“Phygital” model ensures better access to basic and next-level banking services
#itsGoTyme as the Gokongwei Group partners with Singapore-based Tyme Group to launch financial solutions that are designed to offer Filipinos with a high-quality banking experience. GoTyme Bank combines a high-tech with a high-touch approach to bring financial solutions closer to more Filipinos. The GoTyme Bank “phygital” model, which combines physical touchpoints such as kiosks and bank ambassadors with secure digital transactions will help more Filipinos reach their full financial potential.
The last 10 years has seen an acceleration in fintech with digital banks and e-wallets, and the pandemic has accelerated the adoption of digital payments. While many Filipinos have become comfortable with access to fintech through basic accounts and cashless payments, there are still many financial solutions in the digital space that remains untapped in the local market.
During the launch held last October 20 in Makati City, Nate Clarke, GoTyme Bank President and CEO, shared how GoTyme Bank’s next-level banking experience will be able to address gaps in Filipino financial services. “Less than 3% of Filipinos have access to affordable credit, such as a credit card. Which means they are often paying 10-20% per month for their short term borrowing needs. Less than 3% of Filipinos have access to insurance and less than 3% of Filipinos have access to high yield investments, such as stock and equities.”
He notes that Filipinos have unmet financial needs. “Every year millions of smart, employed Filipinos fall short of their potential because they do not have access to high-quality banking products. Through GoTyme Bank, we are here to unlock the financial potential of all Filipinos.”
Albert Tinio, GoTyme Bank’s Co-CEO and Chief Commercial Officer shares how customers will enjoy the convenience of having accessible touchpoints. “At GoTyme we thought that going digital does not mean losing our human touch. In fact, it became our call out, to be digital and physical at the same time, “phygital” so to speak. To keep the human connection always, GoTyme Bank will have kiosks that are strategically located across the Robinsons ecosystem. With our next-level customer service, these kiosks will always have a bank ambassador to guide you through the process. Using kiosks, we aim to solve access and extend reach. By deploying kiosks to Robinsons retail stores and malls, you can now create an account where you shop, eat and relax.”
The GoTyme Bank debit card allows you to make transactions 24/7 from local and international ATMs. For further convenience, one can also deposit and withdraw for free at Robinsons-affiliated retail outlets. There are already 15 kiosks in select Robinsons supermarkets ready to serve customers, with more locations set to open in the coming weeks. The GoTyme website will be constantly updated to show all the locations across Robinsons supermarkets and department stores.
3S : Send, Shop, and Save
GoTyme Bank’s Head of Brand Marketing and Growth, Raymund Villanueva and Chief Product Officer, Daniel Stacey shared the value propositions one can expect with a GoTyme Bank account. With the GoTyme Bank debit cards, sending money, shopping and saving become more convenient as this can be used for both online and in-store transactions here and abroad.
With Go Send, GoTyme Bank customers can easily and securely transfer funds from the app, with three free transfers a week, on top of the free GoTyme to GoTyme transfers.
The Go Shop feature gives customers a better shopping experience. With each swipe of their GoTyme debit card, a customer earns 3 times Go Rewards points at partner Robinsons stores and 1 point if they shop anywhere else making it one of the better modes of payment for the Gokongwei Group. These points can also be redeemed as cash, straight from their mobile apps.
With Go Save, one will earn interest with no worries on promo durations, minimum balances or maximum caps. GoTyme Bank also introduced “Save Your Change”, which allows you to save by rounding up to the nearest 10 or 100 pesos and putting that amount automatically in to your Go Save accounts.
The better choice
Lance Gokongwei, who heads the Gokongwei Group, shares how GoTyme Bank aligns with their vision for the Philippines. “The mission of GoTyme Bank to unlock every Filipino’s financial potential presents another great opportunity for us at the Gokongwei Group to deliver on our purpose, which is ‘an unrelenting commitment to provide our customers with better choices, creating shared success with our stakeholders.’ Together with our partner Tyme Group, we are all set to disrupt the industry and make GoTyme Bank the ‘better choice’ that will provide greater financial empowerment for Filipinos. At the heart of this meaningful breakthrough is our deep commitment to improve the lives of our fellowmen, and to ultimately help bring forth a more prosperous society.”
By leveraging the Gokongwei Group’s extensive ecosystem, GoTyme Bank will be able to provide Filipinos with greater access to high-quality banking products. The bank’s digital kiosks are deployed across the group’s retail and real estate footprint, which is highly integrated into the daily lives of Filipinos. This democratizes the delivery of financial services to address the needs of all Filipinos regardless of age, income, or geography.
Karina is not your ordinary supermom. She juggles her time bonding with her three amazing kids while being in the loop on the latest happenings in the tech and lifestyle scene. Follow me on Instagram (@digitalfilipina) regularly visit www.digitalfilipina.com for daily dose of updates not just for moms but for everyone!