including Deloitte.
Clark says he was forced to join the fintech industry when he found himself ready for a new career and life challenges. “I was at a conference in Washington, D.C., where I was based over 10 years ago, and I saw a presentation about a very successful digital wallet in Kenya,” Clark says. “I heard about this phenomenon in East Africa where digital wallets and digital banking are transforming a country. And I said, “This is what I want to do with my life.”
Human ambassadors help drive the transition to digital banking
The kiosks will be located across the Robinsons Retails network across the country. New customers will have the opportunity to meet human ambassadors who will handle the entire onboarding process there and then.
“Our kiosks are capable of capturing personal data and identification documents, including biometrics, fingerprints and other data,” explains Clark. “He can then print and release a debit card right there in the store – and that whole process happens in five minutes or less.”
Another example of GoTyme Bank’s human touch includes the ability for customers to call, chat or email the company 24 hours a day, seven days a week. Customers can also take advantage of the new digital bank’s unique rewards program, which converts “points into pesos” that can be instantly credited to an account.
GoTyme Bank also offers customers access to the world of trading and investing – services linked directly to bank accounts to provide progressive investment options.
GoTyme Bank will provide secure and easy login through both an app and digital kiosks that are conveniently located at the Gokongwei Group shopping mall and mall.
“In South Africa, 3 million of our 3.5 million customers have joined TymeBank through our digital kiosks located in retail environments,” explains Clarke. “We believe the combination of this technology and Gokongwei Group’s national retail footprint provides GoTyme with a clear path to rapid growth.”
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