Digital bank TymeBank has signed up 3-million customers just over two years after its launch in February 2019.
The bank has been consistently onbaording 100 000 and 120 000 customers each month, which breaks down to between 3 000 and 5 000 new customers every day.
TymeBank has no branches, and its core banking technology platform is hosted securely in the cloud. However, like all banks in South Africa TymeBank is regulated by the Prudential Authority of the SA Reserve Bank and has to comply with strict banking regulations.
The bank charges no monthly banking fees and, in many cases, transaction costs are 30% to 50% lower than what customers would pay at other banks.
TymeBank CEO Tauriq Keraan comments: “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.
“We may not look and act like a traditional bank, but the fact that we are fully regulated is important to give our 3-million customers peace of mind. Over the last year, we have added an average of four new features monthly to our customer interfaces, including extending our app availability, upgrading our website and enabling e-commerce locally and internationally to cater for customer behavior during Covid-19,” Keraan adds.
A key ingredient of TymeBank’s success is its partnership with retailers Pick ‘n Pay and Boxer Consumers can sign up at the kiosk fitted inside the stores, and also deposit or withdraw money at any of the more than 14 000 Pick ‘n Pay and Boxer till points across the country.
“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart,” Keraan says “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.”